Since listing on AIM in 2004 Egdon"s two businesses have created significant shareholder value - giving annualised returns of over 100%p.a.

Portland"s business focuses on the development of gas storage projects in the United Kingdom and internationally. It currently has two projects in its portfolio, the first an advanced Project at the Isle of Portland which has been under development for over 3 years, and the second the Larne Lough project in Northern Ireland which was announced in July 2007.

The Isle of Portland project is seeking to develop a major gas storage facility, with the creation of 14 underground storage caverns totaling 1000 mcm (35 bcf) of natural gas - equating to 1% of the UK"s annual demand.

Portland Gas has drilled and successfully appraised the salt sequence at Portland and is currently progressing through the planning, financing and tendering for construction processes. The planning application decision is expected to be made during the first quarter of 2008.

The Company is currently evaluating the potential of a Permian salt sequence in the Larne area of Northern Ireland to create salt gas storage caverns.

The Company has commenced an Environmental Impact Assessment for the proposed project and has also acquired a 3D seismic programme during October and November 2007 to define the distribution and thickness of the salt within the area of interest. It is anticipated that the results of the seismic programme will be known later in the first quarter 2008.

Portland Gas plc will be led by Andrew Hindle as Chief Executive Officer with Craig Gouws (Chief Financial Officer), Walter Roberts (Legal and Commercial Director), Kenneth Ratcliff (Non-Executive Chairman), Mark Abbott (Non-Executive Director), and Maurice Hazzard (Non-Executive Director) comprising the Board.

Upon admission there will be 67,801,840 ordinary shares in issue.

PIN/Oilvoice.Com