Aareal Bank AG

Earnings Release • Aug 31, 2017

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RNS Number : 3692P

Atlantis Resources Limited

31 August 2017

31 August 2017

Atlantis Resources Limited

("Atlantis" or the "Company")

MeyGen Operation & Production Update

Atlantis, a global leader in the marine power generation sector, provides an operational update for Phase 1A of the MeyGen project in the Pentland Firth.  As expected, the third Andritz Hydro Hammerfest ("AHH") turbine was reinstalled during the August neap tide this week. The offshore works were very successfully and efficiently executed by the Atlantis offshore operations team.

As such, all three AHH turbines, which were recovered earlier this year following an initial period of operations to enable AHH to implement system enhancements, now have been successfully reconnected to the grid.

Production since the 10 July 2017 Operational Update has been strong, with total production since launch approaching 2 GWh, and set a new world record for monthly production from a tidal stream power station of over 700 MWh in August.

The Atlantis turbine experienced some minor delays in receiving upgrade components and is now expected to be reinstalled during the next neap tide which is in late September.  This turbine will then enter into its final contractual performance and autonomous reliability tests after which it will be signed off for commencement of long term operation.  

Atlantis expects that MeyGen Phase 1A will be operating at full 6 MW capacity from the end of Q3.

David Taaffe, Director of Project Delivery at MeyGen, said:

"The production performance from the installed turbines on the MeyGen project has been very good. August proved to be a world record month, providing enough energy to power 2,000 Scottish homes from just two turbines.  With yet another successful installation campaign expertly completed this week by the Atlantis operations team, we expect to continue to break records throughout the rest of the year generating both predictable power and revenue."

Enquiries:

Atlantis Resources	via FTI Consulting
Tim Cornelius, Chief Executive Officer Andrew Dagley , Chief Financial Officer
Peel Hunt LLP (Nominated Adviser and Joint Broker)	+44 (0)20 7418 8900
Adrian Trimmings Jock Maxwell Macdonald
Macquarie Capital (Europe) Limited (Joint Broker) Raj Khatri Nick Stamp	+44 (0)20 3037 2000
FTI Consulting	+44 (0)20 3727 1000
Ben Brewerton Alex Beagley James Styles

This information is provided by RNS

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