Haddington Ventures has entered into an exclusive agreement with Continental Gas Storage BV (CGS) to purchase Continental Gas Storage Deutschland GmbH (CGSD).The proposed transaction is subject to further due diligence by Haddington and is expected to close by mid-year 2011. Once closed, the transaction will enable the continued development and construction of CGS's Epe Underground Natural Gas Storage project, located in Germany. CGS aims to convert nine salt caverns into an underground natural gas storage facility in four phases to provide its customers with effective third-party access to flexible storage services. The salt caverns are ideally located in Northwest Europe in Germany. CGS expects to reach maximum capacity of approximately 644 mcm of working storage capacity by 2020 with all nine caverns in commercial operation. The initial investment is estimated to be approximately €310m, including acquisitions, financing and construction costs, for a total working gas volume of approximately 261 mcm. The final plant expansions are expected to be completed by 2018 with additional investment of approximately €200m for 383 mcm of additional working gas capacity.