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Disappointing test for Corac technology

Fri, 17th Dec 2010 13:31

Corac admits that its two-week test programme for its downhole gas compressor system was not a complete success. The tests were carried out with ENI at the company's methane test facility at Spadeadam in Cumbria. Corac says the tests were impacted by the cold weather and did not achieve the intended results. The exact causes are being investigated. The equipment is being sent back to Uxbridge and it will be assessed there.The downhole gas compressor was successfully run a full speed during the test. Corac has raised £10.86m through a placing an open offer at 15p a share and the latest news has pushed the share price below this level. Some of the cash will be used to relocate the company's facilities in Uxbridge and this will enable more of the tests to be done at the company's base.