HYR.L Regulatory News (HYR)

16 Apr 2007 15:07

HydroDec Group plc16 April 2007 HYDRODEC GROUP PLC HYDRODEC'S SUPERFINE TRANSFORMER OIL ACCEPTED INTO THE AUSTRALIAN OIL PRODUCT STEWARDSHIP PROGRAMME Hydrodec Group plc ("Hydrodec") has received confirmation of its acceptance intothe Australian Oil Product Stewardship Programme from the AustralianCommonwealth Minister for the Environment. Hydrodec will shortly commencereceiving an Australian government payment of up to $0.50 per litre, in additionto normal sales revenues, for each litre of Superfine transformer oil soldwithin Australia. The contribution is not capped and will continue for anindefinite period. The Australian Oil Product Stewardship Programme aids the establishment of oilre-refining capacity in Australia by providing a subsidy against the cost ofrefining oil. The Programme is subject to strict legislative technicalguidelines and Hydrodec's acceptance into the programme follows an extensiveeighteen-month independent technical evaluation of Hydrodec's refiningtechnology by the Australian government. Acceptance into the Stewardship Programme provides significant independentverification of the environmental credentials of Hydrodec's technology. Revenuesreceived from the Programme will fund further development within Australia ofthe technology into other applications, in particular for hydraulic oil refiningand other petrochemical applications. Chairman John Gunn commented "Acceptance of Hydrodec into the Australian OilStewardship Programme, following a stringent independent evaluation process, isa high profile and significant verification of Superfine transformer oil andHydrodec's technology. The additional revenues from the Stewardship Programme will fund furtherdevelopment of the technology, which will allow Hydrodec to expand into othermarkets in the future, in particular the refining of hydraulic oils." For further information please contact: John Gunn, Chairman Hydrodec Group plc Tel: 0207 236 6236 Emma Davis Curve PR Tel: 07764 197 003 David Poutney Nick Westlake Numis Securities Ltd Tel: 0207 260 1000 This information is provided by RNS The company news service from the London Stock Exchange