RED.L Regulatory News (RED)

20 Apr 2007 07:01

Camco International Ltd20 April 2007 Trading Update Camco adds 14.2 million carbon credits to its contracted portfolio Camco is a world leader in the origination, co-development, management andplacement of carbon credits in both regulated and voluntary markets. Camcorecently announced the planned acquisition of ESD, which will create a worldleading fully integrated climate change business. Camco is pleased to provide a brief trading update of the progress the carbonasset development business has made in the execution of its existing portfolioof greenhouse gas emission reduction projects and in acquiring new projects. Volume: - Increase in contracted tonnes to 118.8m from new projects totalling 14.2mtonnes Operations: - Camco now has 21.8m tonnes registered with the United Nations FrameworkConvention on Climate Change (UNFCCC) or equivalent. This is a significantincrease since year end (2.8m) - In addition, host country approvals (or equivalent) have been received forprojects representing a total of 67.9m tonnes Value: - Increase to 37m tonnes under Emission Reduction Purchase Agreement (ERPA) - Camco now holds rights to 26m carbon credits "in specie" New management hire: Camco is pleased to announce that Alan Ho, former Vice-President at LafargeCement China has joined Camco as Managing Director of the China business. Alanbrings with him a wealth of knowledge in the Chinese industrial sector andexcellent networks both in industry and in government. Jeff Kenna, CEO of Camco, commenting upon the Company's progress said: "I am very pleased to announce that Camco has added 14.2m tonnes to ourcontracted project portfolio. The portfolio has now grown 15.4% since year end(102.9m) and is in line with our expectations. Since our last update, the addition of Alan Ho to our China team has furtherstrengthened our operational capacity in that market. Alan brings highlyrelevant industrial experience to the management team. The carbon market continues to evolve and we are well placed to take advantageof market developments in the United States, Canada and Australia. We feel thesedevelopments are likely to result in an increase in demand for carbon credits inthe longer term, and a regulatory framework post 2012." For further information please contact: Camco International Limited +44 (0) 20 7256 7979Jeff Kenna, Chief Executive OfficerScott McGregor, Chief Financial Officer Press Gavin Anderson +44 (0) 20 7554 1400Ken Cronin/Kate Hill/Janine Brewis Nominated Advisor KBC Peel Hunt Ltd +44 (0) 20 7418 8900Jonathan Marren/David Anderson About Camco (www.camco-international.com) Camco works with companies in the developing world to identify and developgreenhouse gas emission reduction projects, managing the entire process fromproject initiation to the delivery of carbon credits for sale in theinternational market. Camco is a market leader in China and Russia - two of thelargest potential markets for Carbon Credits - as well as in Eastern Europe andAfrica. Camco has one of the largest carbon credit portfolios in the world, consistingof 70 projects under exclusive contract with the potential to deliver over 118.8million carbon credits through to 2012. Camco was voted "Best Project Developer"in a survey of carbon industry participants undertaken by Point Carbon. About ESD (www.esd.co.uk) ESD was established in 1989 and since then has helped to define policies andimplement projects in the mitigation of climate change. It provides advisory andconsulting services, working with Government's, NGO's and private sectorenterprises. ESD also undertakes project development work, both for its ownaccount and in joint ventures. ESD has a staff of over 120 people working in 8offices across the UK, Eastern Europe and Africa. In 2006, ESD was voted one ofthe Financial Times top 50 'Great Places to Work'. Greenergy International Ltdis a minority shareholder in ESD Ltd. ESD Ventures (ESDV) works in partnership to develop carbon reduction businessesand projects in the UK, China and Africa. ESDV works at its own risk and takessuccess fees and equity stakes in the client business. The current ESDVportfolio includes wind farm development, biomass project development and landuse projects all of which may generate carbon credits. This information is provided by RNS The company news service from the London Stock Exchange