TPG.L Regulatory News (TPG)

22 Nov 2005 07:03

Corac Group Plc22 November 2005 For Immediate Release 22 November 2005 CORAC GROUP PLC Agency Agreement for Downhole Gas Compression Corac Group plc, the intellectual property and licensing company specialising in'No-Oil' compressor technology has appointed AL HUGAYET TRADING EST. as its soleauthorised representative in Saudi Arabia to introduce and promote its DownholeGas Compression technology in the Kingdom.This appointment will enable Corac to exploit future sales opportunities in theregion for its leading technology at a time when Saudi Arabia is beginning toopen up its gas sector to the major international operators. The introduction of downhole gas compression in the Middle East through ALHUGAYET TRADING EST. will give considerable exposure to a number of new,potential participants in the ongoing Joint Industry Programme (JIP) for thedevelopment of this technology. Commenting on this development, Corac's Executive Chairman Gerry Musgrave said: "We are delighted to have forged this relationship with AL HUGAYET, anestablished and successful company in Saudi Arabia and one which is alreadyextremely active in the downhole sector. We look forward to early success inthis exciting new market for our downhole gas compression technology." For further information: Corac Group plc 01895 813463Prof. Gerry Musgrave, Executive Chairman Buchanan Communications 020 7466 5000Richard Darby, Suzanne Brocks, Ben Willey NOTES TO EDITORSCorac is an intellectual property, engineering and licensing group which holdsmany patents. It focuses on high speed electrical direct drive turbo machinerybased on its unique expertise in gas bearings. Corac has created an innovative'no oil' turbo compressor together with a unique gas seal, and is part of ajoint industry programme for the downhole gas extraction industry.Further information on Corac is available on the internet at www.corac.co.uk This information is provided by RNS The company news service from the London Stock Exchange