29 Apr 2013 07:00
29th April 2013
CORAC GROUP PLC
("Corac" or the "Group")
CET Secure Exploration Project with Tullow Oil
Corac Group plc, a group of innovative UK based engineering companies, active in energy and environmental technologies, is pleased to report that its subsidiary Corac Energy Technologies (CET) will commence a funded feasibility study on behalf of FTSE 100 global oil and gas explorer, Tullow Oil plc.
The project with Tullow Oil will focus on wellhead compression on a gas production platform in the Southern North Sea.
Phil Cartmell, Chief Executive of Corac Group commented:
"We are delighted with this agreement with Tullow Oil. Our recent achievements in the field trial of Corac compressors downhole in Texas has given us a real boost in demonstrating to the key markets that our technologies are maturing quickly. For a major company like Tullow Oil to sign up at this stage in development further adds to our confidence in the near term prospects for Corac compression technologies."
Ends
For further information please contact:
Corac Group plc | www.corac.co.uk |
Phil Cartmell, Chief Executive Officer | 01753 285 800 |
Mark Crawford, Chief Financial Officer | |
Cenkos | |
Ivonne Cantú / Elizabeth Bowman - Nomad | 020 7397 8980 |
Jeremy Warner-Allen - Sales | |
MHP Communications | 020 3128 8100 |
Reg Hoare / Vicky Watkins / Naomi Lane |
NOTES TO EDITORS
Corac is a group of innovative UK based engineering companies, active in energy and environmental technologies. Group companies produce valuable solutions in compression systems, atmosphere management and heat exchangers for government, energy and industrial users. It has traded shares on the London Alternative Investment Market (AIM) since July 2001.