TPG.L Regulatory News (TPG)

4 Nov 2005 07:01

Corac Group Plc04 November 2005 For Immediate Release 4 November 2005 CORAC GROUP PLC JOINT INDUSTRY PROJECT PROGRESS REPORT Corac Group plc, the IP Engineering and licensing group specialising incompressor technology recently presented a paper at the SPE Annual TechnicalConference and Exhibition in Dallas, USA, entitled 'Downhole Pressure Boostingin Natural Gas Wells: Well Candidate Selection and Project Process'. The paper was well received and resulted in further interest in the project fromadditional oil and gas majors which could lead to further membership in theJoint Industry Programme (JIP), being conducted with industry funding forCorac's unique downhole gas compressors. Phase 2 of the current project is on schedule and the partners will befinalising terms of engagement, technical specifications and costings for thenext phase later this month. Phase 3 involves extensive loop testing, in whichCorac's machines will be tested with representative gases under many variableconditions. This will establish the reliability within a real environment priorto the commencement of field trials. Commenting on progress to date, Gerry Musgrave, Chief Executive of Corac said: "We are delighted with the recent progress of our JIP. The prospect ofadditional oil and gas majors joining the JIP following the presentation givento the conference in Dallas is further endorsement of Corac's products and team.It is also recognition of the industry's appetite for developmental technologyto extend the world's natural resources." For further information: Corac Group plc 01895 813463Prof. Gerry Musgrave, Executive Chairman Buchanan Communications 020 7466 5000Richard Darby, Suzanne Brocks, Ben Willey A copy of the Downhole Pressure Boosting Paper is available from The Society ofPetroleum Engineers' web site at www.spe.org. The Paper number is SPE96037. This information is provided by RNS The company news service from the London Stock Exchange