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23 Oct 2008 07:00
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For Immediate Release |
23 October 2008 |
CORAC GROUP PLC ('Corac')
Joint Development Agreement, Supply and Licence Agreement
Corac Group plc (AIM: CRA), the intellectual property, engineering and licensing company specialising in compressor technology, is pleased to announce a Joint Development Agreement ('JDA') with Centrilift, a Baker Hughes company. The JDA is established to fulfil the requirements of the Joint Industry Programme field trials announced on 9 June 2008, where the first Downhole Gas Compressor ('DGC') unit will be deployed by Eni SpA in Italy.
Centrilift is the world's leading manufacturer and supplier of downhole power cables, connectors and electrical submersible pumps ('ESPs') for oil well applications. Under the terms of the JDA, Centrilift will adapt their cables and connectors used for their ESPs into equipment suitable for the Corac DGC. Their experienced personnel will form part of a joint team enabling both companies to refine their respective designs to achieve a production-ready system.
Following an initial twelve month period, Corac and Centrilift have agreed to enter into a joint marketing and licencing agreement to enable Centrilift to sell DGCs and related equipment into the international gas market through Baker Hughes' worldwide sales and support network.
Gerry Musgrave, Executive Chairman said:
"Centrilift is a world leader in the manufacture and supply of oil well equipment. Their expertise in this complementary technology of ESPs will be invaluable to the further deployment of the DGC and the marketing and licencing agreement will strengthen our route into the global gas markets."
For further information please contact:
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Professor Gerry Musgrave |
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Corac Group plc |
Tel: 01895 813463 |
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Ivonne Cantu/Camilla Hume - Corporate Finance |
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Christian Hobart - Sales |
Tel: 020 7397 8900 |
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Cenkos Securities plc |
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Richard Darby/Ben Romney |
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Buchanan Communications Ltd |
Tel: 020 7466 5000 |
NOTES TO EDITORS
Corac is an intellectual property, engineering and licensing group which holds many patents. It focuses on high speed electrical direct drive turbo machinery based 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 a joint industry programme for the downhole gas extraction industry.
Further information on Corac is available on the internet at www.corac.co.uk
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