25 Nov 2010 09:22
For Immediate Release | 25 November 2010 |
Corac Group plc
("Corac" )
Corac Operational Update
Following a development program meeting with ENI SpA (ENI) held on 23 November 2010 regarding Corac's first Downhole Gas Compressor (DGC) at their Uxbridge offices, the Board of Corac announces that the program is proceeding in line with the revised timetable previously announced. Corac continues to work closely with its partner ENI to complete Corac's development project before the end of 2010. Based on this timetable, the subsequent field trial is expected to take place thereafter.
The Board confirms that as yet no dates have been scheduled for the field trial element; however once they are scheduled the Board expects to be able to announce them through the appropriate channel.
The DGC application for coil deployment, recently announced with our partner in Texas, is progressing well and is in line with joint project management plans.
The proposed Middle East application of Corac's core technology, as previously announced, is in the final stage of detailed contract negotiations.
Placing and Open Offer
Further to the announcement on 12 November 2010 regarding the Placing and Open Offer, shareholders of Corac are reminded that the closing date for applications under the Open Offer is 11:00am on 29 November 2010.
Enquiries
Corac Group plc 01895 813463
Phil Cartmell, Executive Chairman
Mark Crawford, Commercial & Finance Director
Cenkos Securities plc 020 7397 8924
Elizabeth Bowman / Ivonne Cantu
Buchanan Communications 020 7466 5000
Richard Darby
Ben Romney