Contract with Advantica

7 Sep 2006 07:03

Corac Group Plc07 September 2006 For Immediate Release 7 September 2006 CORAC GROUP PLC Contract with Advantica Corac Group plc, the intellectual property and licensing company specialising incompressor technology, is pleased to announce that it has signed a contract withAdvantica (a subsidiary of National Grid) for the development and operation ofthe flow loop test rig for Corac's unique downhole compressor string. The tests,which will be very comprehensive, are supported by the Company's Joint IndustryProject partners, Conoco Phillips (UK) Ltd., Eni SpA and Repsol YPF. The testing will be carried out at Spadeadam in Cumbria. Gerry Musgrave, the Executive Chairman commented: "This is another important step in achieving a fully tested set of compressorsfor this vital energy market. When the units are deployed in a gas well theycould give an extra 40% of gas from the reservoirs. This has important economicand strategic value for the global energy market." For further information please contact: Professor Gerry MusgraveExecutive Chairman 01895 813463Richard Darby, Suzanne Brocks, Ben WilleyBuchanan Communications 020 7466 5000 Notes to editors Corac is an intellectual property, engineering and licensing group, focussing onhigh speed electrical direct drive turbo machinery based on its unique expertisein gas bearings for which it holds several patents. Corac has created aninnovative 'no oil' turbo compressor together with a unique gas seal, and ispart 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 This information is provided by RNS The company news service from the London Stock Exchange