CET Secure Exploration Project with Tullow Oil

RNS Number : 4048D
Corac Group Plc
29 April 2013

 

 

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.