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Corac Downhole Gas Compressor Field Trial Progress Update

Contributor: Oil & Gas IQ News
Posted: 04/17/2013
Oil & Gas IQ News
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Thursday, April 11, 2013

CORAC GROUP PLC ("Corac" or the "Group")

Downhole Gas Compressor Field Trial Progress Update

Corac Group plc , a leading engineering company in energy and environmental technologies, serving the global oil and gas, defence and industrial markets, is pleased to report that an engineering team from our subsidiary Corac Energy Technologies has successfully completed the first phase of field testing a Downhole Gas Compressor in a gas well in Texas.

Over the course of several weeks multiple parties worked together to prepare the well and deploy the DGC and other fittings to their operating depth. Various system checks were carried out during the deployment leading to the DGC running to high speed as planned at the intended operating depth.

The combined team will now remove the system from the well for inspection and final system checks before redeploying, finalising the well completions and beginning live operation.

Phil Cartmell, Corac Group Chief Executive Officer commented on today's statement:

"We feel this is a significant event in the development of high speed compression for the energy industry. Our engineers have worked closely with our partners in the field and have taken our technologies to work successfully in a place where no compressor has ever been.

"There is still a lot of work to do, but this first proof of operation is a positive step towards the technical readiness of the system and its future commercial potential."

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 Cantû / 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 leading UK based engineering company in energy and environmental technologies. The Group produce valuable solutions in compression systems, atmosphere control and heat exchangers for government, energy and industrial users. It has traded shares on the London Alternative Investment Market (AIM) since July 2001.