Downhole Gas Compressor Order Win

Corac Group plc is pleased to announce the first order for its downhole gas compressor. Eni SpA, a JIP partner, has placed an order with Corac for the first field trial unit, which will be deployed in Eni's assets in Italy.

Corac has been working with the JIP partners Eni SpA, ConocoPhillips (UK) and Repsol YPF for the last three years in developing this patented technology. Since January 2007, the unit has been subjected to extensive trials in simulated downhole conditions in a flow loop test rig at Spadeadam in Cumbria. All three JIP partners have been satisfied with progress for the development and operation of the DGC and tests have been ongoing. Eni's assets in Italy will be the inaugural location for the first DGC unit and Conoco Phillips (UK) and Repsol are working with Corac in planning their own field trials.  

There is considerable interest from other gas majors in the DGC as it becomes better known in the industry.

Gerry Musgrave, Executive Chairman said:

"I am delighted to report our first order for our DGC unit. This is important technology enabling stranded gas reserves to be brought into supply at a time of escalating energy costs and depleting gas reserves. The development of the DGC, which deploys a unique method of lifting gas from wells, comes at a crucial time for the global energy market."