28 April 2010 – annual results

The group has announced its results for 2009, see http://www.corac.co.uk/home/news/preliminary-results-2009.

Last year saw further progress on the downhole gas compressor programme although delays to this have been frustrating.  Nevertheless, the field trial in Italy with Eni is due to take place later this year whilst contractual terms are also ongoing with two potential development partners in the USA and Middle East.  The group strengthened its board during the year whilst also raising more equity finance so that at the year end it held net cash of £5.34m.  Although the share price performance has been disappointing there is clearly considerable potential here if Corac can succeed in the development of the downhole compressor.  The shares are a SPECULATIVE BUY.