Yes an engineer but lets call it a TECH Engineer. Compressed air technology is its main business, develops industrial air compressors and Gas seals and whats more it provides them for the OIL and GAS industry.
Very close to commercialisation now with its compressors and seals and todays deal ( see below ) should bring that very close.

Charges upfront payments, continuing royalties and development contracts so revenues are not lumpy.

It as a market cap circa off the top of my head 20 million(hope my calculator is now working) and as circa of 5 million cash on the books, very nice.

Some very big names as customers.

Heres todays announcement...........

Corac Group Plc
26 May 2004


For Immediate Release 26 May 2004


Corac Group plc ('Corac')

Joint Industry Programme for Downhole Gas Compression

Corac, the intellectual property and licensing company specialising in
compressor technology, is pleased to announce the signature today of a Joint
Industry Programme ('JIP') for the development of its unique, patented downhole
gas compression technology.

Following the recent successful completion of a Shell funded feasibility study
which evaluated both the technical and economic viability of the technology,
considerable industry interest has been generated, culminating in the addition
of a further four major international oil and gas operators to the project.

The participants of the JIP comprise ConocoPhillips, ENI, Husky Energy,
Repsol-YPF as well as Shell, all of whom have gas assets worldwide which they
believe could benefit from this game changing technology. As well as covering
the development costs for the next phase, the participants will also make
substantial resource available to ensure the final product specification meets
the requirements of the industry.

Corac's downhole gas compression concept involves the coupling together of a
number of axial compressor modules in a single compression train for
installation in the well bore in close proximity to a gas reservoir. In this
location, a modest uplift in pressure results in a very significant increase in
gas production compared with conventional methods using surface compression,
thereby accelerating gas production and cash flow from a producing asset.
Potential production rate enhancement of up to 40% has been demonstrated through
the application of downhole gas compression during a number of gas field case
studies carried out over recent months.

Placing the compressor downhole could also have the effect of being able to
lower the reservoir abandonment pressure which in turn would materially increase
the ultimate recovery from a gas field, thereby further enhancing the economic
benefit from the installation of this novel application of existing technology.

Phase 1 of the JIP is scheduled for completion by the end of 2004, with further
engineering and development work leading to the manufacture and testing of a
prototype downhole in a producing gas well within the following two years.

Commenting on the JIP, Professor Gerry Musgrave, Chairman, said:

'The support from such eminent oil and gas companies vindicates Corac's
development to date of the downhole gas compression project and gives the Group
another product line to bring to the market using its core technologies. It is
the start of a major business development opportunity which is expected to have
significant international ramifications throughout the upstream natural gas
industry.'ENDS.

Although loss making at the moment it shouldnt be very long before this one turns the corner.

Outlook

The Company has a loyal, talented workforce dedicated to the innovation and
exploitation of the technology. Successful trials have demonstrated the
commercial performance in Corac's industrial air compressor and its seals. The
Board is striving to deliver the right manufacturing and sales licences which
will yield the best returns in the long term.

We are confident that a number of deals, which have been subject to recent
intensive negotiation, will be successfully concluded in the near term.

Short to medium term investment, and anyone interested should DYOR and please remember you are responsible for the timing of your buying and selling actions.

cheers GF.

on the basis of Dow so far this evening, you may have a good opportunity on Monday

Hmmmm CRA always seems to do the opposite to the markets, look at the last week where the FTSE and DOW have recovered somewhat, CRA dropped, this afternoon - the opposite... I rub my hands together in anticipation...:)

Not entirely sure one can deduce a great deal from the chart in this instance, as Mr Farleigh points out, charts are for astronomers, news is what matters, who knows when the next news will be? or if it will be positive/negative? my take is that the potential is so great that anything positive will see the sp move up rapidly as it has done in the past, obviously the longer the absence of news the more the sp will drift. One things for sure, if we are at the start of a more prolonged bear market as analysts are now predicting, this is one company that can buck the trend, the positive here is that the compressors are proven to work in a test environment, so, with the potential involved, it must surely be a question of when they deploy one down a well successfully and not if... why would they give up if they hit problems? surely it will be a case of - if at first they dont succeed, try and try again!

Unfortunately can't make the AGM today, would be interested to hear about anything discussed or any new news. Likewise will trawl the chat sites for any info later and will post anything factual. I would imagine they will just re-iterate the news given with prelims, but would be nice to hear of imminent sales of units for field trials...
SP has held up well and hasn't (yet) created a buying opertunity recently less than 67p

certainly a company with lots of potential, but the same could (have been) be said of VIY, BRR, GOO, AMER etc etc

Big Ted
I intend to go, so will see what I can post later, might not be till tomorrow.

will try to post a bit more tomorrow, but a very positive meeting.
Strong progress on all fronts and news expected soon!

Corac have a unique technology which stands every chance of turning into a multi-billion pound industry. Some very interesting figures from the presentation today, which demonstrated both the potential of DGC and its predicted economic benefit to the gas companies involved.

As i gather Repsol are currently looking for another well to test DGC, as the Argentine government bought out large share of the producing well that was to be tested and they wont cough up half the cost, order for machine is 'imminent' form JIP partner for test well in Italy, other JIP's are awaiting results as their wells are underwater and will cost more to implement. New smaller JIP's are looking to join forces to come aboard and should act quickly compared to Exxon and BP, whose names have been mentioned to have shown interest...
Slight set back in refridgeration market, but IA sector doing well with products being used by major drinks company (old news, i know)...
All in all, i gather GM sounded very positive.
DGC order imminent... cant wait for that RNS.

nearly tempted to buy back in, but disappointing that the market is not THAT enthusiastic following AGM ..... for all that IG can no longer accept orders with guaranteed stops (limit hit) and likewise with HAWK

small post lifted from a d v f n



The Prophet - 1 May'08 - 11:19 - 5480 of 5505 edit


Corac AGM Presentation 28th April 2008 by Prof. Gerry Musgrave


The following presentation was made by Professor Gerry Musgrave, chairman and chief exec of Corac, at the AGM. The transcript is done to the best of my ability, any mistakes are mine, dyor!

Please also remember that the Proff talked for over an hour, without the aid of notes, but did have the aid of a few slides, which clearly I cant provide here!

This is a long post, was going to do a 'highlights' shorter post, perhaps I will, but its worth reading the whole thing through if you are seriously interested in Corac.

here goes:

The first thing I wanted to say was about our corporate structure, we now have 86m shares, there has been some dilution, obviously we took some money last year, on the other hand we have gained in terms of our market cap so I hope that although people were concerned about dilution ,we did it very conscientiously. We were disappointed at the share price that it went at, I have to say, but never the less it gave the Company that solid backing that we need in these trying times.
Last time we looked we had a market cap of 59m

We strengthened our shareholder base, and I think this is very important, weve got more established fund managers on board and they are in here for the long term. We have a very large number of fund managers in at about the 3% level, of course they dont have to declare unless they are above 3%. And then there are quite a significant number of private clients, some of whom are very rich private clients, I believe from all the correspondence I have had with them, the fact that they ring me up, they are very interested in what we are doing and they are in for the long term.

Currently we have 5.2m employee share options, this we use as a board to ensure that we motivate our staff. The staff we have are highly prized, many of them with PhDs and years of experience. I am delighted that the stock option plan that some have been in for five years or more is paying them a little bit of bonus. This means they are lined up with you, the shareholders and can share in the upside. They can only exercise one third, one third, one third over the three year period of their options, so this tends to give them the golden handcuffs, ie to retain them for the Company, that is very important.


This is as much about what happened last year, but really I want to concentrate on what is happening this year and in the future but its important to note to last year.

Q1 07 LMF, the Austrian specialist high pressure compressor manufacturer that make piston compressors, they ordered two machines, that went down very well Q1 last year.
We also completed our flow loop test rig, and I know lots of you ask many questions about the flow loop, Ive got some pictures and you will see that was quite a substantial undertaking and weve been testing our machines since about January last year and continue using that test facility.

In Q2 07 we got an order for two machines from Fu Sheng, these are for our hybrid machines where we are turbo boosting water screws. Fu Sheng being a Taiwanese company.

In Q3 07 we appointed a new broker. Some of you will say hear hear and others will say you did the wrong thing there, but we had been with Numis a long time and I think it is pleasing to see Cenkos quickly got out a note and followed it up with another note this year, so if you havent seen it we can supply with them, they are not quite as strict as Numis in that they are making them available to private individuals as well as fund managers.

We shipped in Q3 the first machine to LMF to their specification.

Then in Q4 we really moved a great deal. We had our JIP partners, that is Conoco Phillips , Repsol and ENI up to Spadeam in Cumbria to witness test our flow loop, they were sufficiently impressed that they were able to say yes, now we must move to the field trials. On the back of that we decided that we should also make sure we have got enough money in our back pocket to cope with whatever is coming and we did a placement of 11m shares. We could have placed 22m shares , there was a lot of appetite. We as a board had decided no, we wanted to raise about 5m, that all we needed to go through irrespective of what was going to happen in terms of orders, JIP partnerships and the like.
Because we are aware that any raising of funds dilutes everyone and I think it was the right thing to do. I wasnt delighted about the share price we did it at, as we pressed the button at 60p, we expected it to come down, but not by quite as much as it did. Nevertheless it has stood us in good stead going forward.

The LMF machine that we shipped in Q3 was placed in a bottling plant in Austria, in other words an end user, in December and is still running there and this is what we need for the future.

So we have got Industrial Air and we have got DGC. Some of you will say what happened to seals, if you are not following everything I put out, the seals was sold to Aeseals , we get a small return on the IPR which we have been receiving.

As a board we are hell-bent on trying to accelerate Down Hole Gas Compressors.

The market is unique to us.
I will repeat that, the market is unique to us.

One or two people have got confused out there that electrical submersible pumps are the same thing as compressors, pumps are primarily for pumping liquids, oil, water, what have you, it is only gases that can be compressed and it is that compression which allows a pressure differential which increases the flow. So, yes, there are lots of pumps out there, there are even pumps used in gas wells, that is to pump off the water that is causing them to flood and thus releasing a bit more gas. Were about compressing, causing pressure differential which will get the gas to flow like hell. So we as a company are concerned to accelerate DGC because the pickings are very rich.


Some people will tell us why on earth are you bothering with Industrial Air. Fair question, we are not making a lot of money out of it, but we have put a lot of your money into it. it also was the fore-runner of our ability to do down hole gas compression. That turbo machinery is very important, so we as a board are trying to maximise the value there , Im not necessarily saying that that is going to be astronomical or indeed will form part of the Company for ever more, but its very valuable, it has a potential to be significantly valuable and we may do some significant deals with that now that we are beginning to move into the end-users. With the end users we are getting the right sort of publicity. Please remember we are not selling to the end users, we are selling to other parties, because the end users demand local maintenance, they need service wherever they are in the world and this is not something that Corac should ever contemplate doing.

So lets just look at the market for Industrial Air, the market is 2bn a year. We are trying to compete with the dry screw, the dry screw is dominated by Atlas Copco and Ingersoll Rand, huge companies and they are going to protect their market come hell or high water.
They can sell at any price they care, because they make all their profit from maintenance. Were coming in, can we convince one of them to buy our technology, we have not been successful so far. Weve gone to the smaller companies and they dont want to know about the technology, correction, they love the technology but it sends the fear of God into them, they dont know about something whizzing round at 70,000 rpm.
Weve tackled this problem by going to niche players. Fu Sheng is a very big player in China and that is a very big market growing strongly and they have water screws and we are turbo boosting, although for the purists we are super-charging their water screws. We are shipping those and they are now going into end users and similarly , as you have heard, with LMF into bottling plants. Both of these machines provide considerable energy savings to the end users, when I say considerable, we are talking about 15-20% improvement in the consumption of electricity, and with the price of electricity going up all the time, the consequence is these things can pay for themselves in about 12 months.
But, its a new mind set, something the industry is not used to but it is gradually catching on, so much so that Coracs technology is catching on, were getting multiple orders, we will get a lot more this year with the end users experience and were beginning to get one or two other people that we thought were not showing any interest in our technology coming back to us.

One or two of you are very well informed, because you have picked up that CompAir have got a turbo machine, that is a pure turbo machine, not a turbo booster. I have said back to shareholders that I think this is a good thing. CompAir spent 11 months with us, from signing a NDA , 2002 to 2003. we didnt do a deal, we can try to speculate why, but it doesnt help, but they have gone out and bought bits of machine, one from a Finnish company for the motor, theyve bough magnetic bearing and they have produced a turbo machine of 300kW. We know it is on the market for 100K, we think that is a good price,
they are selling it to end-users and as a result that are opening up the primary market for us. Those out there that rejected us some time ago are already coming back because they can see some competition. We believe our machine is better, we have air bearings, much simpler, much cheaper, we dont have to have all sorts of fancy electronics, stand-by power supplies etc, so we think we have a good advantage.



DGC, thats the thing you want to know about.

The Cenkos note in February equated DGC to electrical submersible pumps that are used by oil companies and that market in new machines is worth $3bn a year and they dont see why DGC should not be as valuable as that. I think we are being quite conservative because we have no competition. The JIP contract today has given us 4m plus the JIP partners own investment and they plan field trials late in 2008.
The field trials, this is where we take our machines, five of them in a string with the power electronics and put it down a well. At the moment its operational on the surface in a flow-loop where we are passing the gas around that loop, this is in Cumbria. A trial will cost the JIP company 4m, they need to pay us 1m for the units, it will cost them about $2m wherever they are in the world for the service companies to pull out the tubing and put ours in as well as all the instrumentation. To do a field trial off shore will cost anything from five to ten times that amount, so Conoco Phillips are waiting to see how the other two partners do it on-shore because most of their wells are off-shore. So its Repsol and ENI


I put this bit in because a lot of people said when we raised money, why do it? We dont need it. Well, we could have survived, but we really do want to accelerate this development. Dont get me wrong, I cant suddenly hire and extra 30 people and we halve the time, it doesnt work like that, but we have to get closer to the commercial side and therefore we do need one or two members in the staff in the team who understand completion, that is how do you get it down there, how do you start it out, how do you block it off, how do you cope with emergency situations, so were having to recruit there. You can see were beginning to take off in industrial air. You can see that for every well we have we will need five machines, so the volumes start increasing and the facilities we have on the Science Park at Brunel is limited in terms of how many we can produce and it is not the right environment for production, it is a R & D environment, so we have looked and weve got places where we can do this manufacturing, where there is the right skill-set, and we wanted to make sure we had money in the back pocket to be able to kick this off as and when we determine its right. And of course if you are building several of these machines, they do cost money to build. We can always borrow but we know how good the banks are at the present time, its useful not to rely on them to heavily. We have embarked on strengthening the management team. Phillip (new fd) is full time, replacing Tom who was part time and didnt want to go full time. This will enable Julian and I and Gert to do a lot more selling and marketing of the business.

Industrial Air

Key values, we are totally oil free and the number of applications where that is important is growing.
Its a modular construction ,pulling a machine out, put one in, you dont have to take it apart. The LMF piston compressors are down for weeks when there is a problem and we are replacing two of their large pistons , they are down to a very much smaller size and are benefiting from the smaller foot print. Variable speed is also important, is not just variable speed, its variable speed at high efficiency. Most compressors are on and off, on and off, awful. Therefore they have to have big tanks to hold the air, these have to be inspected, in the case of the US that inspection is fairly costly has to be done every 6 months . By reducing everything, by having variable speed we can deliver the amount of compressed air that is needed so the tank can be that much smaller and the good thing about our machines , unlike other machines, they dont drop of in efficiency, we can reduce the speed to about 50% and still retain the efficiency. All that amounts to reduced cost of ownership and we are battling against the dry screw compressors because they are the ones that are oil free....they have lots of oil in them but it doesnt go near, they hope, the air screws.
Why turbo-boosting? Its very simple, its trying to get the best of all worlds. Ours is a very small machine, there are lots of machines out there in established markets, if you can come along and put a little turbo on you can offer them a good deal. We offer something like a 30% increase in flow from their existing machinery by this. With LMF we shipped the demo, they went testing in their factory for three months. Weve received four orders in January, weve shipped another two, its operational in a bottling plant, a very important refreshment company and we expect to gain several orders because they are seeing very much more flexible working. You may not appreciate, but that business is very seasonal, twice or three times the volume in Summer compared with Winter.
This is the Fu Sheng machine, shipping that now, as we speak. This is a 50Kw water screw and thats our 50kW turbo and we are able to deliver 130kW equivalent air. We have done a great deal of work integrating and making sure this is a leading edge machine and it is now going to a plant in Taiwan and the second one which will go out in about 6 weeks time is going to a paint spraying plant in China. So, our technology is accepted, we are still having discussions with major players, it has happened before, eventually, hopefully, they will begin to say yes, we will have to embrace this or be left behind.

In terms of business development, we are not finished. In the middle of 2007 we got very close to a refrigeration company. in that we were exchanging joint development agreements and so on. Unfortunately they got bought out. We will no enter this market until we have a partner. Having said that, our technology can deliver some really good gains because our DGC motor is totally enclosed in methane gas, runs on the gas as a bearing, we can totally enclose a motor, compressor system with ammonia, for example. Therefore it can be acting in a very green refrigeration system, the legislation is coming on this and I believe this technology will be very useful indeed, but weve got to have a partner otherwise we develop a machine and then weve got to fish around trying to persuade other people. We are talking about a quantum leap in technology for them, whereas if they are partnering us we can bring them along, so we are still working on that, and that market is worth 10bn a year. Its not just refrigeration of meat plants, but also major air conditioning plant for large offices, because we are so small and light it could be helicoptered up to the roof.


A little more detail about down hole gas compressor.

You may not have seen this slide before, this is representative of two miles, three miles, whatever, down to the bottom of the well. Here are our five machines, what you havent seen is outlet valve, de-liquidiser check valve, chemical injection inlet, thats because we are getting very close to promotion of the real thing, that is because we have been working with our JIP partners, that is because we have been working with the people who will deploy and this is all the necessary thing we need to do to start it up, stop it, emergency systems and so on. So the system is becoming very real.
We can provide a certain amount of de-liquidfication, that is where there is some water, we can get rid of it because our compressors can handle two phase and what we are marketing ourselves as is artificial lift method for gas. Artificial lift for oil wells is well understood, 90% of all oil wells world-wide have pumps in them.
There is the little beast (picture of dgc unit), some of you have seen it, that diameter is about 6 and half inches, so it can go in 7 inch tubing and that single beast is 50kW and in most applications we will be deploying five in series in a standard length of 10m pipe.
We have solved a lot of problems, gas filled brushless permanent magnets, the gas is sucked by these big propellers, goes down the outside of the motor, cooling the motor and we clean it up at the backside and put some of the cleaner gas back into the bearings. We have a one piece shaft, no gear boxes, gas lubricated bearings, power electronics because we send power down DC from the surface. We have very low speed blading, weve got these big fat blades for a purpose, we get sand and proverbials hitting them , going at fairly high speeds, so we have go to withstand that. Its been designed to last for at least five years in worst conditions. The JIP partners had Lloyds in to do an evaluation of this and the whole scheme and they claimed that we should have mean time between failures of 6 years and three months.


Does this work? A lot of blogs have been out saying oh, a compressor cant work down-hole what with water etc...
Cranfield did a test on their test rigs and we dealt with water up to 45%. Im sure most of you do some flying and it would be pretty awful if their compressors couldnt deal with a bit of rain! Its a question of how you design it.

This is our flow loop rig. We are pumping the gas round the loop, weve got heaters, weve got coolers, weve got water injectors, all sorts of things, so we can put our compressors through as near conditions down hole as we can possibly do.
Its on a former blue streak missile test site. Weve been testing it for more than 12 months, we will contine testing, in fact this will be our test site, even when we are manufacturing, because you have go to remember our JIP partners and anyone else buying it is going to put these down hole. That is a tremendous commitment they have to make, they have got to stop a good flowing well at very high prices of gas at the moment.
The testing on production units will be very short, nothing like the 18 months, but we are giving real quality by testing.

This is a field of 40 wells from one of the JIP partners, these are their figures where they deploy 21 DGC units in 21 wells, the other 19 they dont bother with due to geographical reasons, although DGC would have provided a boost.. They decided they would pull the units every two years. When they first did it the gas price was $1.25, they re visted it at $5.4, the gas price today is a $10.80. It will go up and down, but its going up. The npv (net present value) on this example is $3bn, and the gas price is now twice that, its a bit of a no-brainer. But you have to remember its a very conservative industry, this is new technology and it will go slowly but once its established it will go very quickly.

We had Simmons, the Texas bank, do an analysis of how many gas wells there were. In 2005 there were 500,000 gas wells operational in the world, its an estimate, but they know how many there are in N.America, they know how many there are in Europe, they have a good idea of S.America, Middle East and so on. So the guestimate was a conservative 500,000 wells. We have whittled that down to a 100,000 wells, we are very conservative, with our JIP partners. First of all, there are a lot of gas wells that are two and five eights, three and a quarter, we cant go there yet, 7 is our minimum, so we got rid of about 200,000 from that 500,000. We then said a lot would be watered out or the geology would be difficult so we got to something like 250,000 so we said ok, its reasonable to make a target of 100,000 wells. These are the lower hanging fruits that we should be able to do. And at a price of 1m per well, which is what our JIP partners have agreed with us, then your company could easily be turning over 1bn with only 1% share of that.

The JIP partners have indicated that they want something like 160 wells that they know of that they would like to move on fairly quickly once its proven. Thats quite significant.
We are relying on the JIP partners to pull us into the market because they are the ones that will talk but also because they share operational rights on several fields so if X puts one down Y and Z also have to otherwise X is going to get more than the other guys, so they have arrangements to share the job.

We are getting several service companies interested, we hoped we were going to sign a deal with one service company at Christmas, it didnt happen because they sold their esp division to a Russian company, but this seems to have stirred the other people in this business. We were out in Houston in February and weve got people visiting us, doing due diligence from other service companies.
Summary, DGC is not something just totally new, its based on a lot of the work we have done on Industrial Air. The prototype has been witnessed tested and is meeting expectations. Weve had problems, but they are not show-stoppers. We had a machine break-down at 180 C, were expecting not to have to go quite as high as that, in fact in the field trials we wont have to go anywhere near that, but we are testing it as far as we possibly can, we expect to get it up to 200 C, weve got some insulation problems but Julian and his team have sorted out why
(for info, in the Q+A section, rough temp of gas in the target wells was given as 120 C)


Ive said this before , I apologize to those who think it is never going to happen, but we are getting more and more people wanting to look at joining the JIP. Weve got a dichotomy between the very large organisations like Exxon and BP who seem to take forever to make up their minds ,who are interested in joining the JIP, but when that will happen, I do not know. On the other hand we have got smaller companies ttat have bought assets from the big boys and they are absolutely gagging, on the other hand they dont want to pay a 1m to join the JIP because they may only have 20 wells, so we have just agreed with the JIP that maybe we can put two or three of them together and that way they could join the JIP as late attenders, because they are much less risk averse, because invariably they have only got a few years left in those wells, and if they can put off de-commissioning they will save millions of pounds, theyve got a strong incentive to do it.
We expect the service company that we went for will be joining fairly soon.


That finished the presentation part of the meeting.

There was a Q+A session that followed, this is my summary of that.

Q What sort of capacity will the new plant have?

A We will not manufacture as such, final assembly and test. Providing we have a large enough shed, can add production capacity as required. Will require test cells to test the finished article, which will cost 50K each. We know our existing JIP partner require 180 or so, that will take a while to roll through. Looking at Tyneside, as they have the skilled labour we will require.

Q is it reasonable on time-scales you have presented that the tests are done later this year
and by some time next year the JIP partners are ordering a lot of these machines?

A. We are asked how long it will be in test in the field. Answer is they are not going into a test situation, if they work, JIP partners may be reluctant to take them out again! If the units have been working satisfactorily for three months, then I think we will start seeing orders and Conoco Phillips going ahead with off shore trials.

Q. RNS said procurement to start in Q1, what does that mean?

A. First order for DGC is very imminent. ENI are going like a train and have identified wells near Naples. Repsol are next up, had expected them to be first, but they may change the initial test site from Argentina to elsewhere due to changes in the % ownership of the field

Q. Are there any technical issues still to be resolved?

A. There are always technical things, but nothing the team under Julian cant solve. Do not have any technical things that say no. Have had to look at issues to do with starting and stopping wells over the last 18 months

Q You mentioned IPR, any intention to license this out?

A. On Industrial Air, possibly, if a deal is good enough. On DGC, no, the market is unique, it is a very big market , its not price sensitive so its sensible to make as much money for shareholders as possible. Refrigeration we look to partner.

Q. You provide power to these pumps (Proff: they are compressors!!!!) using DC?
A. Yes, using a very thin cable, diameter of my finger, to send 250kW down.
Q So do they get hot?
A Warmish, get hotter from the gas flowing by at 120 C or so.
There is a lot of confusion from some people on this issue. Why are we using DC?
In links where there is a lot of power to be transmitted, DC is used, eg link between France and UK. With DC, all we have is resistance, if use AC, have all sorts of other losses and it would be just like a big aerial at the end of which there would be no power. So you send it DC, otherwise you have a great big fat conductor blocking up the pipe, which in any case would be very heavy. So you use DC , we then switch it to AC to drive the machines.

Q. Clarifying the field trials, I understand we have ENI and Repsol for field trials in 08, is that still the case for Repsol with the possible switch from Argentina?

A. Yes, Repsol want to do a field trial in 08, they have another two sites, but it may still be Argentina if the Argentina Govt agree with Repsol. This was learnt last week at the JIP meeting, where we also learnt that ENI now have approval and they have a nice test site with all the power we require on site.

sorry Mr B, but can't be arsed to wade through the above, interesting as it may be ..... however, i do notice that sp remains totally unmoved

why am I not surprised!
your choice totally, mr cynic.
btw, the share price has significantly out-performed the market so far this year, but it has not moved up today or in the last hour or whatever nano-second your attention span is.
next time, remind me not to bother!

sp has not moved in about a week; i follow it throughout the day daily.
however, i concur that CRA looks to have a very good future, but then so in theory does BRR which has signally underperformed nearly everything!
by the way, taking my profit 6/8 weeks ago (from memory) at a rather higher level than today, at which you also snorted and scoffed (surprise surprise), does not look to have been so stupid either.

not sure what BRR has got to do with CRA,as far as I can see, BRR is a technology which requires massive funding from somewhere to get implemented (the smelter, specifically, + poss the nickel project as well)
CRA is fully funded and backed + paid for by its customers

Lets see what happens, but my strategy has worked for me to date, with roughly a doubler, but fair play to you if you timed your trade correctly.

Richard, i also usually give long posts a miss, but seriously, it is well worth reading to get a far better understanding of where the company is at...

i shall fast read it tomorrow, but i know the CEO(?) says everything is wonderful etc .... if that is so, why did the market fail to take any notice at all, or is true fruition still too far away?

may take some profits elsewhere (perhaps SOLA short) and buy back in

just read it .... a resume would have been far better and no less informative ...... if i have read correctly, no real timescale for getting into true production and profitability and quite possibly or even probably further (significant) dilution to come

just read it .... a resume would have been far better and no less informative ...... if i have read correctly, no real timescale for getting into true production and profitability and quite possibly or even probably further (significant) dilution to come

live trials this year, production next year
adequately funded

i am very surprised that CRA do not intend to target end users ...... i read their logic but don't agree ..... CRA will still need provide technical expertise and back up to whomever they sell the kit .... this is an all-important function, the hands-on bit of which can be outsourced, just as our own company does.