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.

Absolutely notlob, but who better placed than the directors to perceive the possibility of the need to raise funds, we are only talking about 3 months, any director worth their salt should be at least this forward looking.
2517

2517
I hear what you are saying.But the situation 3 months ago was that they were fine for funds and the first live trial was expected end of Q1 (ie next month)

It could not have been anticipated that the Italian authorities would ask for what they did. This is the ancillary safety equipment associated with the installation of DGC. Baker Hughes, ENI and others had designed the system and all parties were satisfied, it followed the safety path trod by esp's (electric submersible pumps) for oil wells.I don't think this event could have been reasonably foreseen.

Having said that, it is always sensible to keep sufficient funds in hand just in case the unexpected does come along. That indeed was the case, with Corac, prior to this funding, having sufficient funds for all of this year and going into 2010.

But the directors at Corac were finding that the question of funding was not going away, despite their best efforts to re-assure.
I think the action they have taken is not unreasonable and leaves them free to concentrate on getting the live trials going, as well as getting the Corac story out to the investor community without being asked every 5 mins 'but you will have to raise soon, won't you?'.

Corac is a well run company with very modest cash burn and I believe the action they have taken is sensible.

notlob----I agree the delay in the first live trial hasn't helped, and I'm not suggesting they could foresee the safety issue, but if CRA or any co for that matter sail as close to the wind (financially) as they obviously have, then they are vunerable to such situations. Like cynic I only have a modest holding bought at a much higher price though, may average down, not sure yet. Anyway good luck all
2517

Rumour is they were approached by an investor/s ref placing...

2517
I think the point is that they were not sailing that close to the wind, having over a years funding on hand, and that was not counting any further income like new JIP partners etc etc
But the perception was slightly different, and that was starting to become a distraction. So when they were approached by some private investors wanting to support the company, then that didn't seem a bad idea at all.

all the best to you as well.

Which private investors were given preferential treatment resulting in other sharehoders investment being diluted by around 7%? Shouldn't all shareholders be fully informed?

Doesn't always work like that Hal, but hey if your a holder, just chill, patience is req'd here, more so after this last set back...

I don't think it is a question of prefferential treatment, most companies have authorisation from shareholders for the directors to issue extra shares.

Any investor can approach a company and make an offer for new shares. If the offer is accepted then the company raises some cash, saves the cost of producing a prospectus and a load of other costs. The investor saves stamp duty, broker fees and gets the shares at a guaranteed price without the risk of the market reacting to the order.

spot on. optimist.
Anyone can buy in the market now at more or less the same price the investors have paid anyway, if they feel at all miffed, which they shouldn't do.

Should tick up soon.
2517

seems to be ticking down.

Up 10% today on good volume any news coming?

certainly double average volume, but that can be deceptive when you get left and right hand of an institution moving the stock around, or similar

Up 22% atm.
2517

there has been much excitement in the shares of this shitty little company in the last couple of days, and again this morning ...... no announcements, but it would be nice to think there was something stunning in the offing

cynic, ridiculous comment about Corac.

yes there is something in the offing, its called DGC, its the reason Baker Hughes, ENI, Repsol etc etc are all on board.

until proven otherwise, it is a shitty little company (whose shares i hold) ..... the companies involved have been "on board" for quite some time, so with no comment from CRA, the significant increase in sp (? +50% in last 10 days?) has no obvious explanation ..... i confess i should have checked volumes which may have given minor insight

'unless proven otherwise, it is a shitty little company'

don't be so stupid. And just because you hold shares in the company, but clearly don't understand a thing about them, I'm afraid that does not give you any greater 'right', in fact, it just compounds your errors.

Ofcourse the companies have been on board for some time, this is a long term project, or did you think it was a one week thing?

re significant increase in sp, clearly, when a share has been wacked down beyond (imo) all reason, then a few pence increase will show up as a large % increase.

fyi, a large over-hang was cleared on Friday, hence buying pressure produced a rise, simple really.

As you have such a low opinion of the company, its achievements and its partners, I am surprised you continue to hoild the shares, unless you feel holding gives you some sort of insight to post pure drivel.

your abuse is fascinating and revealing ..... please continue to post similar for all our enlightenment and amusement

very droll, cynic
the only abuse that has been posted is your abuse of Corac, a company which you profess to hold but clearly know very little about.

I assume your dry one-liners response is because you can't actually respond with anything sensible or rational regarding Corac.

Still, given the nature of your original post, perhaps I should'nt be too surprised by that.

Have a good day.