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.

Yes, I notice CRA have risen from just below 20p to their current level this week, and whilst volumes have been low it has been buyers with the upper hand, long may it continue as there is a fair old way to go before I'm in profit.
2517

StockMarketWire.com
First half net after-tax losses at intellectual property and engineering group Corac rose to 2.41m - up from 1.28m last time.

Revenues for the six months to the end of June fell to 0.05m - down from 0.89m - but the firm's cash and cash equivalents increased to 3.69m from 2.69m.

Chief executive Phil Cartmell said: "We have made significant changes during the first half to improve the internal management, systems and processes and as a result the board is now re-organising the company around three main business streams.

"This will provide a broader reach into new geographies and sectors which I believe will leave us better placed to meet the challenges in the near future in order to deliver returns to all our stakeholders."

sorry but this company remains well avoided .... there have been far too many intimations of "great progress" which have never been borne out

I agree. Absolutely hopeless & will ditch my stock at the end of the tax year if I need to reduce my capital gain.

StockMarketWire.com
"Energy efficient compressor technology innovator Corac has signed a development agreement with an independent US gas explorer and producer.

Corac says the agreement has a maximum value of $1.5m, based on achieving milestones over a period of 18 months, with an upfront payment of $750,000.

The project is to develop, build, test and field trial Corac's downhole gas compressor in a depleting well in North America with the aim of accelerating gas flow through artificial lift, thereby increasing production and extending the life of the well.

The development phase is expected to take approximately 12 months followed by a six month field trial.

The project requires deployment of the DGC in a well via coiled tubing, which is less expensive and easier than alternative methods. "

At long, long last????

perhaps, but false dawns before and no news that i can see and even volume is not that large (250k)

Only another 50% increase needed & I am in the money!

i am not convinced that it is not just MMs, who totally control sp in this stock, trying to drum up some biz to get rid of surplus stock

Have just received this via my trading account :o(
"OPEN OFFER The Board of Directors of Corac Group Plc has confirmed that it is considering a placing and open offer of around GBP20m at 15 pence per share. Investors should be aware that there is no certainty of the placing or open offer taking place and further details will be notified in due course."

Corac Operational Update
"Following a development program meeting with ENI SpA (ENI) held on 23 November 2010 regarding Corac's first Downhole Gas Compressor (DGC) at their Uxbridge offices, the Board of Corac announces that the program is proceeding in line with the revised timetable previously announced. Corac continues to work closely with its partner ENI to complete Corac's development project before the end of 2010. Based on this timetable, the subsequent field trial is expected to take place thereafter.

The Board confirms that as yet no dates have been scheduled for the field trial element; however once they are scheduled the Board expects to be able to announce them through the appropriate channel.

The DGC application for coil deployment, recently announced with our partner in Texas, is progressing well and is in line with joint project management plans.

The proposed Middle East application of Corac's core technology, as previously announced, is in the final stage of detailed contract negotiations."

i am afraid this company is like EME - promises a lot but consistently fails to deliver ...... i love the concept, but until CRA prove they are full of other than bullshit, i am very glad not be a holder

ENI DGC Update
Corac's Downhole Gas Compressor system (DGC) has today completed a two-week test programme at the Company's methane test facility at Spadeadam in Cumbria.

This follows extensive testing at our workshop facilities in Uxbridge, where the integrated system was assembled for the first time in November. The tests consisted of three compressors, controlled by Corac's unique downhole electronics module, reaching full speed driven by the surface power supply over the full 2km of power cable with downhole communications and control. The protocol for the test was prepared in collaboration with ENI SpA (ENI) who were present to witness the system tests and with whom we agreed plans for the subsequent Spadeadam tests.

ENI were working on site with the Corac team this week; however the tests were impacted by the severe weather conditions and therefore did not achieve the intended results. The causes are under investigation and the DGC will return to Uxbridge to explore a number of potential contributory factors such as transportation, extreme low temperature exposure (approximately -20 degrees C) and on site power supply configuration in Spadeadam.

The investigation will begin once the DGC arrives in Uxbridge and continue into January, followed by relevant rework, assembly and re-testing. The Company will provide a further update in January.

"downhole" sums up this company perfectly

I think "did not achieve the intended results" is a more accurate summary!
Either way, I think the world's natural resources will be exhausted by the time they get this gadget to work!

per my analogy of 662, this company's management are a disgrace ..... thank goodness i got out many moons ago

Agreed, Cynic, but the management of SRO could give 'em a run for their money.

or do you mean SEO?

No, SRO, who were going after oil but now are going after gold. Mind you, we could all name dozens of outfits that are run by people not up to the job.

yes its a pity they missed out the "P" from their epic.