Directa Plus PLC Award of Environmental Services Contract (1229W)

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RNS Number : 1229W

Directa Plus PLC

09 December 2019

9 December 2019

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE EU MARKET ABUSE REGULATION (596/2014). UPON THE PUBLICATION OF THE ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

Directa Plus plc

("Directa Plus" or the "Company")

Award of First Offshore Oil Decontamination and Recovery Contract

Directa Plus (AIM: DCTA), a leading producer and supplier of graphene nanoplatelets based products for use in consumer and industrial markets, announces that its newly acquired subsidiary Setcar (to be renamed Directa Environmental Services) has been awarded a contract ("the Contract") to provide a suite of environmental decontamination services on the Trinity - 1X gas project in Block 30 offshore Romania. The Contract covers the three-month period to the end of February 2020 for the appraisal by GSP, the general contractor, of the Trident gas field contained in Block 30 in water depth of some 1,000 meters. Lukoil and Romgaz are the operators of Block 30. The value of the Contract is estimated to be approximately US$1 million.

The award of the Contract reflects Setcar's more than 25 years of experience as a service provider to the Romanian onshore oil and gas industry and the advantages of using Directa Plus's unique graphene-based Grafysorber(R) technology in decontaminating water, sludges and drilling muds containing oil. The appraisal of the Trident gas field, with potential reserves exceeding 30 Bcm of gas, is a complex deep-water project and can open up new and significant offshore opportunities for Directa Plus's environmental services offering.

The Company's proprietary Grafysorber(R) technology is a commercially-available graphene-based solution for treating water contaminated by hydrocarbons and is at least five times more effective than current technologies - adsorbing more than 100 times its own weight of oil-based pollutants. In addition, Grafysorber(R) is sustainably produced, non-flammable and reusable, with the adsorbed hydrocarbons recoverable.

Commenting, Giulio Cesareo, Founder and CEO of Directa Plus, said: "This contract is the first demonstration of the rationale behind our recent acquisition. The Contract is the latest collaboration with our partners GSP and is our first offshore, deep water contract. It will provide valuable experience to help accelerate the growth of our graphene-based decontamination services business in the oil and gas space.

"It is also a demonstration of our strategy to make our own future less dependent on others by capturing the maximum value from the supply chains we enter, rather than simply supplying the key ingredients. Our technology can be applied in many different areas and we will continue to use our deep scientific knowledge to identify sector opportunities."

This announcement has been approved by Giulio Cesareo, Chief Executive, on behalf of the Company.

For further information please visit http://www.directa-plus.com/ or contact:

 
 Directa Plus plc                                     [phone] 
 Giulio Cesareo, CEO 
 Marco Ferrari, CFO 
 
 Cantor Fitzgerald Europe (Nominated Adviser 
  and Joint Broker)                                   [phone] 
 Rick Thompson, Philip Davies Will Goode(Corporate 
  Finance) 
 Caspar Shand Kydd (Sales) 
 
 N+1 Singer (Joint Broker)                            [phone] 
 Mark Taylor, Lauren Kettle 
 
 Tavistock (Financial PR and IR)                      [phone] 
 Simon Hudson, Barney Hayward, Edward Lee 
 

About Directa Plus

Our focus is principally on the two sectors in which we have strong commercial advantage through developed and launched products and a technological lead: environmental (based on our Grafysorber(R) product) and textiles (based on our G+ products). In addition, we will continue to pursue opportunities in elastomers and composites (including tyres and asphalt), also using our G+ products. All our products are hypoallergenic, non-toxic and sustainably produced.

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December 09, 2019 02:00 ET (07:00 GMT)