Plexus Holdings Plc - Expansion into Angola

Plexus Holdings PLC, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP® method of wellhead engineering, has signed an agreement with Sonangol Pesquisa e Produção (‘Sonangol’), to supply its POS-GRIP® wellhead systems and services for drilling activities offshore Angola.  The potential value of the contract, which is subject to completion of relevant terms, is estimated at £700,000 with revenues expected to commence in June 2010.

Sonangol will utilise Plexus’ POS-GRIP wellhead equipment for gas exploration and well test activities in Block 2 offshore Angola using a 15,000 psi, High Pressure/High Temperature 18.75 inch wellhead system.  The agreement, which marks a new working relationship between the two companies, underpins Plexus’ strategy of rolling out its POS-GRIP technology into new geographic areas as a superior alternative to current wellhead technology across all pressure spectrums. 

Plexus CEO Ben van Bilderbeek said: “Our steady growth into new territories and with new customers is very encouraging.  In tandem with our own international marketing initiatives, word of mouth is proving to be a powerful tool, as highlighted by this contract win where prior knowledge of and experience with POS-GRIP equipment by Sonangol personnel helped to secure the contract.  The bottom line is that our message is spreading; that POS-GRIP has significant advantages in terms of safety, time and cost saving capabilities, over competing technologies and ultimately should become a new industry standard for wellhead design.

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Enquiries:

Ben van Bilderbeek Tel: +44 (0) 20 7589 8555

Plexus Holdings Plc

Graham Stevens Tel: +44 (0) 20 7795 6890

Plexus Holdings Plc

Jon Fitzpatrick Tel: +44 (0) 20 7397 8900

Cenkos Securities plc

Ken Fleming Tel: +44 (0) 131 220 6939

Cenkos Securities plc

Felicity Edwards / Isabel Crossley Tel: +44 (0) 20 7236 1177

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