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D1 Oils Plc (NEOS)

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Monday 24 January, 2005

D1 Oils Plc

Expansion in India

D1 Oils Plc
24 January 2005


24 January 2005

D1 OILS PLC ACCELERATES EXPANSION IN INDIA

London

D1 Oils plc ('D1 Oils'), the UK based low cost producer of bio diesel, today
announces the acceleration of its targets for the planting of Jatropha in India
by its joint venture company, D1 Mohan Bio Oils Limited ('D1 Mohan'). D1 Oils
also announces new third party off take agreements in India for the supply of
crude Jatropha oil through to 2015.

The main points are as follows:

  • a twenty fold increase in the targeted planting of Jatropha in India
     during the course of 2005;


  • reconfirmation of the medium term target to plant a total of 5 million
     hectares;


  • farmers to purchase seedlings and planting materials from D1 Mohan
    through local bank financing, providing D1 Mohan with additional revenue and 
    enabling a more rapid expansion due to lower working capital requirements;


  • D1 Oils option to export up to 25 percent of the oil produced by D1
    Mohan;


  • additional Jatropha oil supply contracts for export, independent of D1
    Mohan, totaling 10,000 tonnes per annum in 2006 rising to 50,000 tonnes per
    annum by 2009.


The new targets agreed by D1 Mohan are for the planting of 100,000 hectares of
Jatropha in India in 2005. This is a significant increase over the 5,000
hectares estimate used at the time of D1 Oils' admission to AIM last year. Given
this increase, D1 and its joint venture partner will monitor closely the
progress made throughout the year paying particular attention to the
availability of quality planting seed. Once mature, this initial planting should
yield approximately 250,000 to 300,000 tonnes of crude Jatropha oil per annum.
D1 Mohan has also reaffirmed its medium term objective of planting 5 million
hectares of Jatropha.

In addition, the operational model has changed such that contract farmers will
now purchase seedlings and planting materials from D1 Mohan financed by local
banks. At the time of D1 Oils' admission to AIM, it was assumed these supplies
would be provided free of charge. This alteration provides D1 Mohan with
additional revenue and enables the business to expand more rapidly as the
working capital requirements for each hectare are reduced.

D1 Oils now has the option to export 25 per cent of the crude Jatropha oil
produced by D1 Mohan for sale to international customers. Previously, all crude
Jatropha oil produced by D1 Mohan was to be retained for domestic bio diesel
production.

D1 Oils has also entered into a number of ten-year crude Jatropha oil supply
agreements with independent suppliers. These supply agreements are in addition
to those detailed in its AIM admission document and separate from the targets
agreed by D1 Mohan. D1 Oils anticipates that these new contracts will provide an
additional 10,000 tonnes per annum of crude Jatropha oil for export in 2006,
rising to 50,000 tonnes per annum in 2009 which will more than double its supply
of crude oil from such supply arrangements.

It is premature to forecast accurately revenues arising from these additional
volumes as the markets for bio diesel in India and crude Jatropha oil
internationally are in the early stages of development. The revenues will also
depend on the extent to which D1 Oils exercises its option to acquire oil from
D1 Mohan. Nevertheless, order of magnitude figures can be assessed. The initial
100,000 hectares planted by D1 Mohan could in due course produce revenues for
the joint venture in the order of $100m per annum. Revenues for D1 Oils arising
from the new third party supply agreements could rise to the order of $25m per
annum. These potential revenues are dependent on a number of factors and should
not be interpreted as a profit forecast.

Philip Wood, Chief Executive Officer of D1 Oils commented that:

'The new arrangements transform our ability to expand at a much faster rate as a
result of lower constraints on working capital required for developing
large-scale plantations. We are extremely pleased with the progress we are
making in India and the commitment of our joint venture partner, Mohan Breweries
in helping D1 Oils establish itself as the market leading brand in the biodiesel
industry in India.'

M. Nandagopal, Chairman of Mohan Breweries & Distilleries Limited, commented
that:

'We are delighted to be working with D1 Oils as our partner in India. We have
strong support from the Indian Government at all levels and are confident our
business has the potential to contribute to the security and independence of the
domestic energy supply in India. Our joint venture provides a major contribution
to the rural economy whilst having the potential to become a highly profitable
and expanding business.'

Enquiries

Philip Wood         D1 Oils plc     020 7321 3885

David Cunningham    Bell Lawrie     0141 314 8105

Kevin Byram/
Gill Ackers         Brunswick       020 7404 5959

Notes to editors:

D1 Oils plc is the owner of technical, marketing, logistical and other
intellectual property related to the establishment, development and harvesting
of Jatropha plantations, the extraction of oil from the harvested seed and the
production of bio diesel and other valuable by-products from the vegetable oil.





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