D1 Oils Plc
18 January 2006
January 18th 2006
D1 OILS APPOINTS NEW CHIEF EXECUTIVE
AND PROVIDES YEAR END TRADING UPDATE
D1 Oils plc (D1), the global biodiesel company, today announces the appointment
of a new Chief Executive and provides an update to the market ahead of reporting
its preliminary results for the year ending 31st December, 2005.
Elliott Mannis, 44, the company's current Chief Financial Officer and Company
Secretary, is appointed Chief Executive with immediate effect. He succeeds
Philip Wood, 50, who has resigned for personal reasons, having helped launch D1
on the Alternative Investment Market.
Richard Gudgeon, 35, who joined D1 in June last year as Financial Controller
from Magnet Ltd, is appointed acting Chief Financial Officer and Company
D1's business strategy has three key elements: developing oil bearing crops
(principally jatropha), refining biodiesel from a variety of feedstocks using
proprietary technology and trading biodiesel. It means the company operates
across the biodiesel spectrum, from earth to engine.
Trading remains in line with expectations with net cash at 31st December 2005 at
Oil bearing crops
D1 has set itself a demanding target of planting jatropha on 30,000 to 40,000
hectares in the current season, mostly in India and Africa. The target remains
unchanged with advantageous monsoon conditions expected to extend the planting
season to the end of March, 2006.
In India, the company has developed further its interests by signing a
memorandum of understanding with the State Government of Mizoram in North East
India for an oil supply agreement covering 100,000 hectares to be planted over
the next two years on government land in the state.
Significant progress has been made in refinery development. Production and
deployment of the proprietary D1 20 refineries in the UK is on track, following
successful testing of a range of feedstocks. The company intends to build nine
refineries by the end of 2006.
Heads of terms have also been signed for the deployment of four D1 20s in Saudi
Arabia and a feasibility study for this project is underway.
Karl E. Watkin, Chairman of the company, said: 'We are delighted that Elliott
Mannis is our new Chief Executive. His experience with AWG on complex
infrastructure projects will be invaluable for the next phase of D1's
development. He will focus the attention of our global team to deliver a leading
position for D1 in each sector of our earth to engine strategy - oil bearing
crops, proprietary technology and, eventually, biodiesel trading in this
emerging industry where demand continues to outstrip supply.
'The Board also thanks Philip Wood for his valuable contribution to the
development of the business as the first chief executive.'
Further information contact:
Gill Ackers/Kevin Byram at Brunswick on 0207 404 5959.
This information is provided by RNS
The company news service from the London Stock Exchange