RNS Number : 7317Q
D1 Oils Plc
17 April 2009
D1 Oils plc
17 April 2009
D1 Oils plc ('D1 Oils' or 'the Company')
Notice of Results
On 4 February 2009, D1 Oils announced that it had agreed with BP International ('BP') a new forward strategy for its global Jatropha planting joint venture with BP, D1-BP Fuel Crops Limited ('D1-BP Fuel Crops' or 'the Joint Venture'). This strategy includes the marketing of a substantial share in the Joint Venture to third parties to contribute to the funding of the further growth and development of the business.
Consequently, D1 and BP are now seeking a new partner to join them in taking forward D1-BP Fuel Crops at this exciting phase of its commercial development, with an increased focus on 220,000 hectares of Jatropha planting, and further investment required in oil expelling, storage and related infrastructure. This planting represents approximately 360 million trees of increasing maturity, each expected to yield several kilos of oil rich seeds per annum over an anticipated 25 year life. The formal process has now commenced but is still at an early stage.
The outcome of this process will have a significant impact on D1 Oils' future strategy for its plant science and planting business and on its funding requirements. As a result, the Company will be delaying the announcement of its preliminary results for the year ended 31 December 2008 pending developments in this process.
The date of announcement will be confirmed to the market in due course.
D1 Oils plc
Graham Prince, 020 7367 5600
Director, Corporate Communications 07973 323840
Camilla Gore 020 7404 5959
Michael Covington 020 3142 8700
Will Carnwath (Qualified Executive)
Notes to Editors:
D1 Oils plc is a biofuels technology company. Our strategy is to develop new energy crops into sustainable commercial fuels. We provide technology and services for the breeding, development, planting and harvesting of new varieties of commercial biofuel crops, focusing on alternative, sustainable feedstocks that are not subject to the same price pressures as food-grade crops. We have an established plant science and planting programme for Jatropha curcas, a robust, tropical oilseed bearing tree. Jatropha produces inedible oil feedstock for biodiesel and is able to make use of land not suitable for arable agriculture. D1 has a 50:50 joint venture with BP for the global planting of Jatropha.
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