RNS Number : 3463T
D1 Oils Plc
04 June 2009
4 June 2009
D1 Oils plc ('D1 Oils' or 'the Company')
Statement re Fundraising for D1-BP Fuel Crops
On 4 February 2009, D1 Oils and BP International ('BP') announced their intention to market a substantial share in their joint venture for the global planting of Jatropha, D1-BP Fuel Crops Limited ('D1-BP Fuel Crops' or 'the Joint Venture').
It is now judged that the outcome of this fundraising process is uncertain, and the Board of D1 Oils anticipates that the Joint Venture will therefore have a carrying value of zero for accounting purposes in D1's preliminary results for the year ended 31 December 2008.
Nevertheless, the board of D1 Oils strongly believes there remains value in the D1-BP Fuel Crops business, and D1 Oils and BP are entering discussions on its future that may result in the restructuring of the Joint Venture.
The Company will keep the market updated on further material developments.
D1 Oils plc
Graham Prince, 020 7367 5600
Director, Corporate Communications 07973 323840
Camilla Gore 020 7404 5959
Piper Jaffray Michael Covington 020 3142 8700
Paul Dwyer 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.
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