RNS Number : 1454W
D1 Oils Plc
23 July 2009
23 July 2009
D1 Oils plc
Sale of Middlesbrough Site
D1 Oils plc ('D1' or 'the Company') announces that it has exchanged contracts for the sale of its former refinery site at Forty Foot Road, Middlesbrough, TS2 1HG, to A.V Dawson Ltd. Completion of the sale is scheduled for later today. When the sale of all associated equipment is completed (anticipated over the next month or so), the Company expects the total consideration, including the monies received from the sale of the site, to be approximately £1m, in line with the carrying value on the Company's balance sheet at 31 December 2008.
The site generated an operating profit of £nil over the last twelve months. The funds generated by the sale will be used to pay off the mortgage obligation of £0.7m on the site.
Graham Prince, Head of Corporate Communications
Tel: +44 (0) 20 7367 5600
Mobile: +44 (0) 7973 323840
Camilla Gore / Kevin Byram
Tel: +44 (0) 20 7404 5959
Michael Covington / William Carnwath (Qualified Executive)
Tel: +44 (0) 20 3142 8700
Notes to Editors:
D1 Oils plc is an alternative energy crop company. We are pioneering the development of Jatropha curcas, a robust, tropical oilseed bearing tree, into a new sustainable energy crop that has the potential to replace food crops as a source of biodiesel. Jatropha is a hardy crop that is able to grow on a wide range of soils, including soils which are sub-optimal for arable agriculture. Its grain is crushed to produce inedible oil for biodiesel and meal that has the potential to be processed into a high-value, protein source for animal feed. We have an established plant science and planting programme for Jatropha, and we provide commercial technology and services to the emerging Jatropha sector, including the breeding and selection of Jatropha seeds and seedlings, the development of planting practices and husbandry methods, and the harvesting and processing of Jatropha oil and meal.
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