Plexus Supplies POS-GRIP HP/HT Wellhead Equipment to Glencore Exploration Cameroon

Plexus Holdings PLC, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP® friction-grip method of wellhead engineering, announces that it has agreed to supply its high pressure/high temperature (‘HP/HT’) POS-GRIP wellhead equipment, subject to finalisation of the contract, to Glencore Exploration Cameroon Ltd (‘Glencore’), the leading integrated commodities producer and marketer, for drilling a gas exploration well offshore Cameroon. The contract will have an estimated initial value of circa £700,000.

The order is initially for one well with an option to increase this to three. This is the first contract Plexus will enter into with Glencore, and it is anticipated that revenues will commence in March 2013. The exploration drilling programme will utilise Plexus’ POS-GRIP HP/HT 18-3/4″ 15,000 psi wellhead equipment, and this contract further strengthens the Company’s growing presence in West Africa, and Cameroon in particular.

Plexus CEO Ben Van Bilderbeek said, “This first contract to supply our POS-GRIP wellhead equipment to Glencore adds another blue chip operator to our broad customer base, and provides further evidence of Plexus’ high standing in the oil and gas industry as a supplier of best in class equipment in terms of operational performance and safety. In the last few months, we have announced contract wins in three continents, Asia, Europe, and Africa, illustrating how our patented technology continues to gain traction worldwide. I look forward to providing further updates on our progress as we look to continue to grow Plexus’ share in the multi-billion exploration and production market, both surface and subsea, and in the process generate added value for all our shareholders.”

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Press Release, January 15, 2013