18th Jan 2006 09:30
D1 Oils Plc18 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 appointmentof a new Chief Executive and provides an update to the market ahead of reportingits preliminary results for the year ending 31st December, 2005. Elliott Mannis, 44, the company's current Chief Financial Officer and CompanySecretary, is appointed Chief Executive with immediate effect. He succeedsPhilip Wood, 50, who has resigned for personal reasons, having helped launch D1on the Alternative Investment Market. Richard Gudgeon, 35, who joined D1 in June last year as Financial Controllerfrom Magnet Ltd, is appointed acting Chief Financial Officer and CompanySecretary. D1's business strategy has three key elements: developing oil bearing crops(principally jatropha), refining biodiesel from a variety of feedstocks usingproprietary technology and trading biodiesel. It means the company operatesacross the biodiesel spectrum, from earth to engine. Trading Trading remains in line with expectations with net cash at 31st December 2005 at£23.4 million. Oil bearing crops D1 has set itself a demanding target of planting jatropha on 30,000 to 40,000hectares in the current season, mostly in India and Africa. The target remainsunchanged with advantageous monsoon conditions expected to extend the plantingseason to the end of March, 2006. In India, the company has developed further its interests by signing amemorandum of understanding with the State Government of Mizoram in North EastIndia for an oil supply agreement covering 100,000 hectares to be planted overthe next two years on government land in the state. Refineries Significant progress has been made in refinery development. Production anddeployment of the proprietary D1 20 refineries in the UK is on track, followingsuccessful testing of a range of feedstocks. The company intends to build ninerefineries by the end of 2006. Heads of terms have also been signed for the deployment of four D1 20s in SaudiArabia and a feasibility study for this project is underway. Karl E. Watkin, Chairman of the company, said: "We are delighted that ElliottMannis is our new Chief Executive. His experience with AWG on complexinfrastructure projects will be invaluable for the next phase of D1'sdevelopment. He will focus the attention of our global team to deliver a leadingposition for D1 in each sector of our earth to engine strategy - oil bearingcrops, proprietary technology and, eventually, biodiesel trading in thisemerging industry where demand continues to outstrip supply. "The Board also thanks Philip Wood for his valuable contribution to thedevelopment of the business as the first chief executive." Further information contact: Gill Ackers/Kevin Byram at Brunswick on 0207 404 5959. -Ends- This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
NEOS.L