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, known for its safety, time, and cost-saving capabilities, will hold its Annual General Meeting ('AGM'). At the AGM, Graham Stevens will be appointed to act as the Chairman of the meeting and will make the following statement:
"10 months ago, Russia launched a full-scale invasion of Ukraine, which turned the spotlight back onto oil and gas as western governments sought to attain energy security at a time when global energy demand was also rising post Covid-19. The industry responded, boosting investment in existing projects as well as initiating new exploration efforts and in particular gas given its key status as a transition fuel. However, in tandem, these same projects came under increased scrutiny to ensure their relevance in the fast-changing energy sector, namely, their ability to deliver energy in as green a way as possible, without jeopardising the world's commitment to NetZero by 2050.
"Consequently, having faced a number of obstacles during our long campaign to reduce or prevent methane emissions in the oil and gas industry, we believe that our tenacity is finally beginning to pay dividends with Plexus' wellhead sealing technology increasingly being recognised as an ESG-enabling opportunity.
"During the year, the number of enquiries regarding our portfolio of Plexus products that can guarantee leak-free performance for the life of a well has escalated and we are hopeful of converting these into contracts in the coming months. We are also making headway having re-entered the Jack-up Exploration (Adjustable) Rental Wellhead market through a collaboration agreement with Cameron International Corporation ('Cameron'), Schlumberger's ('SLB') wellhead company. This collaboration expanded our existing SLB licencing agreement in relation to Cameron being able to design, market, and sell our POS-GRIP and HG® metal-to-metal seal method of wellhead engineering for surface production wellheads to its existing clients, where we are anticipating initial royally generation in the second half of our financial year.
"Furthermore, the adaptability of our POS-GRIP friction grip technology is key to our growth strategy as we explore the possibility of expanding into other sectors where we believe that we can play an important role in reducing harmful emission risks . Accordingly, o ur leading R&D team is pursuing options in growth markets such as Plug & Abandonment de-commissioning, where we recently secured an order from Oceaneering International Services Limited, carbon capture and storage, gas storage, hydrogen, and geothermal applications.
"In summary, having raised £1.55m through the issue of convertible loan notes in October 2022, which was supported by the Company's founder and CEO Ben van Bilderbeek, and Plexus' Chairman, Jeff Thrall, Plexus is better positioned to play a key role across numerous aspects of the complex energy story as it unfolds, and we look forward to 2023 with growing confidence.
"On behalf of all of the Board, I would like to thank all our shareholders for their continued support and wish them Season's Greetings and a very happy and prosperous New Year."