Acquisition

Camco International Ltd
25 September 2006




Camco Grows in Russia - Acquires Leading Carbon Developer


Camco International Limited ('Camco'), a leading company in the origination,
co-development, placement and management of carbon credits under the Kyoto
Protocol, is pleased to announce the acquisition of Russian carbon developer,
MCF Finance and Consulting Co. Ltd. ('MCF').

The acquisition strengthens Camco's position as a market leader in Russia and
increases Camco's gross carbon credit portfolio by up to 12.6m tonnes to up to
116.2 million tonnes. The price paid by Camco comprises €200,000 in cash and up
to €3.36m in Camco shares through a performance based earn-out structure
determined in 12 months time.

Commenting on the acquisition Tristan Fischer, Camco CEO, said: 'This is an
exciting transaction and complements our strong organic growth since our IPO in
April. The acquisition makes us one of the largest private-sector carbon players
in Russia, building on our market leading position in China and executing the
strategy set at IPO. Apart from the significant increase in our carbon
portfolio, the acquisition of MCF gives us improved access to scarce and
important skills in the technical aspects of carbon origination and development,
which will also benefit our global business moving forward.'

'As we outlined at IPO, Russia is a key market for Camco. The Russian economy
has high levels of energy consumption and carbon emissions. Many investments in
the modernisation of the Russian economy will be carried out under the Joint
Implementation (JI) Procedure, one of the three flexible mechanisms established
by the Kyoto Protocol to generate Carbon Credits. It has been estimated that a
total of 500 million tCO2e could be generated by JI Projects in Russia.'

The MCF portfolio acquired by Camco is broken down as follows:

-  Up to 6.8m tonnes (gross) under exclusive Carbon Asset Development
Agreements (CADA) from projects involving waste to energy, fuel switching in
cement production, methane avoidance in gas distribution networks and geothermal
energy; and
-  Up to 5.8m tonnes (gross) in late stage negotiation from projects
involving the destruction of chemical waste gases.

Based on the current status of the MCF portfolio, Camco expects to own up to
2.3m (net) carbon credits in specie, which will later be sold at prevailing
prices.

The cost per gross tonne paid by Camco to MCF shareholders is at a significant
discount to that applied to Camco's current portfolio and largely works on an
'earn-out basis'. MCF shareholders will be paid based on their success in 
delivering validated projects under existing and impending CADAs in the project 
portfolio.

In all cases, Camco shares will be issued at a price no less than 64p and may be
higher, depending upon the average trading price of Camco shares between now and
the allocation date in August 2007. If earned, Camco shares will be allocated in
12 months but not actually issued to MCF shareholders for a further 12 months,
around August 2008.


Contact:

Camco International Limited
Tristan Fischer, CEO     020 7256 7979

Gavin Anderson & Company (for media enquiries)
Ken Cronin/Janine Brewis 020 7554 1400


Notes to editors:

MCF was founded in 1996 and is an early mover in advising on and, more recently,
dealing in climate change issues impacting Russian industry. MCF features
several leading specialists in carbon credit origination and qualification who
have worked closely with Camco over the past 12 months. MCF's team of 6 persons
based in Moscow and Archangel will become employees of Camco.

Under the Kyoto Protocol, signatories such as Canada, Japan and the EU 15 are
required to reduce their output of green house gases in an effort to mitigate
climate change. They can do this by taking domestic action to cut emissions or
by buying Carbon Credits from qualifying projects.

Camco's key markets are China and Russia, where the Company has significant
expertise and market presence. These key markets are expected to be two of the
largest potential sources of Carbon Credits under the Kyoto Protocol in coming
years. In other regions, Camco is developing business through its strategic
partners.

The Carbon Credits in Camco's portfolio are intended to be sold into the
international emissions trading markets, and can be purchased by governments and
companies to help them meet their emission targets, particularly under the Kyoto
Protocol and the EU Emissions Trading Scheme.

Camco's principal strategy is to offer an origination to delivery service,
at-risk remuneration and a value sharing business model. It does not invest
substantial amounts of its own capital in the physical assets used to generate
greenhouse gas reductions.




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