2nd Feb 2015 13:19
LONDON (Alliance News) - Graphene Nanochem PLC Monday said it has signed an agreement with "one of the world's top five international oil companies" to test and evaluate its PlatDrill series.
The agreement has been signed with Graphene NanoChem's joint venture partner, Scomi-Platinum Sdn Bhd, and the unnamed oil major. The oil major operates across the entire oil and gas industry value chain and markets, and marks "a significant milestone of the phased expansion of PlatDrill into new regions," said the company.
The PlatDrill series is an enhanced fluid that aims to deliver superior performance with lower environmental impact as well as better lubricity, load bearing capacity and higher viscosity properties.
Under the agreement, the company is expecting tests by the international oil company to be completed by the fourth quarter of 2015, when a potential commercial agreement could be discussed.
"We have a unique technology platform that plays an important role in enabling faster drilling, reducing equipment downtime and improving output levels to drive down operating costs and that is why we believe many oil and gas players will be interested in what we have to offer," said Chief Executive Jespal Deol.
Graphene NanoChem shares were down 8.1% to 34.00 pence per share on Monday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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