17th Sep 2015 08:14
LONDON (Alliance News) - Graphene NanoChem PLC on Thursday said it has secured a commercial order for its PlatQuartz lubricant additive from Scomi Oiltools Sdn Bhd in India.
The PlatQuartz products are nanofluids designed to enable high temperature and pressure performance for water-based drilling muds, improving torque and drag when drilling.
The order is worth USD390,000 and will be deployed for a local Indian oil and gas company.
"We are excited by the ongoing deployment of PlatQuartz and the significant milestone it represents in validating our long term growth plan for this market, as we continue making good progress in the commercial rollout of our products into international markets," said Jespal Deol, Graphene NanoChem's chief executive.
Shares in Graphene NanoChem were up 2.3% on the news to 18.92 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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