1st Oct 2014 07:58
LONDON (Alliance News) - Graphene NanoChem PLC Wednesday said it has received its second commercial order for the PlatQuartZ Series oilfield chemicals product.
The new order is valued at USD5.6 million, the performance chemicals and advanced materials company said, adding it has been made by Scomi Oiltools Sdn Bhd for dispersion into water and oil-based drilling systems and deployment to an unnamed national oil company.
The second order is for 2,640 drums of the chemical, representing a six-fold rise on the first commercial order of 380 drums, it said.
"We are delighted to announce the increase in sales of our PlatQuartZ Series that will boost revenues for the fourth quarter, further validating the commercial rollout of our products into the oilfield chemicals marketplace through our partnership with Scomi. We anticipate further orders for the PlatDrill Series in the near term," said Jespal Doel, chief executive officer of Graphene NanoChem.
Shares in the company were up 13% to 43.48 pence in early trade on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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