4th Mar 2015 14:21
LONDON (Alliance News) - Graphene NanoChem PLC Wednesday said it has launched the commercial deployment of its latest product offering, an oilfield recovery additive named PlatsurF through its joint venture partner.
PlatsurF removes blockages caused by drilling residues or from production waste and reverses shortfalls in production caused by formation damage. The smartfluids product "vastly improves" production rates in previously damaged wells with reduced waste generation, said the company.
Scomi Oiltools, its joint venture partner, will supply PlatsurF to the market, and has placed an order on behalf of an international oil company that is serviced by Scomi for an approximate 50 well drilling programme in Thailand using PlatsurF, said the company.
Graphene NanoChem said the order will consist of an initial deployment of 40 drums of recovery additive for two wells in Thailand, as part of Scomi introducing the additive as a "product subsitituion," it said.
The revenue from the initial purchase order of 40 drums of PlatsurF is estimated to be worth around USD162,000.
The company said Scomi's order book currently stands at GBP950 million, providing Graphene NanoChem with a "significant market opportunity for the joint venture in terms of product substitution," it said.
"The partnership with Scomi has enabled the group to significantly minimise its marketing and adoption risk and accelerate the commercial deployment of its products via Scomi Oiltools' existing customer base," said Graphene NanoChem.
""The combined strength of our unique product solutions and the strategy to deploy our products through a partnership model with a respected industry player is bearing fruit with the deployment of our third oilfield product through Scomi Oiltools," said Chief Executive Jespal Deol.
Graphene NanoChem also has other fuel additive products, including PlatAmber and PlatClear alongside oilfield chemical brand PlatDrill.
Grapehene NanoChem shares were down 1.1% to 46.00 pence per share on Wednesday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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