2nd Jul 2014 07:07
LONDON (Alliance News) - Graphene NanoChem PLC Wednesday said it is confident it will meet the market's expectations for its 2014 results and will see substantial revenue increases from 2015, after it won its first purchase order for its graphene-enhanced PlatDrill Series oilfield chemicals.
The company had entered into a framework agreement with Scomi Oiltools Sdn Bhd last November, and said the order for the PlatDrill chemicals, for an unnamed national oil company, was down to that framework deal. It expects revenue from the initial purchase order to be GBP1.0 million, payable on delivery.
Graphene Nanochem said the initial deal is for the delivery of 7,800 barrels, or about 1,000 tonnes, into a planned four-well onshore drilling programme that will start this month.
"The initial deployment is the culmination of the previously announced two years of intensive collaboration with Scomi Oiltools, and various end-customers, customizing the fluid solutions, including completing several stages of testing and validation to ensure successful deployment of the PlatDrill Series," it said in a statement.
"The group is able to meet its expected schedule of PlatDrill deliveries from existing manufacturing facilities and reserves using recently increased banking facilities and cash," it added.
Graphene Nanochem shares were up 14.9% at 58 pence early Wednesday, one of the biggest gains on the AIM All-Share index.
By Steve McGrath; [email protected]; @SteveMcGrath1
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