14th Jul 2015 09:03
LONDON (Alliance News) - Graphene NanoChem PLC on Tuesday said it has secured a contract to work on a trial well being drilled by an unnamed Middle East-based oil company in Turkmenistan.
Shares in Graphene NanoChem were up 15% to 15.48 pence on the news.
The trial is a phase one deployment of Graphene NanoChem's water-based drilling additive under a three-year drilling contract awarded to Scomi Oiltools.
The water-based drilling additive, which reduces torque and drag and enhances the rate of penetration in drilling, will be used by Scomi as part of its HyperDrill System technology.
No financial details were disclosed on the contract.
"This latest development is testament to the growing recognition in the industry of the value proposition of the group's solutions and consequent optimisation and reduction of cost in drilling and oil recovery programmes as we continue to convert pipelines into revenues," said Jespal Deol, Graphene NanoChem's chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
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