6th Oct 2015 08:17
LONDON (Alliance News) - Graphene NanoChem PLC Tuesday said it has received a commercial order for its water-based drilling additive PlatQuartZ for deployment in Turkmenistan, following a successful paid well trial by an unnamed Middle Eastern oil company in July.
The value of the order is USD384,000 and will be deployed under partner Scomi Oiltools' existing three-year onshore drilling contract in Turkmenistan with the customer for between eight and ten wells, expected to be completed by the end of the year.
Scomi Oiltools is a subsidiary of Scomi Group, a global provider of drilling fluids solutions and drilling waste management services.
Graphene NanoChem is undergoing a commercial rollout strategy through the substitution of products under Scomi Oiltools' existing oilfield service projects and contracts. Grahene NanoChem signed a five-year off-take agreement with Scomi in 2013.
It added that the successful field deployment of PlatQuartZ in the well trial has also secured the automatic qualification of the product for submission into a new three-year tender in Turkmenistan to be issued by the customer in the fourth quarter of 2015.
"We are excited with this development. The proven field performance of our product in helping the industry to reduce drilling cost is creating good track and positive momentum that allows us to continue increasing sales and expanding our geographical footprint in higher margin opportunities," Chief Executive Jespal Deol said in a statement.
Shares in Graphene NanoChem were trading up 4.0% at 14.04 pence Tuesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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