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PlatQuartZ Commercial Deployment

1st Oct 2014 08:41

RNS Number : 1246T
Graphene NanoChem PLC
01 October 2014
 



1 October 2014

Graphene NanoChem PLC

("Graphene NanoChem" or the "Group")

PlatQuartZ Commercial Deployment

Graphene NanoChem (AIM: GRPH), the performance chemicals and advanced materials company, is pleased to announce the receipt of the second commercial order of the PlatQuartZ Series, its second high value graphene-enhanced products line for the oilfield chemicals market, valued at US$5.6 million.

Highlights

· Second commercial order of 2,640 drums of the PlatQuartZ Series, representing 6 fold increase over the first commercial order of 380 drums announced by the Group yesterday;

· Order from Scomi Oiltools Sdn Bhd ("Scomi Oiltools") for dispersion into water and oil based drilling systems and deployment to a National Oil Company;

· The revenue from the commercial order is US$5.6 million.

The PlatQuartZ Series offers high performance non-toxic lubricant additive solution for oilfield drilling, designed to enhance drilling rates by improving drilling efficiency and increasing wellbore stability with market-leading enhancement in torque and drag reduction.

Jespal Deol, Chief Executive Officer of Graphene NanoChem, commented: "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.

 

Our Board is committed in strengthening the fundamentals of the Group as we continue to build sustainable long-term value for the business in realizing opportunities into higher margin specialty products within the oil and gas sector."

 

 

For further information:

 

Graphene NanoChem

Tel: +603 2282 3080

Jespal Deol, Chief Executive Officer

Panmure Gordon (NOMAD and Broker)

Fred Walsh / Adam James / Tom Salvesen

Tel: +44 (0) 20 7886 2500

Tom Nicholson

Tel: +65 68248204

Buchanan

Tel: +44 (0) 20 7466 5000

Mark Edwards / Fiona Henson / Jason Day

 

About Graphene NanoChem

Graphene Nanochem plc is a technology commercialisation company that operates two commercial platforms, the Advanced Chemicals platform that manufactures renewable chemical products for high growth sectors and the Advanced Materials platform that focuses on graphene nanomaterials applications for selected industries targeting high performance use.

Headquartered in Malaysia, Graphene Nanochem was admitted to the AIM of the London Stock Exchange on 26 March 2013, following the reverse acquisition of Biofutures International plc, and trades under the symbol GRPH.L.

To find out more, please visit www.graphenenanochem.com.

 

About Scomi Oiltools

Scomi Oiltools is one of the world's leading providers of high performance drilling fluids solutions with an order book of RM5.4 billion (£1.0 billion) With a combined group experience of more than 60 years and global presence at 42 locations in 21 countries, Scomi Oiltools possesses the formulation expertise, global presence, customers, products distribution channels, back office infrastructures and logistical capabilities needed to effectively develop the global market share for PlatDrill in the immediate and long term.

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
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