Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Graphene Nano picks up drilling lubricant contract in Turkmenistan

PlatQuartZ will be used as part of Scomi Oiltools' existing 3-year onshore drilling contract.
Graphene Nano picks up drilling lubricant contract in Turkmenistan
The additive enhanced the rate of penetration in drilling and oil recovery in difficult wells.

Graphene Nanochem (LON:GRPH) has won a US$384,000 order for its water-based drilling additive PlatQuartZ from a Middle East oil company working in Turkmenistan.

The additive enhances the rate of penetration in drilling and oil recovery in difficult wells.

Graphene and Scomi Oiltools, one of the Asia’s largest oilfield services companies, have a joint venture covering a number of oilfield drilling lubricants and products.

PlatQuartZ will be used as part of Scomi Oiltools' existing 3-year onshore drilling contract for between 8 - 10 wells.

Graphene’s strategy is to build sales through ScomiOil customers switching to its products on existing contracts.

PlatQuartz is an environmentally-friendly lubricant additive designed to enable high temperature and pressure performance for water-based drilling muds.

The successful field deployment had also secured PlatQuartz automatic qualification for a new three-year tender in Turkmenistan to be awarded by the end of the year.

Jespal Deol, chief executive, said: "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."

PhilW.jpg
Why Invest In Graphene NanoChem plc? Read More Here

Register here to be notified of future GRPH Company articles
View full GRPH profile

Graphene NanoChem plc Timeline

Newswire
September 17 2015

Related Articles

Picture of hospital operating room
June 23 2016
The tech/bio company investor swung strongly into the black in 2015
shutterstock_39054097.jpg
March 15 2016
Petrol retailing services group benefits from recurring software revenues
Three Photo-Me brand photobooths lined up
June 21 2016
"The business has made strong progress against a global economic backdrop that has been challenging”

© Proactive Investors 2016

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.