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."

View full GRPH profile View Profile

Graphene NanoChem plc Timeline

Related Articles

1505724201_learningtechnology.jpg
September 18 2017
Broker Numis thinks the benefits of the NetDimensions deal will be felt in the fourth quarter
Tekcapital-Invention-Discovery-Network-(IDN)-June-2015_opt.jpg
July 31 2017
The firm has established connections with more than 4,000 universities in 160 countries enabling it to capture all of the intellectual property available
x-ray image
September 04 2017
The radiation detection specialist is expecting revenues to grow by at least 40% this year after spending a couple of years laying the foundations

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2017

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.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use