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

Graphene Nanochem picks up second contract for oil well additive

The contract is for one trial well in Turkmenistan where the unnamed customer has 110 wells
picture of oil well
Graphene's additive boosts production

Graphene NanoChem (LON:GRPH) has received a firm commitment for PlatSurF, its oilfield recovery additive, from a Middle Eastern oil and gas company to use on oil wells in Turkmenistan.

It is the first contract for the product in the country with the order worth US$119,000 just for one trial well. Graphene said the unnamed customer has 110 wells in Turkmenistan.

If the trial is successful, negotiations will start for these oil wells to be treated over the next 12-24 months. 

PlatSurF is a nano-emulsion fluid that can clean drill holes and get oil flowing more smoothly by removing residues and oil blockages.

It can also improve production rates in previously damaged oil wells by reducing wastes and residues generation.

Jespal Deol, Graphene’s chief executive, said: "Our latest commercial win is a further testament to the commercial benefits and quality of our products range.

“This new contract marks another significant milestone for the Group as we continue to gain market validation and traction for our products."

In May, Graphene won a US$200,000 order from Myanmar, for a 16-18 well drilling programme in Myanmar, which was PlatSurF’s first commercial contract.

The company also makes a more environmentally friendly drill fluid, Platdrill, which is being sold into China as an alternative to traditional oil based mud (OBM).

View full GRPH profile View Profile

Graphene NanoChem plc Timeline

Related Articles

Westminster Group
April 05 2018
Westminster's pipeline of opportunities is strong in the Middle East
The D3S detector kit
April 20 2018
Kromek, formerly Durham Scientific Crystals, was incorporated in April 2003 to commercialise technology that had been developed in the Physics Department of Durham University over a period of some 20 years.
office
June 14 2018
“[PeopleFluent] brings interesting technologies back to us … particularly in terms of interactive video and social collaboration tools”

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 2018

Proactive Investors 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