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Graphene NanoChem gets two purchase orders worth US$589,680 for its ‘smart’ fluid, PlatDrill R

The international provider of nanotechnology performance enhancing solutions said the orders, from a leading oil and gas company, are for deployment in the near term in Myanmar
Nanotechnology
It said it “is particularly encouraged by this purchase order, as it is a further indication that confidence is returning to the sector with major oil and gas companies resuming drilling activities”

Graphene NanoChem plc (LON:GRPH) has received two purchase orders for a total of 4,000 barrels of its ‘smart’ fluid, PlatDrill R, valued at US$589,680.

The international provider of nanotechnology performance enhancing solutions said the orders, from a leading oil and gas company, are for deployment in the near term in Myanmar.

READ: Graphene Nano wins order from China for drill fluid

Jespal Deol, Graphene’s chief executive officer, commented: "We are pleased to announce our latest commercial orders from Myanmar and see huge potential market opportunity from the resumption of drilling activity.

“These orders are a continuing validation of our products value proposition and is another milestone for Graphene NanoChem and its ongoing partnership with Scomi Oil."

In its statement, the AIM-listed group said it “is particularly encouraged by this purchase order, as it is a further indication that confidence is returning to the sector with major oil and gas companies resuming drilling activities.”

It added that it is “working closely with Scomi in expanding the deployment of PlatDrill and are optimistic that further orders will follow in due course.”

Shares in group edged 0.9%, or 0.05p higher to 5.35p in mid afternoon trading.

More environmentally friendly alternative

Graphene and its partner Scomi are marketing Platdrill as a more environmentally friendly alternative to traditional oil based mud (OBM) products for drilling.

Back at the end of December, the group announced it had picked up its first PlatDrill order in China, worth about US$360,000, to service two wells in Changning in the southwest of the country.

In February, the firm also revealed it had received an order for its nano-emulsion fluid, PlatSurF from a Middle Eastern oil and gas company, valued at USD118,800, for a trial order in Turkmenistan.

READ: Graphene Nanochem picks up second contract for oil well additive

Graphene last year restructured its business to focus on nanofluids (oil field chemicals), water treatment and enhanced building materials and undertook a £2.5mln debt restructuring.

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