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

e-learning
March 27 2019
The AIM-listed firm's 2018 results showed a 104% year-on-year jump in pre-tax earnings (EBIT) to £27.2mln, ahead of markets expectations, as revenues soared by 83% to £93.9mln
Male model
July 09 2018
Clothes maketh the man ... and the chances are, those clothes were bought from a website that uses ATTRQT's technology
Tekcapital
February 06 2019
Tekcapital expects “the quickening pace of innovation” in the portfolio companies to lead to higher service revenues in the future

© Proactive Investors 2019

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