LONDON (Alliance News) – Graphene NanoChem PLC on Friday said it has received an order for its nano-emulsion fluid from a Middle Eastern oil and gas company, valued at USD118,800, with further purchase orders expected.
The AIM-listed firm, which develops nanotechnology, said it received a firm commitment for the deployment of PlatSurF from the unnamed client, which will use the product to improve production from its existing oil wells in Turkmenistan.
PlatSurF is used to remove residues, remediate oil blockages and improve hydrocarbon flow passages in drilling.
The first commercial order received from the trial, valued at USD118,800, will be deployed for use in one oil well in the second quarter of 2017. The client has “oil well rejuvenation needs” for up to 110 oil wells in Turkmenistan and on successful completion of the trial, it will begin talks for further purchase orders for use over the next 12 to 14 months.
“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,” said Chief Executive Jespal Deol.
Graphene NanoChem was trading up 18% at 7.25 pence on Friday.
By Hannah Boland; email@example.com; @Hannaheboland
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