Graphene NanoChem PLC Commercial deployment in Turkmenistan (4203Y)

TIDMGRPH

RNS Number : 4203Y

Graphene NanoChem PLC

03 March 2017

 
 For Immediate Release   3 March 2017 
 

Graphene NanoChem PLC

("Graphene NanoChem" or the "Group")

Commercial deployment in Turkmenistan

Graphene NanoChem (AIM:GRPH), the international provider of nanotechnology performance enhancing solutions for global industries, is pleased to announce that the Group has received a firm commitment for the deployment of PlatSurF, its oilfield recovery additive, from a Middle Eastern oil and gas company. The client will be using PlatSurF to improve production from its existing oil wells in Turkmenistan.

Highlights:

-- New commercial territory entered in Turkmenistan

-- Latest PlatSurF win follows the successful deployment in Myanmar, as previously announced, and is considered testament to the quality of product range

-- First purchase order valued at US$118,800 - deployed for use in 1 trial oil well

-- The client has oil well rejuvenation needs for up to 110 oil wells

PlatSurF, a nano-emulsion fluid, is used to remove residues, remediate oil blockages and improve hydrocarbon flow passages in open-hole or cased-hole drilling. It can be used in previously damaged oil wells in order to improve production rates by reducing wastes and residues generation.

The first commercial order received for the trial, valued at US$118,800, will be deployed for use in one oil well in Q2 2017. The client has oil well rejuvenation needs for up to 110 oil wells in Turkmenistan and, upon successful trial, the Group shall commence negotiations for further purchase orders for the balance of their oil wells for utilisation over the next 12 - 24 months.

Jespal Deol, Chief Executive Officer of Graphene NanoChem, commented: "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."

For further information:

 
 Graphene NanoChem                     Tel: [phone] 
                                                 3080 
 Jespal Deol, Chief Executive 
  Officer 
 
 Panmure Gordon (NOMAD and Broker) 
 Adam James / Tom Salvesen               Tel: +44 (0) 
                                         20 7886 2500 
 
 Yellow Jersey PR Limited (Media)    Tel: [phone] 
                                              275 882 
 Charles Goodwin / Harriet Jackson 
 

About Graphene NanoChem

Graphene Nanochem plc (AIM: GRPH), is an international provider of nanotechnology performance enhancing solutions for global industries. The Group employs nanoprocesses and nanomaterials to design, engineer and enhance the performance of mainstream products for a wide range of industrial applications. It has established two major functional platforms in the energy and water sectors, and the Group, through partnerships with established industry players, is focused on building market opportunities in both sectors whilst continuing its developmental work in other strategic application areas of nanotechnology.

Headquartered in Malaysia, Graphene Nanochem was admitted to the AIM of the London Stock Exchange on 26 March 2013, following the reverse acquisition of Biofutures International plc, and trades under the symbol GRPH.L. To find out more, please visit www.graphenenanochem.com.

This information is provided by RNS

The company news service from the London Stock Exchange

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March 03, 2017 02:00 ET (07:00 GMT)