Scidev Ltd - SciDev and Flotek partner to deliver chemistry to a major Eagle Ford Shale Basin drilling program
Scidev Ltd (ASX:SDV)

SciDev and Flotek partner to deliver chemistry to a major Eagle Ford Shale Basin drilling program

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Highlights

What's happened?

SciDev Limited (ASX:SDV) has announced that its recently acquired US subsidiary, Highland Fluid Technology Inc., has partnered with Flotek Industries Inc (NYSE:FTK).

What are the key highlights?

  1. The partnership will deliver into a purchase order from a major US-based exploration and production company which has operations based in the Eagle Ford Shale Basin and owns and operates over 1,600 wells across Texas.
  2. Flotek is a leading provider of high quality, prescriptive oil and gas reservoir chemistries and technologies. The partnership will see the provision of HFT friction-reducing and shale stabilising chemistry to the drilling program, supported by Flotek’s world class manufacturing supply chain.
  3. The project follows extensive laboratory testing to validate the quality of HFT’s solutions in the wells and expands HFT product offering into the US oil and gas sector.
  4. The trial represents ~USD$0.25m revenue for SciDev.

Managing Director's Summary

Lewis Utting

"We are seeing a recovery in the the US oil and gas sector which has experienced challenging market conditions over recent months. It is pleasing to see HFT engage with Flotek to deliver into a major new innovative project. The provision of solutions direct to the end user validates our strategy to support service, exploration and production companies directly through the utilisation of our chemistries and knowhow. Partnering with an industry leader such as Flotek provides HFT additional market penetration."

Lewis Utting
Managing Director, Scidev Ltd
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