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?
- 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.
- 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.
- 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.
- The trial represents ~USD$0.25m revenue for SciDev.