2 July 2014 | 07:59am StockMarketWire.com - Graphene NanoChem has achieved a prominent milestone with the first purchase order for its graphene-enhanced PlatDrill series oilfield chemicals.
Highlights:
· Order from Scomi Oiltools Sdn Bhd for use by a National Oil Company end-customer
· Framework agreement entered into with Scomi Oiltools as announced on 26 November 2013
· Initial deployment and field introduction of 7,800 barrels (approximately 1000 metric tonnes) into a fully-planned four well onshore drilling programme commencing in July 2014
· Purchase Order represents beginning of commercial roll-out following two years of extensive testing by Scomi Oiltools and end-customers
· Purchase Order, together with visibility of future orders under framework agreement, gives management significant confidence of meeting the market's expectations for 2014
· The revenue from the initial purchase order is estimated to be £1.0 million and is payable on delivery
· The Group remains fully funded to carry out its existing pipeline
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