Graphene NanoChem jumps on first production order for PlatDrill

2nd Jul 2014 08:45

Graphene NanoChem shareholders cheered the company's first purchase order from existing partner Scomi Oiltools for its graphene-enhanced PlatDrill Series oilfield chemicals on Wednesday. The AIM-listed materials group said the order has given it "significant" confidence of meeting market expectations for the current year as well as for substantial increases in revenues from 2015. The initial purchase order is expected to generate revenue of £1m, which will be paid on delivery. Jespal Deol, Chief Executive Officer of Graphene NanoChem, said: "We are delighted to announce our commercial deployment of PlatDrill for field introduction, this is a milestone for Graphene NanoChem and its ongoing partnership with Scomi Oiltools. "This represents a key success in our strategy to utilize low cost renewable feedstock, leveraging our first mover advantage to deliver growth in high value sectors."The order marks the start of commercial roll-out and comes after two years of extensive testing by the client and end-customers. Scomi added that the deployment of PlatDrill validates its decision to partner Graphene Nanochem in the production joint venture. Shares had jumped 15.64% to 58.40p by 08:50.NR