Directa Plus Signs Contract To Recover Crude Oil From European Wells

(Alliance News) - Directa Plus PLC said Monday it has been awarded a supply and service contract ...

Alliance News 29 July, 2019 | 12:03PM
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(Alliance News) - Directa Plus PLC said Monday it has been awarded a supply and service contract from an unnamed international oil and gas company.

The contract will start on Thursday and will involve treating and recovering crude oil from producing wells onshore across Europe.

Specifically, Directa Plus will be paid EUR150,000 to use its Grafysorber technology to treat several thousand cubic metres of sludges and by-products over the next six months.

Grafysorber is a graphene-based product that is used to treat water contaminated by hydrocarbons.

Both Directa Plus and the customer expects the application of Grafysorber to improve the production process and reduce costs through recovering crude oil from sludges and avoiding disposal as an untreated waste.

"Our commercialisation strategy for the key environmental sector is based on providing international oil and gas customers with a complete environmental solution and service based on our patented Grafysorber technology," said Chief Executive Officer Giulio Cesareo.

"I am pleased that we can today announce the first of what we hope will be a growing number of supply and service contracts with oil and gas producers as we seek to expand this business regionally and then globally," Cesareo added.

Shares in the graphene-based products manufacturer were up 1.7% at 83.90 pence on Monday in London.

By Dayo Laniyan;

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Directa Plus PLC 87.00 GBX 0.00 -

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