MYCELX awarded first Nigerian O&G contract

Clean water technology company MYCELX Technologies Corporation announced on Monday that it had been awarded its first contract in the Nigerian Oil and Gas market.

The AIM-traded firm said it would provide an onshore water treatment solution to a leading independent oil and gas producer focussed on the development of its current reserves in the Niger Delta.

MYCELX's complete water system would be deployed to cost effectively solve the current and future water challenges as the operator progressed to use water injection and enhanced oil recovery techniques to further increase production and reserves.

The sale of the complete system was important, the board explained, not only because it opened up an “exciting new geographical frontier” for MYCELX and supported its internal 2017 growth projections, but it also marked the first contract award from its concerted efforts in 2016 of working directly with clients to explore how the company’s technology could best support their goals through many months of trials and collaboration.

It said the on-going sale of filter media would further add to MYCELX's recurring revenue base.

“We are delighted to have made a new country entry into Nigeria, where we hope to now build our presence upon this first contract award,” said CEO Connie Mixon.

“This success is testament to the increasing effectiveness of our international sales and marketing effort and further endorses the MYCELX offering as a cost effective and performance enhancing solution for our customers.”

MYCELX would be providing a further update at the time of its results for the year ended 31 December, expected to be announced on 11 May.