Versarien secures first US oil and gas sector contract
Versarien's shares jumped on Friday after the company secured its first graphene order from a US based company operating in the oil and gas exploration sector.
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The order for 12kg of the AIM traded company's high purity graphene nano platelets integrated into a polymer masterbatch followed successful laboratory testing and industrial trials by the customer.
The material will be used by the customer in down-hole drilling components for their initial scale up process, which is expected to lead to additional and significantly larger orders if successful.
Neill Ricketts, chief executive of Versarien, said: "The oil and gas exploration sector is constantly looking for new technology to enhance drilling activities, allowing new sources to be reached more efficiently. This provides for significant cost and environmental benefits and we are proud that our graphene can play its part. We believe we are in a strong position to build a wider customer base in the oil and gas sector."
Versarien's shares were up 10.40% at 104.88p at 1123 BST.