Advanced materials group Versarien PLC (LON: VRS) has seen its shares spike during trading on Friday, following the Company’s announcement that it had secured its first graphene order.
@versarien is pleased to announce that the Company has secured its first graphene order from a US based company, operating in the oil and gas exploration sector. Click for more information….https://t.co/1VvKVILRln
— Versarien® plc (@versarien) 28 June 2019
The order followed a course of successful laboratory tests and industrial trails by the buyer. The Company will now deliver 12 kilograms of their high purity graphene nano platelets to a US-based company in the oil and gas industry.
The enhanced material will be used for down-hole drilling components for their customer’s inital scale up venture. If this scale up process proved to be a success, larger orders were expected in future.
Company CEO, Neill Ricketts, commented on the news,
“We are very pleased to have secured this order following extensive testing of our material by the Customer. It is validation of both the benefits our graphene can deliver in this application and our focus on building our US customer base.”
“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.”
The Company’s shares rallied 12.62% or 11.99p to 106.99p per share on Friday 28/06/19 13:23 GMT.