- Dotz Nano (DTZ) receives a purchase order from an unnamed NASDAQ-listed oil and gas company to run trials at its production sites
- Dotz develops marking, tracing and verification solutions, and through this order, will expand in-field trials of a new technology to monitor corrosion inhibitors
- The NASDAQ-listed company is scheduled to perform at least three field trials in various locations across north America within the next six months
- While the amount and financial detail of the field trials are confidential, DTZ expects the arrangement between the parties to become material at the successful completion of the trials in 2023
- Dotz Nano shares are up 5.77 per cent to 27.5 cents at 10:46 am AEDT
Dotz Nano (DTZ) has received a purchase order from an unnamed NASDAQ-listed oil and gas company to run trials at production sites.
Dotz develops, manufactures and commercialises marking, tracing and verification solutions and, through this order, will expand in-field trials of a new technology to monitor corrosion inhibitors.
The NASDAQ-listed company is scheduled to perform at least three field trials in various
locations across North America within the next six months.
Dotz Chairman Bernie Brookes AM said by expanding the trials in such a complex operational environment, the company would gain greater insights into how its technology could be applied within the industry.
“We are extremely proud to have developed a cutting-edge, more effective solution for corrosion inhibitor management — a very challenging and technical issue in the oil and gas industry,” Mr Brookes said.
“We believe this unique innovation opens a window of opportunity to adapt this new technology to additional crucial and expensive industry materials which are currently monitored off-site using less-efficient means.”
While the amount and financial details of the field trials are confidential, DTZ said the oil and gas company had a market capitalisation of over US$5 billion (A$7.5 billion), and it expected the arrangement to become material for Dotz upon the completion of additional trials in 2023.
Further purchase orders and a ramp-up of Dotz technology will depend on the results of these trials and end-user acceptance of the technology.
The order follows small-scale isolated pilot programs conducted at both Dotz’s and the oil and gas service providers’ customer well settings, as well as a patent for the technology being granted in July.
Dotz Nano shares were up 5.77 per cent to 27.5 cents at 10:46 am AEDT.