New Powerwave service orders received In Colombia
Friday, Oct 20, 2017
Wavefront Technology Solutions Inc. (Wavefront or the Company, TSX-V: WEE; OTCQX: WFTSF) a global leader in the advancement of fluid injection technology for oil and gas well stimulation and Improved/Enhanced oil (“IOR/EOR”) recovery is pleased to announce that initial service orders for Powerwave Neptune pulsating selective injection valves and Powerwave Odyssey custom well stimulation have been received by the Company through Wavefront’s local distributor.

The client, a major global oil producer has been active in Colombia for over 40 years, having operations in the Llanos Norte Basin as well as working interests in the Middle Magdalena Basin. Due to confidentiality the Company cannot release terms and conditions of the service orders.

The Powerwave Neptune is an innovative pulsating selective injection waterflood regulator valve. Waterflood regulator valves are designed to inject water into a desired zone but are often faced with scaling issues which negatively impacts water injection and offsetting oil production. Wavefront’s Powerwave Neptune creates highly energized fluid pulses designed to ensure seamless, continuous injection, enabling oil producing companies to optimize oil recovery by maintaining water injection rates and improving water distribution in the oil-bearing formation. In Colombia the available market for the Powerwave Neptune is approximately 1,000 injection wells having five to seven selective injection valves within each well completion.

The Powerwave Odyssey tool provides for pin-point fluid injection and deeper fluid penetration along the entire length of the completed interval. Typical radius of penetration for Powerwave stimulated wells is ≥3 feet. The Company believes no other technology in the industry provides for (1) efficiency of distribution; or (2) depth of penetration without the need for fracturing or chemical jetting.

Financial benefits of the Powerwave Odyssey custom stimulation include: (1) reduced chemical costs associated with the elimination or vast reduction of certain chemicals normally used in conventional stimulation approaches; (2) greater post-stimulation sustainability thereby reducing on-going stimulation costs; and, (3) better overall post-stimulation performance (increased oil production or water injection) as a greater volume of the reservoir is contacted by the treatment chemical.

“We are very pleased to have these new orders from a major Colombian oil producer who is Wavefront’s largest client in the United States and who also has experienced the benefits of the Powerwave Odyssey custom stimulation approach in Oman,” said Wavefront President and CEO Brett Davidson. “The Company is gratified by the on-going market resurgence in Colombia and remains very optimistic about the Company’s long-term growth potential in the country.”

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