Wednesday 30th August 2006
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Western Australian-based Coretrack today announced its capital raising venture had topped $3.1 million. Coretrack had sought a minimum subscription of $1.8 million.
Coretrack is scheduled to list on the ASX on Thursday (31 August) with 47,746,201 20 cent shares on issue, and be capitalised at listing at $9.349 million.
The Company owns the intellectual proprietary to new, locally-designed technology known as Core Barrel Capacity Gauge (CBCG).
The technology is set to globally challenge the oil and gas sector's traditional core drilling techniques as it enhances the accuracy of taking core samples during drilling and development of oil and gas wells.
In addition to providing definitive and real time information in the core sample process, CBCG also targets a significant lowering of costs involved in the crucial gauging of relevant geological data.
"The multi-billion dollar a year global oil and gas sector is watching the development of our drill technology extremely closely," Coretrack Chairman, Robert Collins, said today.
"Once we have successfully completed development of this cutting-edge technology, the industry as we know it today is in for a major shake-up," he said.
"The international potential and appeal of this innovation has been recognised with the strong interest in our IPO.
"Coretrack was established for the express purpose of completing the research and development of the technology through to global commercialisation."
Collins said Coretrack held both the Australian and international patent applications for the technology, which takes the "guess work" out of core samples.
"The Core Barrel Capacity Gauge aims to provide definitive and real time information concerning the rate of core sample acquisition, rather than implying or inferring its status, which is currently the case," Coretrack Technical Consultant and highly-respected industry figure, Bill Connell, said.
"This real time data offers the potential to realise significant savings during the core process by increasing efficiency and reliability of the coring process."
Connell said in Australia, about A$922 million was spent on oil and gas exploration in 2004, with around two-thirds of that spent on off-shore ventures.
More than A$650 million per annum is outlaid by the global oil and gas sector obtaining core samples in order to carry out reserve and production estimates.
Coretrack would specifically target the coring services sector of the oil and gas sector, both on-shore and off-shore, domestically and internationally.
"The oil and gas industry continues to be one of the world's strongest growing market sectors with increasing exploration activity levels, most likely as a result of the continued rise in the price of crude oil," Connell said.
"As coring is an expensive operation, Coretrack envisages the Core Barrel Capacity Gauge will become a unique and essential tool in the world's ongoing quest to discover these valuable resources."
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