Coretrack has signed an agreement with Aztech Well Construction to commercialise Coretrack’s Core Level Recorder System (CLRS).
The CLRS was developed by Coretrack to address the problem of core samples jamming down hole during drilling and operations, the company said.
It “works by alerting the operator of the coring equipment at surface of potential for a jam by displaying the lack of core intake at surface”.
Knowing when down hole core jamming has occurred has been an ongoing drilling issue for year, and is likely to save companies costs arising from lost time or re-coring.
Under this new agreement Coretrack will grant Aztech global licence to further develop, operate, and sub-licence CLRS, and Aztech will pay Coretrack a royalty for the commercial operations involving the technology’s use.
Coretrack chair, Matt Birney, said “this is a very good arrangement for both parties and one that we feel has the potential to develop into a significant business”.
“It aligns us with the extensive domestic and international base of Aztech through their drilling and coring project management business and it positions the Company well to receive a future revenue stream from CLRS.”
Aztech’s business development manager and coring specialist Andy Thompson added:” It is widely acknowledged that successful implementation of CLRS on coring operations has the potential to save industry millions of dollars in lost time”.
“investing to develop this coring technology will add another strategic tool for utilisation with our coring optimisation service.”