Graphene NanoChem posts $8.7 million loss, deployment of graphene-enhanced drilling fluids delayed

Graphene Nanochem reported their financial results for H1 2013, with £10.1 million in revenue (down from £19.1 million in H1 2012), an operating loss of £800,000 and a net loss of £5.4 million ($8.7 million USD). This is the company's first financial statement since they raised $50 million and started trading in the UK's AIM in March 2013.

The company also reported that they did not start selling their graphene-enhanced drilling fluid as planned. The company said the well site for the initial deployment hasn't been chosen yet and that's the reason for the delay. The company, however, is "very close" to rolling out this material. PlatDrill, the world's first graphene-enhanced drilling fluid has better lubricity and load bearing capability and a higher viscosity stability compared to existing fluids.

Posted: Oct 01,2013 by Ron Mertens