09:53:47 EDT Fri 26 Apr 2024
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or Name
USA
CA



Global Remote Technologies Ltd
Symbol RGT
Shares Issued 42,071,338
Close 2016-04-26 C$ 0.67
Market Cap C$ 28,187,796
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Global Remote client ConocoPhillips to use Helix tool

2016-04-27 16:06 ET - News Release

Mr. Chris Dorris reports

GLOBAL REMOTE ENTERS INTO SERVICE AGREEMENT WITH CONOCOPHILLIPS

Global Remote Technologies Ltd. has entered into a vendor agreement with ConocoPhillips to utilize the company's Helix downhole well stimulation tool. ConocoPhillips is one of the world's largest multinational public oil and gas companies with its headquarters located in Houston, Tex.

Chris Dorris, chief executive officer of Global Remote, stated: "We are extremely pleased to have one of the largest oil and gas companies in the world, as a client utilizing the Helix downhole well stimulation tool. This relationship with ConocoPhillips achieves an important milestone for the company, further demonstrating the effectiveness and widespread adoption of the Helix by some of the largest companies in the oil and gas industry."

The company's Helix tool uses a patent-pending design and engineering method to achieve a unique flow pattern that is effective for wellbore stimulation and cleanouts. The Helix tool is a downhole cleaning and stimulation technology that combines traditional oscillation and pulse-jetting structures into a single pattern.

Helix technology has been tested and utilized by several major oil companies in the United States and in Canada, the results of which have shown consistent oil flow increases of 35- to 92-per-cent postcleanout and stimulation.

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