December 14, 2021 07:00 ET | Source: Acceleware Limited Acceleware Limited
Calgary, Alberta, December 14, 2021 (GLOBE NEWSWIRE) - Acceleware Ltd. ("Acceleware" or "Company") (TSX code: AXE), Canadian radio frequency (RF) heating technology clean A technology innovator who can realize the electrification of industrial heating and promises to significantly reduce greenhouse gas (GHG) emissions, today announced that the company has completed the drilling and completion of its commercial-scale RF XL pilot project ("pilot") in Marwayne, Alberta The installation of facilities has been planned and started, which is an important milestone in the implementation of the pilot. RF XL is a next-generation patented low-cost non-aqueous recycling solution that can generate as low as zero Scope 1 and Scope 2 greenhouse gases to produce heavy oil and oil sands.
Pilot's drilling and completion plan includes the successful completion of the production well and the deployment of two RF XL transmission lines to the horizontal line of the heater well. The pilot production well was drilled on August 12, 2021 using Akita Drilling Ltd. ("Akita") 29 drilling rig. Most of the drilling plan, including the 800m production side well, was successfully concluded on September 2, 2021. Underground operations resumed on November 6, 2021, using Akita's Rig 34 to drill the remaining two heated transverse sections and install a proprietary RF XL transmission line. Halliburton provided directional services throughout the drilling program. The completion of the production well was done using the precision drilling rig 596, including the installation of screw pumps and temperature and pressure monitoring equipment.
"Acceleware's RF XL pilot is the first of its kind. Two wells were drilled and the production well was completed. Most importantly, the successful deployment of the RF XL radiation structure in the horizontal lateral well marked an important milestone for the project. This is an important milestone for the project. The work involves amazing collaborations from more than a dozen companies-we can proudly say that most of them are located in Alberta," Laura McIntyre, project leader and chief technology officer at Acceleware Say. "I want to express my sincere thanks and congratulations to all those who participated."
Service partners participating in the Pilot drilling and completion program include Halliburton, Akita Drilling Ltd., Precision Drilling, Tristar Resource Management Ltd., Weatherford Canada Ltd., CES Energy Solutions, Precise Downhole Solutions, Tenaris, Stream-Flo Industries Ltd.. , Pro Pipe Service and Variperm Energy Service Company, etc.
Doug Schweitzer, Minister of Employment, Economy and Innovation of Alberta, said: "The Acceleware pilot project is a typical example of indigenous technology and innovation that is driving our province forward. Our innovators are working together to make breakthrough discoveries. And commercialize the solutions our energy industry and the world need-in turn, helping Alberta lead the way to a sustainable, diversified energy future."
"Halliburton is honored to be able to cooperate in the drilling of this pair of innovative wells," said John Gorman, vice president of Halliburton Canada on the west coast of the United States. "As society moves towards a low-carbon future, we look forward to working with customers to develop innovative technological solutions to help reduce each company's emissions."
The installation of the facility has begun and will involve the installation of power lines, moving into the electrical room and production pipelines. The RF XL heating will begin shortly after the installation of the remaining electrical and monitoring equipment in the heating well and final commissioning. Although the initial heating phase is planned to be approximately 6 months, this phase may be extended so that Acceleware can obtain more information about the efficiency and operation of the technology.
If proved successful, the pilot will mark the world's first in the electrification of heavy oil and oil sands production with low to zero greenhouse gases. RF XL is designed to produce zero Scope 1 and Scope 2 greenhouse gas emissions when powered entirely by renewable electricity, nuclear energy or other clean energy sources. In addition, RF XL eliminates the need for fresh water, which in turn means fewer surface facilities and less land disturbance, providing cleaner and more sustainable solutions to meet the world's growing demand for energy. Through successful pilots and subsequent commercialization, oil sands and heavy oil producers deploying RF XL can realize many potential environmental benefits. The company is expected to create highly skilled jobs and skilled job conversion opportunities, including providing jobs for indigenous people .
Acceleware's Marwayne Pilot is supported by Canada's Sustainable Development Technology, Alberta Emissions Reduction, Alberta Innovation, Broadview Energy, and three major oil sands partners including Cenovus and Suncor.
For more information about Pilot, review previous press releases and learn more about Acceleware's innovative RF XL technology, please visit the company's website acceleware.com.
Acceleware (www.acceleware.com) is an innovator in clean technology oil and gas technology, and consists of two business units: radio frequency (RF) enhanced oil recovery and seismic imaging software.
Acceleware is developing RF XL, its patented low-cost, low-carbon production technology for heavy oil and oil sands, which is very different from any heavy oil recovery technology used today. Acceleware's vision is to enable the electrification of heavy oil and oil sands production through RF XL, support the transition to cleaner energy production, and thereby rapidly bend the emission curve downwards. In addition, Acceleware's RF XL technology can be a key component of an end-to-end integrated carbon management system that can eliminate greenhouse gas (GHG) emissions associated with heavy oil and oil sands production, whether it is for fossil fuels or future cleanup Asphalt by-products, such as petrochemicals, carbon fiber, and blue or green hydrogen production. RF XL does not use water, does not require solvents, has a small physical footprint, can be redeployed from one site to another, and can be applied to many types of reservoirs. In shallow oil sands implementation, tailing ponds are not required.
Acceleware collaborated with Saa Dene Group (co-founded by Jim Boucher) to create Acceleware | Kisâstwêw to increase the visibility, adoption and value of Acceleware technology. The shared vision of the partnership is to improve the environmental and economic performance of the energy sector by supporting ideals important to indigenous peoples, including respect for land, water and clean air.
The company's seismic imaging software solution is the most advanced high-fidelity imaging, which can provide the most accurate and advanced imaging for petroleum exploration in complex geology. Acceleware is a public company listed on the Growth Enterprise Market of the Toronto Stock Exchange in Canada, with the trading code "AXE".
Alberta Innovates is the largest research and innovation institution in the province. From financing to commercialization, we are the innovation engine of Alberta.
We are working hard to solve today’s challenges and create new opportunities to create a healthy, sustainable and prosperous future for Albertans today and for future generations.
We are the place where innovation takes place, and for the benefit of all Albertans, we reach every corner of the province.
About Canada's Sustainable Development Technology (SDTC):
Sustainable Development Technology Canada (SDTC) helps Canadian companies develop and deploy competitive clean technology solutions to help solve some of the world’s most pressing environmental challenges: climate change, clean air, clean water, and clean soil. By taking a trans-Canadian approach, from seed to scale, and collaborating with the best peers and experts, SDTC has become the global benchmark for sustainable development innovation programs. Learn more at sdtc.ca.
Regarding Emissions Reduction Alberta (ERA):
For more than 10 years, ERA has been investing in carbon price income paid by large final emitters to accelerate the development and adoption of innovative clean technology solutions. Since ERA was established in 2009, they have pledged US$646 million to 204 projects valued at US$4.5 billion that help reduce greenhouse gas emissions, create a competitive industry, and bring new ideas to Alberta. Business opportunities. It is estimated that by 2030, these projects will reduce 37.7 million tons of carbon dioxide equivalent.
Notes on forward-looking information and other recommendations
This press release contains "forward-looking information" in the sense of Canadian securities legislation. Forward-looking information generally refers to forward-looking information about the issuer’s business, capital, or operations, including the disclosure of the issuer’s expected financial performance or financial status.
The forward-looking information in this press release can be identified by terms such as "believe," "estimate," "plan," "potential," and "willing," and include information about the timing of the implementation of the pilot, as well as the expected advantages of the RF XL technology . Acceleware assumes that the current timetable will not be delayed due to internal or external reasons, and that R&D work including commercial-scale test plans will produce commercially-ready products.
Due to certain significant risk factors, actual results may differ from the forward-looking information in this press release. These risk factors are described in detail in Acceleware's continuous disclosure documents, which have been submitted on SEDAR at www.sedar.com.
Acceleware assumes no obligation to update or revise the forward-looking information in this press release, unless required by Canadian securities legislation.
This press release does not constitute an offer to sell or solicit to purchase any of the securities described in this press release in the United States. The securities are not and will not be registered under the revised U.S. Securities Act of 1933 ("U.S. Securities Act") or any state securities laws, and may not be offered or sold within the United States or to Americans except in accordance with U.S. securities laws and applicable state securities Law for registration, or an exemption from such registration can be obtained.
Neither TSX Venture Exchange nor its regulatory service provider (as the term is defined in the policies of TSX Venture Exchange) is responsible for the adequacy or accuracy of this press release.
For more information: Geoff Clark Tel: +1 (403) 249-9099 geoff.clark@acceleware.com
Acceleware Ltd. 435 10th Avenue SE Calgary, AB, T2G 0W3 Canada Tel: +1 (403) 249-9099 www.acceleware.com
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