Camcon Technology and WellDynamics team up to enhance oil recovery

3 July, 2006 - Camcon Technology today announced that it has signed a three-year, multi project, technology and business agreement with WellDynamics, the world market leader in intelligent completion technology for the oil and gas industry.

Camcon and WellDynamics will work together to integrate their respective technologies to produce a series of advanced well product configurations.

A number of projects have already been identified spanning several different application fields in the oil sector. Initial focus will be on developing a new range of systems for reservoir management, expanding WellDynamics’ current line of solutions. Additional development projects are anticipated during the life of the technology development agreement.

The agreement describes a working framework between the parties covering technology development through subsequent commercialisation and licensing of the products. Under this agreement, WellDynamics will have full access to Camcon’s intellectual property and know how.

“This agreement is a significant step forward in the commercialisation of Camcon’s technology for oil field applications. We have been working for over 2 years on demonstrating this technology for oil field applications and have recently been focussing on a route to full commercialisation. We are delighted that WellDynamics have selected Camcon as a technology partner and we look forward to further announcements in due course ,” said Ian Anderson, COO, Camcon Technology.

“With the challenges set by growing demands for energy, reservoir management is becoming an ever more critical element of the oil supply chain. Camcon’s technology could provide the basis for a step-change in applying advanced reservoir monitoring and control technology across a much broader range of applications than is possible today. This is a very good fit with our expanding portfolio of advanced well management solutions and with the wide applicability of the technology could lead to significant advances in enhanced oil recovery for maturing fields,” said Derek Mathieson, VP Technology and Marketing, WellDynamics.

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About WellDynamics
WellDynamics is the world’s market leader in intelligent completion technology. WellDynamics uses advanced intelligent well technology to deliver the world’s premier solutions for surface controlled reservoir monitoring and management of complex wells. As well as its operations in Houston and Aberdeen, WellDynamics has a manufacturing plant in Livingston Scotland, and sales teams and operations in Norway, Brazil, Italy, Dubai, Saudi Arabia, Malaysia, Brunei and Australia.

About Camcon
Based in Cambridge, UK, Camcon Technology is a small fast growing company focused on the research and development of the Camcon® binary actuator. The high-speed, low energy consumption, low heat dissipation and long life characteristics of the Camcon® binary actuator mean that it has applications in a whole new range of areas, as well as being a replacement for existing actuator and valve technologies.

Camcon is funded by ACUS Managing Partners, an active management venture capitalist that specialises in funding early stage technology companies. For further information check: www.acus.co.uk.

Camcon Technology licenses its technology to customers, typically on a field-of-use basis. The company develops pre-production prototypes for customers on a consultancy basis and then hands over designs either to its customers to manufacture in volume, or to a manufacturing partner.