Graphene NanoChem plc announced the commercial deployment of its Oilfield Recovery Additive (PlatsurF) - the Group's latest oilfield product offering - as the Group continues to execute its go-to-market channel via its joint venture partner, Scomi Oiltools Sdn Bhd (Scomi Oiltools). Oilfield Recovery Additive offers a unique nanoemulsion solution to remove blockages caused by drilling residues or from production waste and is a solution to shortfalls in production caused by formation damage. The smartfluids solution vastly improves production rates in previously damaged wells with reduced waste generation.

The Scomi Oiltools, order book currently stands at MYR 5.3 billion (£0.95 billion) and together with its existing contract base with national and international oil companies provides a significant market opportunity for the joint venture in terms of product substitution. The partnership with Scomi has enabled the Group to significantly minimise its marketing and adoption risk and accelerate the commercial deployment of its products via Scomi Oiltools' existing customer base. The global oilfields chemicals market is estimated to be $21 billion and growing.