A highly regarded and experienced regional manager, Russell Furner, has joined Caledus to open the Perth office with responsibility for managing the Asia Pacific Region. Russell is a successful entrepreneur in his own right, having established an oil and gas service sector business in the region that was purchased by a major service company in 2001. Since that time Russell has managed an international service companies completions division, before joining Caledus.
"We are attending OTC in Houston this week, exhibiting for the first time, and show-casing our SlimWELL® technology recently field trialled for the first time in Canada. We are also pleased to announce the creation of our second international office in Perth, Australia, particularly because we have been able to attract a professional manager to head the Asia-Pacific Region up in Russell Furner. We expect the Far East and Asia to be significant growth markets for Caledus in the years ahead," comments Paul Howlett, Caledus Group Managing Director and CEO.
While the Caledus business is still developing and investing considerable research and development sums in SlimWELL®, Caledus has achieved a group turnover in excess of £2m during 2005 from its other product-lines. The 2005 revenue is largely from the UK/North Sea market and Caledus expects international revenue to make a significant contribution during 2006.
SlimWELL® is an evolutionary well construction system for oil and gas wells that has the potential to reduce well construction costs by more than 50%, based on a series of close -clearance flush-jointed liners, coupled with novel flow diversion, anchoring and sealing features. SlimWELL® reduces costs, enhances safety, whilst at the same time reducing the impact on the environment, through producing less drill cuttings, consuming less steel casing, mud and cement during construction, reduces construction time, without compromising well integrity or intervention ability.
SlimWELL® can be applied to all well types, new and old, from the most complex Deepwater HPHT or ERD wells, to the most straightforward of shallow land operations. Significant interest is being shown in SlimWELL from the largest of international operating companies to the smallest of operating interest companies as they can all see the benefits of applying SlimWELL in its partial or full well form.
SlimWELL® was tested in a live well for the first time earlier this year. The Talisman Energy sponsored trial was in Alberta Canada, in its Kaybob field.
BP in the UK is currently sponsoring the development of the next size of SlimWELL® for possible North Sea applications during 2006/7.
Caledus currently employs 38 full time staff. Revenue is expected to grow from more than £2m in 2005 to in excess of £3.5m in 2006.
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