HOUSTON, TX and NEUQUEN CITY, ARGENTINA -- (Marketwired) -- 07/21/16 -- Eco-Stim Energy Solutions, Inc. (NASDAQ: ESES) ("EcoStim" or the "Company") announced today that it has completed an initial downhole fiber optic well evaluation for a significant European-based exploration and production company in Argentina. This project was conducted in connection with the contract originally announced in March 2016 and was designed to evaluate certain technologies that are expected to benefit operators in designing their ongoing drilling and completion efforts in Argentina. Based on the positive technical results on the first well, EcoStim has now been awarded a second contract for similar services and is actively working with the customer on several additional projects.
On the recently completed project, EcoStim and its customer deployed downhole diagnostics tools to gather real-time production information on producing wells in the Neuquén basin. The goal of this project was to demonstrate the benefits of using fiber optic DTS and DAS technologies to better understand the reservoirs productive capability and characteristics, including "sweet spots" within the formation. We expect that the information gathered will be integrated into the customers' reservoir model to better understand and predict those locations with the highest probability of good production. The interpretive software and analytic tools evaluated on this project were compared to alternative approaches and determined to provide superior results which EcoStim believes can provide significant value on future applications.
Hays Allen, the project manager for EcoStim, stated, "This project demonstrated the technical skills of the integrated team we have assembled together with our customer and the innovative culture we are creating to improve performance. We are very encouraged by the results of this initial collaboration as well as the new projects that are being generated following the completion of the pilot project. The initial data was gathered, processed and subsequently interpreted with a final report provided to our customer in the past few weeks. Together, we are learning much more about the reservoir and the ultimate goal is to better understand the reservoirs productive capacity and allow for a more targeted development ultimately allowing this field to be developed in a more efficient manner."
Eco-Stim Energy Solutions is an environmentally focused oilfield service and technology company providing proprietary field management technologies and well stimulation and completion services to oil and gas producers drilling in the international unconventional shale markets. EcoStim's proprietary methodology and technology offers the potential to decrease the number of stages stimulated in shale plays through a unique process that predicts high probability production zones while confirming those production zones using the latest generation down-hole diagnostic tools. In addition, EcoStim offers its clients completion techniques that can dramatically reduce horsepower requirements, emissions, surface footprint and water usage. EcoStim seeks to deliver well completion services with better technology, better ecology and significantly improved economics for unconventional oil and gas producers worldwide
The foregoing contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Company based on management's experience, expectations and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of performance. Although the Company believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.