WELLGENETICS SIGNED

Project "WELLGENETICS" data sheet

The following table provides information about the project.

 Partnership

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Map

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 Project objective

Well Genetics was founded in 2012 in Norway by a joint team of pioneers in the use of DNA as industrial tracer and specialists with over 25 year’s track of record in monitoring of underground reservoirs. Well Genetics’ DNA tracers are composed of synthetic DNA sequences encapsulated within polymer coatings. These tracers travel along underground reservoirs and fractures and enable operators to map subsurface water and oil flows. With our tracers, we mimic nature’s craftiness to store information. We can deliver billions of unique DNA tracer combinations with a detection limit that is thousands of times less than for currently used tracers, at a 50% cost reduction of an average tracer job. Given that in underground environments, information is key to trigger millionaire investments, our DNA tracers represent a strategic value for the exploration and production of oil and geothermal energy industries, with potential benefits for our customers in the million euros range.

Moreover, we contribute to the sustainability of the energy mix. The understanding of underground flows enables more sustainable oil extraction avoiding additional wells and, makes renewable geothermal energy production feasible in locations other than limited volcanic areas. In fact, the future of geothermal energy lies in take advantage of the heat stored in the subterranean rock layers of the Earth, the information conveyed by our DNA tracers critical to tap into this clean, cheap, constant and abundant renewable energy source.

Third parties have tested the DNA tracers to ensure they are resilient enough to withstand high temperatures and conditions of reservoirs and we have received high interest from the industry. Now, successful commercialization requires demonstrated field results. Through the feasibility study phase, we will establish the conditions of the first field trial, that will trigger sales of the product.