Coretrack Completes Cutting Edge, World First Coring Technology

Coretrack Completes Cutting Edge, World First Coring Technology

Announcement

Highlights
* Coretrack completes cutting edge, world first coring technology
* Discussions regarding potential corporate transactions gaining traction

Coretrack Limited is pleased to announce that after three years of meticulous R&D, building of the Core Level Recorder System ("CLRS") has been completed. The tool completion follows years of dedicated research and development, as well as advanced bench and well testing of crucial tool components. During this period, the well testing was conducted with the assistance of a number of major national and international oil companies both in Australia and abroad.

The CLRS constitutes cutting edge technology for the oil and gas exploration sector and it is the only tool available that provides real time core acquisition data to the rig floor. The completed CLRS is currently undergoing final bench, heat and pressure testing.

Managing Director, Mr Nanne van `t Riet said, "Years of hard work are coming to fruition; I am very pleased that the tool is now complete and we can progress to running the fully integrated system in a well".

The Company will now approach oil and gas companies to use this exciting technology in upcoming local or international coring work.

Mr van `t Riet also noted, "the Company is continuing to make promising progress discussing potential corporate transactions with several third parties. If these discussions, which are currently gaining traction, can be concluded successfully, I feel that we have the potential to catapult the Company into becoming a major industry participant".

AUTHORISED BY:

Shannon Coates
Company Secretary

Coretrack Limited is an ASX listed company which provides leading technological solutions to the global oil & gas industry.
Coretrack's primary focus since listing has been the commercialisation of its revolutionary and patented technology, the Core Level Recorder System.

The Core Level Recorder System is a coring tool that will enable an explicit, real time measurement of the acquisition of a core
sample during a coring operation. The availability of real time data on the rig floor will ensure substantial cost savings to the
exploration and production companies.

Contact:
Coretrack Limited
08 9265 0000
Fax: 08 9265 0001
[email protected]
www.coretrack.com.au


SOURCE: Coretrack