Brisbane based drilling technology company V2H International today announced successful completion of the Aus Industry Accelerating Commercialisation Project.
The project aimed to develop the world’s first measure while drilling electronics system integrated into a radial jetting technology. The system allows accurate placement of radial boreholes created from a vertical well.
The project culminated in the successful field deployment of the system in Abilene, Texas. “We greatly value the faith the Australian Government has placed in V2H International to support development of this step change technology. It has enabled V2H to push forward the frontiers of drilling technology”, said Chief Technology Officer, Scott Adam.
“We are well advanced with a capital raise process in our North American subsidiary, which was a key outcome of the Accelerating Commercialisation Project. “, Mr Adam Said.
The project was executed with the support of the $1million dollars of matching funds provided by the Australian Government.
AusIndustry is the Australian Government’s principal agency for delivering assistance, programs and services which support industry, research and innovation.