Silverwell Technology Limited ("Silverwell"), the manufacturer and provider of digital intelligent artificial lift ("DIAL") gas lift optimization systems, announces that it has secured a significant investment from British entrepreneur Lloyd Dorfman. Dorfman has acquired a 20 per cent equity interest in the company and he will also join the Silverwell board.
The new capital will fund Silverwell as it expands its product range and manufacturing capacity in response to customer interest in installations both onshore and offshore. The first DIAL systems have been delivered to customers in the Middle East and the Far East and the development of a product targeting the U.S. unconventional market is well advanced.
Silverwell Chairman, Lord Young of Graffham, said:
"We are extremely pleased to welcome Lloyd Dorfman as a new investor and member of our board alongside our long-term shareholder, Ki Corporation."
Lloyd Dorfman said:
"Silverwell is an excellent example of the application of innovative technology. The ground-breaking DIAL product, which was developed at the R&D site in Cambridge, UK, delivers significant efficiency savings and production optimization for oil companies.
When this business was presented to me as a potential investment, I immediately saw the growth opportunity. There is enormous potential for the company to expand as it commercializes its pioneering technology."
Silverwell CEO, Darrell Johnson, said:
"This investment will support Silverwell in making the transition from a research and development organization into an integrated oilfield service company. It will allow us to expand our operational capability as we demonstrate the ability of our DIAL systems to provide a paradigm shift in operating gas-lifted wells."