CALGARY, Alberta, July 26, 2023 (GLOBE NEWSWIRE) -- Acceleware Ltd. (“Acceleware” or the “Company”) (TSX-V: AXE), a leading innovator of transformative technologies targeting the decarbonization of industrial heating, is pleased to announce commencement of the final steps of the heating well workover program at its commercial-scale RF XL pilot project at Marwayne, Alberta (the “Pilot”). The Company has also extended the closing date of the previously announced non-brokered private placement of units (the “Units”), at a price of $0.23 per Unit (the “Unit Price”), for gross proceeds of up to $2,000,000 (the “Private Placement”), to on or before August 21, 2023.
After completion of extensive design, procurement, shop testing and de-risking of repaired parts, upgraded components, run-in-hole procedures, and deployment tooling, the Acceleware team is expecting to commence final on-site workover operations on August 8, 2023. All required service vendors have been engaged, including service rig, engineering consultants and downhole tool providers. Acceleware anticipates this stage of the operation to take approximately two to four weeks, contingent upon weather and other factors. Power up and heating is expected to commence thereafter.
As previously communicated, the Acceleware team was able to complete an inspection of the removable and non-removeable components of the proprietary down-hole RF XL system. The inspection activities included visual inspection, various electrical and mechanical measurements, down-hole video analysis and other engineering techniques to obtain detailed data on the condition of the components. This inspection enabled the team to identify several opportunities expected to improve the performance of the RF XL system and rectify issues that required repair. These upgrades and repairs would not have been possible without pausing operations to perform the replacement of the distributed temperature sensing system (“DTS”) and have resulted in the addition of valuable intellectual property.
“The Acceleware team is very excited to get back to site to re-deploy and recommission the RF XL subsurface system,” said Geoff Clark, Chief Executive Officer of Acceleware. “R & D by its very nature involves new experiences and learnings. The de-risking activities that have been performed for this last, critical stage of the workover were extremely thorough, intended to eliminate known risks, and illuminate unknown risks to the extent possible. Based on the outcomes from our testing and de-risking, we have a high degree of confidence that this next workover phase will be a success.”
Dr. Michal Okoniewski, Chief Scientific Officer, said “Upon successful completion of this last workover stage, our team expects to be able to restart heating at the site.” He added, “Having proven the Clean Tech Inverter’s ability to electrify industrial level heating for over six months at the RF XL pilot in 2022, we are keen to get the subsurface portion of the RF XL system back up and heating as soon as possible to accomplish our goals for the pilot. Shortly thereafter, we are hoping to show a meaningful increase in reservoir temperature – most likely within a few months of restarting operations.”
RF XL could prove to be a transformative decarbonization technology for heavy oil or oil sands production. Not only can it eliminate direct GHG emissions from production, meaning it requires no carbon capture, but it would also eliminate the requirement for fresh water and significantly reduce land footprint. RF XL is also expected to lower capital costs by fifty percent and operational costs by forty percent, providing the potential for this decarbonization technology to play a key role in the energy transition.
RF XL is the first of several electrification of industrial heating applications that Acceleware is commercializing, largely since the near-term decarbonization of heavy oil and oil sands production will play a critical role in a successful energy transition. Work is also underway for decarbonization of other heavy emitting industrial heating applications.
E-house at Acceleware's RF XL Commercial-Scale Pilot Test at Marwayne, AB. July 2023
About Acceleware
Acceleware is an innovator of clean-tech decarbonization technologies comprised of two business units: Radio Frequency Heating Technology and Seismic Imaging Software.
Acceleware is piloting RF XL, its patented low-cost, low-carbon production technology for heavy oil and oil sands that is materially different from any heavy oil recovery technique used today. Acceleware's vision is that electrification of heavy oil and oil sands production can be made possible through RF XL, supporting a transition to much cleaner energy production that can quickly bend the emissions curve downward. With clean electricity, Acceleware’s RF XL technology could eliminate greenhouse gas (GHG) emissions associated with heavy oil and oil sands production. RF XL uses no water, requires no solvent, has a small physical footprint, can be redeployed from site to site, and can be applied to a multitude of reservoir types. Acceleware is also actively developing partnerships for RF heating of other industrial applications using the Company’s proprietary CTI.
Acceleware and Saa Dene Group (co-founded by Jim Boucher) have created Acceleware | Kisâstwêw to raise the profile, adoption, and value of Acceleware technologies. The shared vision of the partnership is to improve the environmental and economic performance of the energy sector by supporting ideals that are important to Indigenous peoples, including respect for land, water, and clean air.
The Company’s seismic imaging software solutions are state-of-the-art for high fidelity imaging, providing the most accurate and advanced imaging available for oil exploration in complex geologies. Acceleware is a public company listed on Canada’s TSX Venture Exchange under the trading symbol “AXE”.
Disclaimers
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, “anticipates”, “plans”, “continues”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations or negatives of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might”, “shall” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.
In this news release, forward-looking statements relate to, among other things, statements relating to the benefits of RF XL, future operation of the Pilot, prospective performance of the Company, the status and advancement upgrades and repairs, the anticipated development, application and market potential of CTI, the receipt of regulatory approvals for the Private Placement (including TSXV approvals) and the timing thereof, statutory hold periods, the terms and conditions of the Private Placement, the Closing Date for the Private Placement, the anticipated use of proceeds from the Private Placement and the participation of related parties in the Private Placement. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. The material facts and assumptions include obtaining approval of the TSXV of the proposed Private Placement, the availability of certain prospectus exemptions in respect of the Private Placement and the intended use of proceeds remaining in the best interests of the Company. Actual results may vary from the forward-looking information in this news release due to certain material risk factors. The Company cautions the reader that the above list of risk factors is not exhaustive and additional risk factors risk factors are described in detail in Acceleware’s continuous disclosure documents, which are filed on SEDAR at www.sedar.com. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Due to the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For further information:
Geoff Clark, CEO
Tel: +1 (403) 249-9099
geoff.clark@acceleware.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/eb979b20-5584-448b-af4f-67a87f55d4db
