- Acceleware (AXE) has announced the commencement of the heating well workover program at its commercial-scale RF XL pilot project at Marwayne, Alberta
- It has also announced a non-brokered private placement of units of the company at a price of $0.27 per unit for gross proceeds of up to $2,000,000
- Acceleware is pleased with the progress of the pilot project, and, based on current observations, remains confident that RF XL will become viable as a critical technology in the effort to decarbonize heavy oil and oil sands production
- RF XL would eliminate the need for high-cost steam generation, water treatment and water handling facilities
- Acceleware is an innovator of clean-tech decarbonization technologies made up of two business units: Radio Frequency (RF) Heating Technology and Seismic Imaging Software
- Acceleware Ltd. opened trading at $0.315 per share
Acceleware (AXE) has begun the heating well workover program at its commercial-scale RF XL pilot project and a non-brokered private placement.
The non-brokered private placement of units of the company will be executed at a price of $0.27 per unit for gross proceeds of up to $2,000,000.
Regarding the pilot project, the company is pleased with the progress and, based on current observations, remains confident that RF XL will become viable as a critical technology in the effort to decarbonize heavy oil and oil sands production.
Acceleware has now begun the workover after developing a workover plan with review and input from industry partners, sourcing replacement parts, and securing service vendors.
Upon completion of the workover, heating operations and further testing are expected to resume.
RF XL has demonstrated strong potential to become a low-cost, low-carbon development solution for all heavy oil and oil sands producers, regardless of their size and stage of development.
RF XL would eliminate the need for high-cost steam generation, water treatment and water handling facilities while also allowing producers to access a significant amount of stranded resource that is currently uneconomic to produce using conventional methods.
“We are pleased to have our DTS repair plan underway and remain hyper-focused on the RF XL Pilot success,” stated CEO Geoff Clark.
“We know that RF XL could be an industry game changer, so we are working as hard and as quickly as we can to get it back up and running at higher power levels as soon as possible,” he added
Regarding the private placement, each unit will consist of one common share; and one common share purchase warrant.
Each common share purchase warrant will entitle the holder to acquire one common share of Acceleware at $0.36 for a 24-month period from the date of issuance.
Acceleware intends to use the net proceeds of the private placement to fund a portion of the pilot workover and for general corporate purposes.
Acceleware is an innovator of clean-tech decarbonization technologies made up of two business units: Radio Frequency (RF) Heating Technology and Seismic Imaging Software.
Acceleware Ltd. opened trading at $0.315 per share.
