DIVERGENT Energy Services Announces Achievement of Milestone for Next Linear Electric Submersible Pump Installation
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CALGARY, ALBERTA – November 6, 2015. DIVERGENT Energy Services Corp. (“Divergent”) is pleased to announce that the next shipment of its second-generation Linear Electric Submersible Pump (the “Pump”) has cleared US Customs on November 4, 2015 and will be shipped to a staging yard in Saskatchewan, expected arrival no later than November 13, 2015.
Once the Pump has arrived in the staging yard, Divergent will coordinate the installation and associated start-up dates with the client, the timing of which will be dependent on the client’s field operations schedule and resource availability through the remainder of 2015.
Divergent’s test facility recently commenced a series of operating tests with a previously delivered Pump. This Pump will be dedicated to the test facility for the near term, and will continue to be run at various rates and pressures to simulate a variety of well types. The limited results observed thus far confirm that the power output and overall performance of the Pump is meeting or exceeding expectations. As previously announced, the second-generation Pump has two key improvements over previous pumps:
a) 25% more power – which will deliver higher pump rates and increase its capacity for utilization within deeper wells; and
b) 50% less friction – the redesigned shaft of the motor moves with 50% less friction, providing the motor section with longer life and lower electricity costs.
Divergent will continue to provide updates on key milestones related to the installation and start-up of its Pump as developments occur, with the next corporate update expected within its third quarter 2015 financial and operational results anticipated to be released on November 20, 2015.
ABOUT THE PUMP AND DIVERGENT’S TECHNOLOGY
The permanent magnet motor technology that Divergent is advancing in its Pump has the effect of duplicating rod pump movement without the rod strings or surface lifting equipment typically used in traditional oil pumpjacks by generating thrust from a magnetic field and magnets placed on the shaft of the motor. All moving parts are contained within the submersible housing, and using Divergent’s Pump eliminates rod and tubing wear, making the Pump ideally suited for precise placement within bent or curved wellbores, including horizontal oil wells.