May 17, 2022

905 On the Bay

For Tech Lovers

Recon Updates Progress on its Engineering-Driven Solutions for Electric Submersible Progressing Cavity Pump with $5 Million Orders Secured

5 min read

BEIJING, June 11, 2021 /PRNewswire/ — Recon Know-how, Ltd (NASDAQ: RCON) (“Recon” or the “Organization”) right now introduced that its subsidiary, Beijing BHD Petroleum Engineering Constrained, signed two contracts with North China E&P Firm (the “North China Department”) of China Petroleum & Chemical Corporation (“Sinopec”). Pursuant to these two contracts, the Business has supplied technical company with extremely-deep electric submersible progressing cavity pump (“ESPCP”) to one gas effectively at the Dongsheng Industry of the Next Gasoline Output Plant (the “Plant No. 2”) of the North China Branch and will give the very same service to a further gas very well at the Plant No. 2. Whole sum of these two contracts is RMB 3,277,000 (roughly $.51 million).

Administration Assertion

“We are very enthusiastic to make more breakthroughs in the ultra-deep submersible progressing cavity pump company,” mentioned Mr. Guangqiang Chen, founder and CTO of Recon, “Because previous year when we signed a contract with the North China Branch and concluded our to start with demo, we have now signed company contracts for RMB5.077 million (about $.8 million) with the North China Branch for three gas wells. We are in the approach of communicating with the North China Department for ESPCP and linked services for 15 much more wells and count on to full services by the conclude of calendar yr 2021. Additional alongside one another, we be expecting these solutions will convey us about $5 million of earnings.”

Mr. Chen ongoing, “Further than our individual AI-primarily based engineering, we even more integrated and upgraded downhole fuel-liquid separation metering technologies with products this kind of as the extremely-deep screw pump from National Oilwell Varco Inc. (NYSE: NOV) and the downhole multi-parameter sensing equipment from Energy Max Petroleum Systems Ltd, a Canada based organization. We done the building for a person fuel properly at Plant No. 2 with our detailed resolution by April 16, 2021. According to our observation and screening for pretty much two months, the drainage and gasoline boosting result has been secure, and the output standing of the complete set of equipment has been reliable. Devoid of this option, submersible pumps utilised by oil organizations typically have a working daily life cycle of only 3 months, right after which time sand jams and equipment dress in tend to outcome in interruption of gasoline well manufacturing. As a consequence, oil and gas providers incur pricey inspection and restore expenses. Our option is expected to assure stable operation for much more than a single year, thus saving the superior inspection and mend support expenses, tools and equipment replacement charges, electricity expenses and sewage treatment method charges. Taken collectively, our answer can assistance our purchasers boost their margin by up to 40{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}. We held an on-site complex exchange and advertising conference with the North China Department on May possibly 20, 2021 and we were being explained to that the North China Department will endorse our ultra-deep screw pump very same perfectly recovery and injection technological know-how to all the new fuel wells to be invested by the North China Department. In the future, we approach to proceed upgrading our technology in the same properly recovery and injection enterprise to offer much more price-additional companies to our shoppers, and provide extra extended term returns to the Organization.”

About Recon Technologies, Ltd

Recon Technologies, Ltd (NASDAQ: Recon) is China’s initial outlined non-condition owned oil and gasoline subject service corporation on NASDAQ. Recon supplies China’s biggest oil exploration corporations, Sinopec (NYSE: SNP) and The China National Petroleum Corporation (“CNPC”), with state-of-the-art automated systems, efficient accumulating and transportation tools and reservoir stimulation measure for growing petroleum extraction concentrations, minimizing impurities and reducing generation expenditures. By way of the decades, Recon has taken foremost positions on various segmented markets of the oil and gas filed assistance marketplace. Recon also has produced secure extended-expression cooperation romance with its major clients. For further facts be sure to go to:

Ahead On the lookout Statements 

Forward-On the lookout Statements in this push release, which are not historical specifics, are ahead-searching statements inside the that means of the Non-public Securities Litigation Reform Act of 1995. Our precise success, performance or achievements might differ materially from people expressed or implied by these ahead-seeking statements. In some instances, you can detect ahead-on the lookout statements by the use of words this sort of as “may well,” “could,” “count on,” “intend,” “approach,” “look for,” “foresee,” “think,” “estimate,” “forecast,” “probable,” “go on,” “likely,” “will,” “would” and variants of these terms and equivalent expressions, or the damaging of these phrases or similar expressions. This kind of forward-seeking statements are automatically primarily based upon estimates and assumptions that, although thought of affordable by us and our management, are inherently uncertain. Things that could induce real outcomes to differ materially from current anticipations involve, amid some others, irrespective of whether we will indicator any further contracts with the North China Department, the ultimate income from furnishing solutions to the North China Department, true success of our remedies in the area, stages of shelling out in our market as very well as client self-confidence commonly changes in the aggressive ecosystem in our market and the markets where by we function our means to access the capital marketplaces and other challenges reviewed in the Firm’s filings with the U.S. Securities and Exchange Commission, which includes our Once-a-year Report on Kind 20-F, which filings are obtainable from the SEC. We warning you not to place undue reliance on any forward-on the lookout statements, which are designed as of the date of this push release. We undertake no obligation to update publicly any of these ahead-wanting statements to reflect true results, new information and facts or long term gatherings, adjustments in assumptions or modifications in other variables impacting forward-hunting statements, other than to the extent necessary by applicable rules. If we update a single or additional forward-hunting statements, no inference should really be drawn that we will make supplemental updates with respect to these or other forward-seeking statements.

For more facts, you should speak to:

Ms. Liu Jia
Chief Economic Officer
Recon Know-how, Ltd
Cellular phone: +86 (10) 8494-5188
E mail: [email protected]

Source Recon Technologies, Ltd.

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