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ACT Energy Technologies Ltd T.ACX

Alternate Symbol(s):  CETEF

ACT Energy Technologies Ltd., formerly Cathedral Energy Services Ltd., is a Canada-based energy company. It is a partner to North American energy companies requiring high-performance directional drilling, measurement while drilling (MWD) and rotary steerable services, as well as in providing remote operations. It operates in Canada and in the United States as Altitude Energy Partners, and in the United States under Discovery Downhole Services and Rime Downhole Technologies. The Altitude Energy Partners specializes in providing solutions for the energy sector. Its directional drilling services includes mud motors, rotary steerable system (RSS), measurement while drilling (MWD), and real-time operations. The Discovery Downhole Services specializes in providing drilling solutions to meet clients' needs. The Rime Downhole Technologies is an engineering company specializing in crafting products for the downhole MWD industry. Its services include rentals, training, maintenance, and repairs.


TSX:ACX - Post by User

Post by nozzpackon Nov 11, 2021 7:11am
259 Views
Post# 34113722

Marketing Alliance With Precision already paying off

Marketing Alliance With Precision already paying off

The USA operations are steadily improving under the new leadership and sales teams, who are focused on leveraging our premium motor and MWD technologies, differentiating through superior performance and service, and identifying further opportunities for expansion through smart, accretive acquisitions.

The marketing alliance is already demonstrating value in our US market with immediate incremental work provided by two PD turnkey opportunities. 

Technology is a cornerstone of our competitive advantage as we continue to invest meaningfully in our business with a capital budget of $9,000 for 2021.

We are on schedule to execute on our plan to deliver 18 RapidFireTM Measurement-While-Drilling ("MWD") systems by year end and have already deployed several systems successfully in both of our core markets.

In response to customer demand for technology that places the sensor readings closer to the drill bit, we expect to build out 25 REACT drilling motors in the coming weeks and months.

This motor will reduce gamma and survey points by 5-6 meters and is ideal for thin target zones like those found in the Clearwater and Viking formations. Finally, over the longer term our marketing alliance with PD will also focus on areas where we can jointly utilize or develop technology to differentiate our service offering in the marketplace.

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