Oil partners

Profero is interested in partnering with oil companies or other oil asset owners to exploit the potential of their technology on unrecoverable oil resources or reserves in sub-optimal production. The scale of the potential applicable resources globally is anticipated to exceed the aggregate of existing oil reserves plus any new reserves likely to be established as a result of exploration.

This provides a range of opportunity including oil companies facing one or more of the following circumstances:

Declining Production

The production rate of oil assets declines or ceases predominantly for reasons of loss of reservoir pressure. For reserves with suitable technical characteristics, Profero Energy’s LEMUR technology provides a means to increase the rate of production and significantly increase the proportion of oil in place recovered thereby extending the productive lifespan of the oil reservoir.

Enhanced recovery

The strategy of some companies is to purchase mature oil production assets from larger oil companies and use efficiencies and enhanced recovery techniques to maximize production. Profero’s technology has the potential to boost production rates and overall recovery to a greater extent than possible with established enhanced recovery techniques. Established enhanced recovery techniques are generally synergistic with the LEMUR technology.

Finance for Exploration & development

Many E&P oil companies have the potential to create significant growth and value through exploration, appraisal and development of their license areas but have limited sources of capital to undertake the necessary work program. Profero Energy’s LEMUR technology can be applied to proven oil resources with limited value owing to their classification as unrecoverable. As a consequence such oil resources can be converted into valuable producing reserves and generate a sustained source of capital to fund exploration and development programs. This is especially prevalent when high oil prices mean standard development and production oil assets are sought after and expensive.

Maximizing Heavy Oil Recovery

Heavy oil asset owners can have issues whereby profitability is limited by low production and recovery rates. In reservoirs with the correct characteristics Profero can make a substantial improvement to both the term and profitability of a project. Environmental issues can also potentially compromise the market and value of the heavy oil produced, Profero’s technology is more environmentally friendly than thermal based processes and helping to alleviate this issue.

Scalable Growth

Stock markets frequently persistently demand growth from companies listed on them including oil companies. As oil companies increase in size owing to their success, growth at the same rate can become harder. This can force companies to take exploration and other risks they would otherwise avoid. Such is the scale of unrecoverable oil resources, Profero offers the potential to drive substantial increase in booked reserves on the balance sheet as well as profit growth for a company of any size based on established proven oil resources.