An Acorn Energy company, US Seismic Systems declared the development as well as shipment of massive commercial high temperature down-hole fiber-optic seismic array in the world.
The 40-level array is ideal for monitoring wells based on ‘hydrofracking’, which is a new unconventional oil and gas extraction technique.
According to the CEO of US Seismic Systems, Jim Andersen, the new fiber-optic technology has a proven-performance of achieving 80%-90% reduction in cost than the legacy monitoring systems. It will also facilitate cost-effective monitoring of 100% of frac jobs, thereby improving extraction efficiency as well as sustainability. Furthermore, the system has been designed to perform in high temperature shale plays including Eagleford and Haynesville with complexities in the legacy digital electronic systems.
The system, worth over $700,000, will be deployed by well-established oilfield service company for monitoring stimulations in a Texas-based high temperature unconventional oil and gas field.
Acorn Energy’s CEO John A. Moore stated that the shipment achievement of the first commercial system during the intended period of the first half of 2012 is a milestone success. The company’s quality of innovation and the series of customer interest in US Seismic's products have attained great heights. Acorn's Board is all set to invest supplementary amount of $5 M for working capital and to aid production scale-up and inventory build to ensure rapid turnaround for the projected new and follow on orders. With this latest capital, the company’s total investment in US Seismic will reach over $16 M.
Source: http://www.acornenergy.com/