Newly launched Well-Sense Technology – a downhole solutions provider – has secured £600,000 investment from Front Row Investment Management to develop its product lines and service solutions.
The company has begun operations within the Front Row Investment Management incubator facility in Dyce, Aberdeen, which comprises 55,000 sq ft of workshop and office space.
Well-Sense specialises in downhole operations including interventions, upper, intelligent, open and cased hole multistage completions and works on projects from the drilling phase to multi-stage fracturing and stimulation, maintenance and decommissioning.
Dan Purkis, Technology Director, said: “Securing venture from such a credible investment and operating partner is a great achievement for us at this stage and being able to draw on its resources and associated companies will be of real benefit.
“We are currently developing a number of bespoke and high end technologies which will enable customers to perform operations more efficiently in a low oil price environment.
Stuart Ferguson of Front Row Investment Management said: “We see real potential for Well-Sense, both now and going forward.
“The leadership team is of an excellent calibre, having previously developed the world’s first intelligent completion, possessing experience of implementing new technology to global markets and a pedigree in progressing businesses which have since been acquired by leading oil and gas service companies.”