A Scottish-American software and energy company – which has operations in Aberdeen and Inverness – has secured a further two major oil contracts in the Illinois Basin, USA.
The acquisition of the Potts oil lease represents the next step in Ziyen Inc’s plan to return wells to production, and pursue other promising oil leases through its dedicated Ziyen Energy division.
It has also acquired a third oil lease over 140 acres of land in Gibson County, Indiana.
Ziyen – which uses the latest in sustainable technology to maximise extraction – is on track for a US stock market listing later this year pending approval of its initial public offering.
The company opened its Granite City base at Aberdeen Innovation Park last year and was founded by Inverness-born Alastair Caithness in 2016 following his move from the Highands to San Diego, California.
The company’s multimillion-dollar acquisition of its first oil lease allowed Ziyen to trade as a petroleum company, rather than as a software firm – making the company more attractive to potential investors and shareholders – whilst simultaneously aiding expansion within the United States energy market.
19 Jan 2018