MYCELX wins contract with Middle East producer to treat water during enhanced oil recovery

(WO) — MYCELX Technologies Corporation has been awarded a contract to treat produced water during Enhanced Oil Recovery (“EOR”) production, which will represent its second REGEN installation with a Middle East producer. This contract follows on the successful installation of MYCELX proprietary REGEN Retro-fit package that was delivered in April 2024.

The project is valued at $1.5 million and helps to underpin MYCELX’s 2025 revenue forecast. This contract further solidifies MYCELX’s industry-leading position in ensuring improved production performance and reliability as well as providing better water management and water savings during EOR production. MYCELX looks forward to working closely with the client as they continue to upgrade and expand their assets as well as with other producers in the region who collectively operate multiple production fields.

Connie Mixon, CEO, commented: “We are pleased to have secured another project with this leading Middle East producer, which supports our view that the EOR production market will deliver significant growth opportunities for the business. These project wins highlight our strong technical position in produced water treatment where conventional methods of treatment are struggling to meet the needs of advanced oil production methods. We look forward to providing investors with further updates as we move towards year-end and into 2025.”