Queensland radial drilling technology group V2H Australia (V2HA) has appointed highly-regarded and experienced company director Glenn Davis as Chairman following the completion of a multi-million dollar capital raising.
He is a director of a number of public and private companies including as Chairman of ASX-listed Beach Energy Limited (ASX: BPT). He is a principal with DMAW Lawyers a firm he founded, and has for 30 years advised companies in the energy industry.
Glenn has extensive experience in the energy sector and governance.
The appointment follows the completion of a Series A capital raising by V2HA. Approximately 40% of the company’s shares were placed to a range of high net worth individuals and institutions. The raising was managed by Adelaide’s SRG Partners and was undertaken as a co-investment with the company’s deployment partner, the Nitschke Group.
The funds will be used to fund working capital.
Mr Davis welcomed the opportunity to work with current V2HA board and executive team as it embarked on a new phase of growth.
“V2HA’s technology is very exciting and has the potential to be a significant step change in the oil and gas industry,” he said. “I look forward to working with Darren Rice and the team as they move from being a technology company to a commercial operation focused on growth.”
V2HA CEO Darren Rice said Mr Davis would be a valuable asset to the company.
“Glenn has extensive experience and contacts in the oil and gas industry as well as the respect of everyone in the industry,” he said.
V2HA is a subsidiary of V2H International, which was created as a result of a merger between technology group Coal Bed Methane Innovations (a spin-off company of CRCMining) and Texas-based Zero Radius Laterals (ZRL).
V2HA will be the world’s leading radial drilling water jet technology company, and plans to expand internationally through partnerships and licensing agreements.
The patented technology owned by V2H International has been under development for a number of years and has applications in both conventional and unconventional oil & gas wells, specifically the Coal Seam Gas (CSG) industry in Australia.
More than $40 million to date has been spent developing the technology and in Australia, successful field trials have been completed by BHP and Peabody Energy.
The technology, which is environmentally friendly, can increase production and recovery from existing (or new) oil & gas wells. The system deploys a high-pressure water system that rapidly installs extensive patterns of lateral radial boreholes into multiple coal seams from vertical production wells.