Calgary-based Acceleware has secured C$2 million of grant funding via Canada’s Clean Resource Innovation Network and its latest Accelerating Cleantech Innovation Competition.
Acceleware said the funds would support a planned deployment of its RF XL 2.0 all-electric enhanced oil recovery technology in a heavy oil reservoir in the Saskatchewan Mannville Stack.
The technology is said to be able to economically produce heavy oil resources that are not viable with conventional methods, with a reduced environmental footprint.
Acceleware said earlier this month it had entered a deal to acquire land across a multi-zone Mannville Stack heavy oil fairway in Saskatchewan’s west, including a producing horizontal well and surface infrastructure, for a small cash payment and production royalty.
Acceleware CEO Geoff Clark described the package as a “low-cost entry into a multi-zone Mannville Stack asset with existing production and significant development upside”.
“The assets combine a producing Rex zone well with a large land position which we believe is well suited for both cold-flow multilateral and RF XL 2.0 development,” he said.
“This establishes a strong foundation for future deployment and production growth.”
