Source: Sharecast
Mycelx said on Monday that the system will be owned and operated by "a major midstream operating company" that provides water management services to major producers in the region.
Under the contract, Mycelx will supply its patented REGEN system, an advanced water treatment technology, with the system set be installed at one of the operator's key water handling facilities to manage their customers' "significantly increased" water volumes resulting from rising water-to-oil ratios during production and induced seismicity caused by pressurized disposal well usage.
The AIM-listed group stated project, which was expected to be delivered in 2026, marks its expanding presence in the US Permian Basin and underscores growing industry confidence in its "innovative and proven" water treatment solutions. It also added that it continues to be in advanced discussions on a number of additional US Permian Basin projects.
Chief executive Connie Mixon said: "We are delighted to have been selected by a leading Midstream Operator in the US Permian Basin for this significant project, which further validates the strength and differentiation of our REGEN technology. This award represents an important milestone in expanding our presence in the most active energy region in the world and demonstrates the industry's increasing confidence in MYCELX's proven ability to solve complex produced water challenges."
As of 1100 GMT, Mycelx shares were up 9.80% at 28p.
Reporting by Iain Gilbert at Sharecast.com
