Perth-based Coretrack Ltd has been offered an AusIndustry Commercial Ready Grant of $1.3 million over a period of 2 years to help it commercialise its Core Level Indicator System, the company has announced.
In an announcement, the company said the grant would enable it to complete development of the system without the need for additional funding.
The CLIS is designed to help oil and gas companies accurately determine oil and gas reserves through the acquisition of a core sample during a coring operation.
The full text of a company announcement is pasted below
Coretrack Limited is pleased to announce that it has been offered an AusIndustry Commercial Ready Grant of $1.35 million over a period of 2 years. AusIndustry is the Australian Government's agency for delivering products, services and information that support industry, research and innovation.
The award of the Commercial Ready Grant reflects the confidence of the AusIndustry committee, and the Australian Government, in both the Core Level Indicator ("CLI") System technology and the ability of Coretrack to commercialise the technology. The Commercial Ready Grant will enable Coretrack to complete the development of the CLI System without the need for additional funding.
Australian Industry Minister, Ian Macfarlane, congratulated Coretrack on being offered the Commercial Ready Grant which will commercialise technology capable of more accurately determining oil and gas reserves. The product, a core level indicator system, will be marketed to both coring services companies and international oil and gas companies.
"The Australian Government is a strong supporter of research and development projects that have the potential to be commercialised and make their mark in Australia and on the international stage," Mr Macfarlane said.
