Edgeline Holdings announced after the markets closed Thursday that its newly formed subsidiary, New EnerSource, Inc., has scheduled field testing on a minimum of five wells this week as it continues the due diligence phase on its potential acquisition of an enhanced oil recovery technology.
Enhanced Oil Receovery is a term used for techniques designed to increase the amount of oil that can be extracted from an oil field. When using Enhanced Oil Recoevery, 30-60% more oil can be extracted compared to 20-40% when using primary and secondary recovery technologies.
The company stated that the testing should complete its due diligence phase, and plans to decide if it will proceed with acquisition discussions after the results from the testing arrive. The technology still requires further development, but it would address part of the unrecoverable oil market if the development is completed successfully.
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