Acceleware Provides RF XL Pilot Update

CALGARY, Alberta, March 07, 2024 (GLOBE NEWSWIRE) -- Acceleware Ltd. (“Acceleware” or the “Company”) (TSX-V: AXE), a leading innovator of transformative technologies targeting the decarbonization of industrial heating, provides an update regarding its commercial-scale RF XL pilot project at Marwayne, Alberta (the “Pilot”).

Previously announced in the third quarter 2023 financial and operating results on November 23, 2023, Acceleware encountered subsurface challenges in redeploying upgraded components during the RF XL heating well workover at the Pilot. As a result, Acceleware paused the workover to review Pilot performance data, continue inspection of the heating well, and to further consider solutions to the challenges encountered in the workover program. In consultation with industry partners, options to resume testing were developed, discussed, and finalized. It was determined that the most practical path forward involves a redeployment of all subsurface components incorporating the multiple improvements and upgrades that Acceleware has made to the RF XL downhole system. Acceleware is actively sourcing an additional $5 million of funding to complete the redeployment. The redeployment is expected to enable higher power to be injected into the reservoir for a sustained period in a second phase of heating.

The Pilot performance data confirms the successful operation of the Clean Tech Inverter (“CTI”), which is the radio frequency (“RF”) ‘engine’ critical to Pilot success. A primary objective of the Pilot was to demonstrate the operation of the CTI and its effectiveness in transmitting temperature downhole to increase oil production. Other significant milestones achieved include:

• Acceleware drilled and completed the first of its kind multilateral heating well and associated production well in a previously produced heavy oil reservoir.
• The RF XL system (including the CTI) demonstrated unprecedented performance with the longest continuous run (142 days) and highest power (up to 250 kW) of any RF heating system. 
• Maximum design current was transmitted from the CTI, through the proprietary transmission line, and radiated to the reservoir.
• Increased reservoir temperature and oil production were observed in the Pilot. 
• The temperature profile and oil production increase matched simulated predictions given the levels of power radiated.