Successful drilling technology startup
Mining3 is pleased to announce the successful startup of its new spin-off company, V2H International (V2HI).
Based in Brisbane, V2HI brings together Mining3’s breakthrough tight radius drilling technology and world-leading expertise in high pressure water jet drilling, and US-based Zero Radius Laterals (ZRL) through-casing water jet drilling system for the oil and gas and mining industries.
V2HI’s subsidiary, V2H Australia, which will focus on coal seam gas production, and degassing coal mines in Australia, has recently announced the successful completion of a capital raising to fund its initial commercial operations. The funds raised will provide working capital for the implementation of V2HI water jet drilling technologies on a number of coal seam gas sites around Australia.
The company will establish other subsidiaries in oil and gas producing regions around the world.
“The development of high-pressure water jet drilling has been a focus area of Mining3 (previously CRCMining) for many years, and we have world-leading technology and expertise in this area. Water jet drilling is a step-change for both the conventional and unconventional oil and gas industries. We are excited about the benefits to industry, which include increased safety, productivity and sustainability,” said Kevin Greenwood, COO of Mining3.
High-pressure water jet drilling provides accelerated rates of drilling enabling low cost, high productivity stimulation of vertical wells. The rapid creation of steered, surveyed, lateral boreholes in the oil and gas bearing rock dramatically improves connections to reservoirs, significantly increasing production rates, at a lower cost than alternatives.
Water jet drilling also provides a safe, economic alternative to hydraulic fracturing (fraccing), and addresses many of the social and economic concerns.
Mining3 is an industry-led research organisation focused on delivering innovation to the mining industry. Located at the University of Queensland’s Pinjarra Hills campus, and incorporating researchers from the University of Queensland, CSIRO, Curtin University, and QUT, Mining3 is the leading mining research organisation globally.
Having formed numerous spin-off companies and developed commercialised technology being utilised in the mining industry, Mining3 is successfully closing the gap between research and industry.