Shell Technology Ventures increases ownership stake in WellDog
Action follows successful beta trial of WellDog’s shale gas sweet spot discovery service
17 February 2016 (Laramie, WY) – WellDog announced today that Shell Technology Ventures has increased its minority stake in the company following a successful beta trial of its proprietary shale gas reservoir testing service.
WellDog announced in October 2014 a development collaboration with Shell directed at adapting WellDog’s award-winning Reservoir Raman System to finding sweet spots in shale gas and oil formations. In February 2015, the companies announced that Shell had also made a minority investment in WellDog through its Shell Technology Ventures.
The new service is directed at identifying the locations where natural gas and natural gas liquids occur in shale formations, allowing producers to focus development efforts, reduce drilling costs, optimize production, and reduce the number of hydraulic fracturing stages and associated water usage. The recent downturn in oil prices has heightened industry interest in using such services to reduce the number of non-performing hydraulic fracturing stages during shale gas and oil well completions.
“Shell Technology Ventures invested in Welldog in 2014 and we have been pleased with their performance in a very challenging market environment”, said Carl Stjernfeldt, STV’s representative for Welldog. “In fact, following a couple of field trials, the strengthening of their leadership team, and further evolution of their product vision, we decided to increase our ownership. We look forward to their continued success.”
ABOUT Shell Technology Ventures: Shell Technology Ventures (“STV”) is the corporate venture capital arm of Royal Dutch Shell plc (“Shell”). With major offices in Europe and the USA, STV invests in technology companies to enhance the development of new technologies that have the potential to create substantial deployment value in Shell. Continuing Shell’s tradition in venture capital since 1998, STV’s investment focus includes oil & gas, renewable energy technologies, water and IT. STV co-invests with other corporate investors, venture capital funds and angels and will invest in both early stage and late stage (growth capital) companies. For more information, please visit http://www.shell.com/techventures