Recon Technology Awarded A $1M Contract For Ground Control Project In Deep Shale Gas Field

Author: Benzinga Newsdesk | June 07, 2023 08:32am

Recon Technology, Ltd (NASDAQ:RCON) ("Recon" or the "Company") today announced that Nanjing Recon Technology Co., Ltd ("Nanjing Recon") has been awarded a contract worth RMB 6,104,000 (or USD 1.0 million) for the Ground Control Project in the Deep Shale Gas Field at a Well Area in Chongqing City located in mainland China.

The Company will commence the project upon contract execution and expects to complete services no later than December 31, 2024.

Under the terms of the contract, Nanjing Recon will implement the Ground Control Project, which focuses on the autonomous monitoring and control system for the deep shale gas field. This project marks another significant milestone for Recon, and further solidifying its position as a key player in providing innovative solutions to the oil and gas industry in China.

"We are very pleased to have been awarded this contract for the ground control project in the deep shale gas field," said Mr. Shenping Yin, Founder and CEO of Recon Technology. "This project underscores our commitment to providing cutting-edge technologies and solutions that enhance operational efficiency and safety in the oil and gas sector. We are confident that our expertise and experience will contribute to the success of the project and further strengthen our prominent position in the industry."

The deep shale gas field at the well site has immense potential for the development of shale gas resources. Recon's advanced autonomous monitoring and control solution will play a critical role in optimizing production processes, ensuring environmental protection, and maximizing the efficiency of deep shale gas productions.

Recon Technology will now proceed to finalize the contract. The company is committed to delivering the project to the highest standards and within the agreed timeframe.

Posted In: RCON