Hunter Technology Moves Into Big Data With OilExchange
Hunter Technology Corp. (HOILF) announced it is set to launch a pilot service for select users, including governments and environmental agencies, in Q3 2021. This service, branded as OilExchange, will utilize a proprietary blockchain platform to provide immutable data on the crude oil supply chain, enhancing transparency and compliance. Users will benefit from real-time insights into the lifecycle of hydrocarbons, facilitating responsible energy production. Hunter aims to formalize agreements post-pilot, supporting the industry's shift towards digitalization and environmental responsibility.
- Launch of OilExchange pilot service in Q3 2021, targeting government and regulatory users.
- Utilization of blockchain technology for transparent and immutable data in the crude oil supply chain.
- Focus on enhancing ESG compliance and operational efficiency for E&P companies.
- No formal contracts signed yet for the OilExchange service, indicating uncertainty in business commitments.
- Potential market risks and uncertainties affecting future performance and execution of business plans.
VANCOUVER, British Columbia, Feb. 15, 2021 (GLOBE NEWSWIRE) -- via InvestorWire -- Hunter Technology Corp. (TSX-V: HOC; OTCQB: HOILF; WKN: A2QEYH, FSE: RWPM, ISIN: CA4457371090) (“Hunter” or the “Company”) is pleased to report that it is on track to launch a pilot service for selected customers, including governments, sovereign wealth funds, environmental agencies, regulators and self-regulatory organizations (“Users”), in Q3 2021.
The Company is developing its end-to-end service utilizing a proprietary blockchain-based modular software platform to supply Users with immutable data intelligence on the full lifecycle of the crude oil supply chain from reserve management through wellhead production, storage, transhipment, export and/or domestic consumption. Standardized, unchallengeable records will be held in a fully customisable reporting cloud using blockchain technology, supporting Users to report, monitor, trace and track the full hydrocarbon lifecycle from production source to ultimate destination.
The Supply Chain Intelligence service will be provided under the brand “OilExchange” (www.oilexchange.com). It is being designed to furnish its users with a full suite of data via exchange including analytics tools to structure and analyse raw data. Users will be able to monitor and analyse key performance indicators (KPI) and metrics through user-friendly visual dashboards.
By tracking the origin, transhipment and processing of the produced goods and the environmental, social and governance (ESG) compliance during the life cycle of hydrocarbons, as well as government royalty or tax payments and customs clearance, Users will have a real-time view of their hydrocarbon supply chain. In addition, the data sharing between Users through a secure and trusted platform will allow all stakeholders to enhance their information management practices. This in turn will allow for a greater utilization of existing reserves and reduce the need to expand drilling footprints, ultimately having a positive effect though a reduced carbon footprint as producers transition towards a more environmentally and ethically responsible ecosystem.
By allowing Users to derive insights about the economic and environmental viability and responsibility of Exploration & Production (E&P) companies, OilExchange can incentivise operators to consider developing and reworking economically viable legacy brownfields (as an alternative to greenfield production), capitalizing on the shifting investor appetite towards more socially and environmentally considerate operations. Upon completion of the Pilot service, the Company intends to enter into formal agreements with Users.
“Hunter with its technology platform and Integration capabilities will support the hydrocarbons industry in its drive to digitalize its operations, increase trust and transparency between its stakeholders, and meet its regulatory requirements,” said Alex Medana, Hunter’s Chief Executive Officer.
About Hunter Technology Corp.
Hunter Technology Corp. is a technology provider developing interactive blockchain platforms to enable the facilitation of physical oil transactions throughout the trade lifecycle, with more favorable economics for producers and access to a fair market for all. Through oilex.com Hunter will operate a physical oil marketplace to facilitate the buying and selling of physical oil by independent producers to corporate consumers, traders and sovereign purchasers. Through oilexchange.com, Hunter will offer robust supply chain management tools that track physical oil throughout the supply chain and automate the reporting process via this blockchain enabled platform.
ON BEHALF OF THE BOARD OF DIRECTORS
Alex Medana
Chief Executive Officer
(888) 977-0970
For further information, visit our website at www.huntertechnology.com.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Cautionary Statement Regarding Forward-Looking Information.
This news release contains certain statements which may constitute forward-looking statements or information (collectively, "forward-looking statements") regarding Hunter’s business development plans. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, including factors beyond Hunter’s control, and often contain words such as "anticipate," "believe," "plan," "estimate," "expect," and "intend," statements that an action or event "may," "might," "could," "should," "will" or be "on track to" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements (including execution risk, market risk, industry risk, market reaction, the impact of general economic conditions and competition from other industry participants, as well as stock market volatility). In this news release, forward-looking statements relate to, among other things, Hunter’s business development plans as well as Hunter’s future performance as it develops its business. Although Hunter believes that the expectations in its forward-looking statements are reasonable, they are based on factors, estimates and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statement. Such factors include, but are not limited to: risks relating to delays, development and marketing risks, unforeseen requirements resulting from the COVID-19 pandemic, commodity prices, inability to access, on favorable terms, sufficient capital from internal and external sources, the ability to access, hire and retain employees; regulatory changes and impacts, timing and completion of the Company's online platforms as well as general business, economic, competitive, political and social uncertainties. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, Hunter does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Trading in the securities of Hunter should be considered highly speculative. There can be no assurance that Hunter will be able to achieve all or any of its proposed objectives. As at the date hereof, Hunter has not signed any formal contracts to provide the OilExchange service to Users and there is no certainty that Hunter will enter into formal contracts with Users. Please review Hunter’s SEDAR filings including its management discussion and analysis available under the Company's profile at www.sedar.com for a more fulsome discussion of risk factors affecting Hunter.
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