Recon Technology, Ltd Awarded a RMB6.1 Million Contract for Ground Control Project in Deep Shale Gas Field

Rhea-AI Summary

Recon Technology 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 in Chongqing City, China. The project focuses on the autonomous monitoring and control system for the deep shale gas field, solidifying Recon's position as a key player in the oil and gas industry.

Positive

• Recon Technology awarded a contract worth USD 1.0 million for the Ground Control Project in the Deep Shale Gas Field in China.
• The project will enhance operational efficiency and safety in the oil and gas sector.
• Recon's expertise and experience will contribute to the success of the project and strengthen their position in the industry.

Negative

• None.

BEIJING, June 7, 2023 /PRNewswire/ -- 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.

About Recon Technology, Ltd ("RCON")

Recon Technology, Ltd (NASDAQ: RCON) is the People's Republic of China's first NASDAQ-listed non-state owned oil and gas field service company. Recon supplies China's largest oil exploration companies, Sinopec (NYSE: SNP) and The China National Petroleum Corporation ("CNPC"), with advanced automated technologies, efficient gathering and transportation equipment and reservoir stimulation measure for increasing petroleum extraction levels, reducing impurities and lowering production costs. Through the years, RCON has taken leading positions within several segmented markets of the oil and gas filed service industry. RCON also has developed stable long-term cooperation relationship with its major clients. For additional information please visit: http://www.recon.cn/. Nanjing Recon is a variable interest entity of Recon Hengda Technology (Beijing) Co., Ltd., a mainland China subsidiary of Recon. 

Forward-Looking Statements

Recon includes "forward-looking statements" within the meaning of the federal securities laws throughout this press release. A reader can identify forward-looking statements because they are not limited to historical fact or they use words such as "scheduled," "may," "will," "could," "should," "would," "expect," "believe," "anticipate," "project," "plan," "estimate," "forecast," "goal," "objective," "committed," "intend," "continue," or "will likely result," and similar expressions that concern Recon's strategy, plans, intentions or beliefs about future occurrences or results. Forward-looking statements are subject to risks, uncertainties and other factors that may change at any time and may cause actual results to differ materially from those that Recon expected. Many of these statements are derived from Recon's operating budgets and forecasts, which are based on many detailed assumptions that Recon believes are reasonable, or are based on various assumptions about certain plans, activities or events which we expect will or may occur in the future. However, it is very difficult to predict the effect of known factors, and Recon cannot anticipate all factors that could affect actual results that may be important to an investor. All forward-looking information should be evaluated in the context of these risks, uncertainties and other factors, including those factors disclosed under "Risk Factors" in Recon's most recent Annual Report on Form 20-F and any subsequent half-year financial filings on Form 6-K filed with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by the cautionary statements that Recon makes from time to time in its SEC filings and public communications. Recon cannot assure the reader that it will realize the results or developments Recon anticipates, or, even if substantially realized, that they will result in the consequences or affect Recon or its operations in the way Recon expects. Forward-looking statements speak only as of the date made. Recon undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law. As a result of these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements included herein or that may be made elsewhere from time to time by, or on behalf of, Recon.

For further information, please contact:

Recon Technology, Ltd
Ms. Liu Jia
Chief Financial Officer
Phone: +86 (10) 8494-5799
Email: liujia@recon.cn 

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SOURCE Recon Technology, Ltd

FAQ

What is the value of the contract awarded to Recon Technology?

The contract is worth RMB 6,104,000 (or USD 1.0 million).

What is the focus of the Ground Control Project?

The project focuses on the autonomous monitoring and control system for the deep shale gas field.

Where is the project located?

The project is located in Chongqing City, China.

What is Recon Technology's position in the oil and gas industry?

Recon Technology is a key player in providing innovative solutions to the oil and gas industry in China.