Premier Oilfield Laboratories Announces Acquisition of COREX UK Ltd

HOUSTON, TX – Premier Oilfield Laboratories, LLC (POL) announced today that it has acquired COREX UK Ltd. (COREX).  Established over 40 years ago, COREX is an international provider of analytical services for the oil and gas industry, helping to improve hydrocarbon recovery while mitigating risk for E&P operators. COREX delivers core analysis, formation damage, PVT, geological services, and EOR studies and operates out of major facilities in Europe and the Middle East.  Markets served include conventional oil and gas reservoirs throughout Europe, Africa, the Middle East, Far East and Australia.

COREX's state of the art Aberdeen laboratory (and corporate headquarters) is equipped with the most advanced formation damage and core analysis equipment in the industry. COREX has built its business, and established its reputation, by focusing on innovation, excellent customer service and the development of key intellectual property, which is fundamental to COREX's continued growth and success. Earlier this year, COREX received a leading UK award for innovation and was ranked first among oil and gas sector companies in the UK's Intellectual Property ("IP") League Table, IP100.

COREX CEO, Steve Anthony said, “COREX and our clients have always been keen for us to bring our formation damage and EOR laboratory testing services to North America and the acquisition by Premier will allow us to establish these key services quickly while integrating with a great technical team at Premier. Additionally, both companies will benefit from Premier's experience in the unconventional laboratory testing market which is rapidly expanding in COREX's major geographies.”

POL will contribute industry leading competency to the combined company through high-resolution reservoir characterization and completion optimization for unconventional reservoirs.  POL is working with customers in the unconventional plays throughout the United States and will now be able to deliver this expertise to the international market.

POL CEO Steve Cobb stated, “The COREX acquisition enables us to globalize our customer base with expanded international territories, products and services. COREX has a long tradition of providing quality laboratory testing in conventional reservoirs and POL's enhanced workflows ranging from single well to field developments will give COREX the ability to offer a more comprehensive solution worldwide.”

In addition, Premier and COREX will develop joint research studies and build consortia to further characterize reservoirs and improve our clients' ROI. There are immediate applications for COREX to strengthen Premier's West Texas and Oklahoma repurposed water consortia, including better understanding the potentially negative impacts of re-injecting produced fluids into formations and reducing reservoir permeability.

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AcquisitionBusinessOil and GasBuy OutHoustonAberdeenUnited States

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