ZEiTECS Completes First Commercial Rigless Retrieval of Cable Deployed ESP in West Texas

HOUSTON, TX--(Marketwired - Jun 24, 2014) - ZEiTECS announces the world's first rigless installation and retrieval of the NAUTILUS ESP, a cable-deployed electric submersible pump system (ESP), in a customer well in West Texas. The system was deployed on December 19, 2013 and ran for 139 days until planned shutdown on May 7, 2014 and then was retrieved successfully on May 9, 2014. The ESP was retrieved using ZEiTECS' unique Launch and Recovery System (LARS). LARS is a compact, rigless injector-based system that completely eliminates the need for a rig or heavy coiled tubing unit to replace failed ESPs.

Greg Schneider, President and Chief Executive Officer of ZEiTECS, stated, "We are delighted with the success of our first commercial rigless deployment and retrieval of the NAUTILUS ESP and look forward to future installations in both onshore and offshore wells. Any operator utilizing our alternatively deployed ESP systems will continue to experience decreased costs, reduction in production downtime and elimination of HS&E exposure associated with heavy workover rigs."

The NAUTILUS ESP system was deployed on a high-strength DC coaxial cable and converts DC power to AC power downhole to drive any standard inverted ESP. The system was set at 2600 ft. and retrieved in only 40 minutes using the LARS, at an average rate of 65 ft. per minute.

The rigless ESP operation was completed using a 400 series Baker Hughes inverted ESP deployed inside 5.5" tubing, producing 900 barrels of fluid per day. The NAUTILUS ESP system can be used as a permanent production system, as well as a temporary well intervention system for well testing and well clean-up purposes.

A paper about the NAUTILUS ESP and LARS system, co-authored by ZEiTECS and Chevron Corporation, was presented at the SPE European Artificial Lift Conference in Aberdeen, Scotland on June 18, 2014. Those interested in further details regarding this operation are encouraged to review the public paper available from the Society of Petroleum Engineers website, www.spe.org.

About ZEiTECS
ZEiTECS is an alternative ESP deployment technology company established to help operators maximize the value of their artificial lift systems. Since 2007, ZEiTECS has developed technologies to increase hydrocarbon recovery, optimize production and lower operating cost throughout field life. ZEiTECS NAUTILUS technology enables this through the rigless deployment and retrieval of conventional electric submersible pump systems through production tubing on a high-strength DC coaxial cable. For more information, please visit www.zeitecs.com .