Acceleware Provides RF XL Pilot Update

CALGARY, Alberta, March 07, 2024(GLOBE NEWSWIRE)– Acceleware Ltd.(“Acceleware”or the “Company”)(TSX-V: AXE ), a leading innovator of transformative innovations targeting the decarbonization of commercial heating, offers an upgrade concerning its commercial-scale RF XL pilot job at Marwayne, Alberta(the” Pilot”).

Formerly revealed in the 3rd quarter 2023 monetary and operating outcomes on November 23, 2023, Acceleware experienced subsurface obstacles in redeploying updated parts throughout the RF XL heating well workover at the Pilot. As an outcome, Acceleware stopped briefly the workover to examine Pilot efficiency information, continue evaluation of the heating well, and to even more think about services to the obstacles come across in the workover program. In assessment with market partners, alternatives to resume screening were established, gone over, and completed. It was identified that the most useful course forward includes a redeployment of all subsurface parts including the numerous enhancements and upgrades that Acceleware has actually made to the RF XL downhole system. Acceleware is actively sourcing an extra $5 countless moneying to finish the redeployment. The redeployment is anticipated to make it possible for greater power to be injected into the tank for a continual duration in a 2nd stage of heating.

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The Pilot efficiency information verifies the effective operation of the Clean Tech Inverter (“CTI”), which is the radio frequency (“RF”) ‘engine’ vital to Pilot success. A main goal of the Pilot was to show the operation of the CTI and its efficiency in transferring temperature level downhole to increase oil production. Other substantial turning points attained consist of:

• Acceleware drilled and finished the very first of its kind multilateral heating well and associated production well in a formerly produced heavy oil tank.
• The RF XL system (consisting of the CTI) showed unmatched efficiency with the longest constant run (142 days) and greatest power (as much as 250 kW) of any RF heater.
• Optimum style current was sent from the CTI, through the exclusive transmission line, and radiated to the tank.
• Increased tank temperature level and oil production were observed in the Pilot.
• The temperature level profile and oil production boost matched simulated forecasts offered the levels of power radiated.

In addition, important elements of the exclusive RF XL subsurface innovation worked as developed and anticipated.

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The workover was carried out to deal with a dispersed temperature level noticing system (“DTS”) failure, throughout which time the engineering group seized the day to take a look at downhole parts. As the workover advanced, a concern was found with the downhole RF XL system arising from water ingress into the RF transmission line throughout release and operation of the Pilot. Some wetness had actually been expected and was at first dealt with by means of the Pilot’s nitrogen purge and pressurization system which is developed to get rid of and avoid the return of fluids. Additional analysis following the workover recommends that this system was unable to handle the wetness levels came across, leading to destruction of some exclusive downhole parts. For clearness, the wetness ingress concern related to tubing connections, not to core RF XL innovation nor RF XL electronic devices. Acceleware has actually recreated the issue in laboratory tests and has actually created and checked an option. The damage is thought to be the main obstacle to Acceleware’s capability to attain complete power in the very first stage of heating at the Pilot. As pointed out on November 22, 2023, Acceleware prepared to establish a number of options to this difficulty and continue with the choice with the greatest possibility of success and the most affordable threat. The Acceleware group, in assessment with market partners, has actually established what is thought to be a long-term, resistant service for the problem.

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Acceleware now prepares to continue a 2nd stage of heating after a substantial subsurface upgrade strategy to resolve the wetness ingress concern. Subsurface parts not gotten rid of throughout the workover will be eliminated, reconditioned, or updated, and after that redeployed together with the elements currently updated throughout the initial workover program. This strategy was established in assessment with market partners and company and amongst the options taken a look at, it is anticipated to have the greatest possibility of attaining greater power injected into the tank for a continual duration. An extra $5 countless financing is needed to finish the redeployment, and Acceleware is actively working to raise these funds. The last timing and expense of the redeployment and subsequent heating stays depending on funding, partner financial investment, and the effective implementation of repair work and elements. Extra dangers consist of the accessibility of service rigs, weather at website, supply chain dependability, and product shipment timing. Upgrades have actually been particularly created to get rid of the wetness ingress concern. In addition, steps will be required to include strength to the system to make sure long-lasting operation if wetness does return. Upgrades will likewise be made to enhance success of the CTI function, consisting of supplying more precise tracking of broadband voltage, present and power.

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“With the depth and level of the analysis, style work, and laboratory screening that we have actually done because the workover was stopped briefly, the Acceleware group feels highly that the next model of RF XL subsurface structure addresses all recognized problems experienced in the very first stage of the Pilot,” stated Geoff Clark, Chief Executive Officer of Acceleware. “We’re exceptionally delighted that the clean-tech inverter went beyond expectations prior to the Pilot workover which information continues to reveal that RF XL can warm the tank and enhance oil production. Acceleware is going to continue to pursue opportunities of market and other financial backing to see the pilot through to commercialization. At this time, the job will be on time out up until we protect the financial backing needed for the upgrades and updates to the innovation.”

RF XL is anticipated to be a transformative decarbonization innovation for heavy oil or oil sands production. Not just can it get rid of direct GHG emissions from production, suggesting it needs no carbon capture, however it would likewise get rid of the requirement for fresh water and substantially minimize land footprint. RF XL is likewise anticipated to decrease capital expenses by 50 percent and functional expenses by 40 percent, offering the capacity for this decarbonization innovation to play a crucial function in the energy shift.

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RF XL is the very first of a number of electrification of commercial heating applications that Acceleware is advertising with CTI, consisting of electro-magnetic heating for mining

E-house at Acceleware’s RF XL Commercial-Scale Pilot Test at Marwayne, AB. July 2023

About Acceleware

Acceleware is an innovator of clean-tech decarbonization innovations consisted of 2 company systems: Radio Frequency Heating Technology and Seismic Imaging Software.

Acceleware is piloting RF XL, its trademarked low-cost, low-carbon production innovation for heavy oil and oil sands that is materially various from any heavy oil healing strategy utilized today. Acceleware’s vision is that electrification of heavy oil and oil sands production can be enabled through RF XL, supporting a shift to much cleaner energy production that can rapidly flex the emissions curve downward. With tidy electrical energy, Acceleware’s RF XL innovation might get rid of greenhouse gas (GHG) emissions related to heavy oil and oil sands production. RF XL utilizes no water, needs no solvent, has a little physical footprint, can be redeployed from website to website, and can be used to a wide range of tank types. Acceleware is likewise actively establishing collaborations for RF heating of other commercial applications utilizing the Company’s exclusive CTI.

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Acceleware and Saa Dene Group (co-founded by Jim Boucher) have actually produced Acceleware|Kisâstwêw to raise the profile, adoption, and worth of Acceleware innovations. The shared vision of the collaboration is to enhance the ecological and financial efficiency of the energy sector by supporting perfects that are very important to Indigenous individuals, consisting of regard for land, water, and tidy air.

The Company’s seismic imaging software application services are modern for high fidelity imaging, supplying the most precise and sophisticated imaging readily available for oil expedition in complicated geologies. Acceleware is a public business noted on Canada’s TSX Venture Exchange under the trading sign “AXE”.

Disclaimers

This press release consists of “positive info” and “positive declarations” (jointly, “positive declarations”) within the significance of the relevant Canadian securities legislation. All declarations, besides declarations of historic truth, are positive declarations and are based upon expectations, price quotes and forecasts as at the date of this release. Any declaration that includes conversations with regard to forecasts, expectations, beliefs, strategies, forecasts, goals, presumptions, future occasions or efficiency (frequently however not constantly utilizing expressions such as “anticipates”, “prepares for”, “strategies”, “continues”, “budget plan”, “set up”, “projections”, “price quotes”, “thinks” or “plans” or variations or negatives of such words and expressions or specifying that specific actions, occasions or outcomes “might” or “might”, “would”, “may”, “will” or “will” be required to take place or be accomplished) are not declarations of historic reality and might be positive declarations.

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In this press release, positive declarations associate with, to name a few things, declarations associating with the advantages of RF XL, future operation of the Pilot, potential efficiency of the Company, the status and improvement upgrades and repair work, the awaited advancement, application and market capacity of CTI, and the anticipated expense, and timing of the broadened upgrade program. Different presumptions or aspects are usually used in reasoning or making the projections or forecasts set out in positive details. Those presumptions and elements are based upon info presently offered to the Company. The product truths and presumptions consist of failure analysis carried out to date is precise, expense price quotes are precise, which conclusions originated from speculative information are precise. Real outcomes might differ from the positive info in this press release due to particular product threat elements. The Company warns the reader that the above list of danger aspects is not extensive and extra threat aspects danger aspects are explained in information in Acceleware’s constant disclosure files, which are submitted on SEDAR at www.sedar.com. The positive info included in this release is made since the date hereof and the Company is not bound to upgrade or modify any positive details, whether as an outcome of brand-new details, future occasions or otherwise, other than as needed by relevant securities laws. Due to the dangers, unpredictabilities and presumptions included herein, financiers need to not position excessive dependence on positive details. The foregoing declarations specifically certify any positive details included herein.

Neither the TSXV nor its Regulation Services Provider (as that term is specified in the policies of the TSXV) accepts duty for the adequacy or precision of this release.

For additional details:

Geoff Clark, CEO

Tel: +1 (403) 249-9099

geoff.clark@acceleware.com

An image accompanying this statement is offered at https://www.globenewswire.com/NewsRoom/AttachmentNg/49798b2c-bb0f-4898-a6c4-283210fdeb28

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