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