Recon Technology, Ltd (NASDAQ: RCON) Shed 51.02% Inspite of Witnessing Massive Success In The Ultra-Deep Submersible Progressing Cavity Pump Business

Recon Technology, Ltd (NASDAQ: RCON) is quite pleased about its service advancements coupled with a series of business deals that it continues closing with some leading partners. One such partner is the North China Branch belonging to North China E&P Company. Recon Technology closes the deal through one of its subsidiaries known as Beijing BHD Petroleum Technology Limited. The business guru seems pleased about the two deals it has walked into and anticipates garnering about $5 million of income.

The company achieves impressive breakthroughs

A section of the company officials finds the latest developments rather desirable, outlining that the increased breakthroughs tell a lot about a blissful financial future ahead. One of the big names speaking about the matter was the company’s founder and CTO, Mr. Guangqiang Chen. He recalls how the company signed a deal with the North China Branch. It was a short while after the move that the company disclosed that it had completed its initial trial. 

Chen goes further to speak out about the other major business developments that have followed since then. One of the major developments he speaks about is the company’s successful entry into progressive contracts with the North China Branch. The leader expresses excitement, outlining that signing the deal for three gas wells was a defining moment for the company’s successful future.

Company eyeing more wells in future

Mr. Chen speaks out about some ongoing plans to engage the North China Branch in talks that might give them a breakthrough to drill 15 more wells. The official applauds the company’s AI-based technology’s role in getting them where they stand currently and speaks rather warmly about their upgraded downhole gas-liquid separation metering technology.

Mr. Chen says that the upgrading exercise was quite elaborate, involving top-notch equipment such as the downhole multi-parameter sensing devices and ultra-deep screw pump from some of the leading companies.

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