The Perth-based company, which listed on the Australian bourse last September, owns the intellectual proprietary to locally designed technology known as core barrel capacity gauge or core level indicator (CLI).

It claims the technology is set to globally challenge the oil and gas sector’s traditional core drilling techniques, as it enhances the accuracy of taking core samples during drilling and development of oil and gas wells.

Yesterday, Coretrack announced it had finished constructing and bench testing the fully functional titanium CLI, which it described as a major component of the technology.

“As a direct consequence of this development, the company is currently liaising with a number of industry participants to identify a suitable well to conduct a field test for its product,” Coretrack said.

“A successful field test will validate the capability of the CLI to provide a positive and explicit measurement of the acquisition of a core sample during a coring operation.”

In addition, the company said it would continue to develop the CLI-related telemetry systems.

More than $650 million per annum is outlaid by the global oil and gas sector to obtain core samples in order to carry out reserve and production estimates.

Coretrack plans to specifically target the coring services sector of the oil and gas sector, both onshore and offshore, domestically and internationally.