The term of the agreement is six months, from August 15. Under the agreement, DBS will actively support Coretrack in the further field testing and marketing of the Core Level Indicator (CLI) recorder unit with DBS customers internationally.

CLI is designed to give drilling rig operators more accurate and timely information about core retrievals, and positive and explicit measurement of core sample acquisition during the coring process.

The agreement also provides for Coretrack and DBS to work closely together on several commercial matters and discuss potential opportunities beyond the initial six months term.

Marketing assistance and logistical support, DBS will provide Coretrack with an advance payment to be used for the continued development of the core barrel telemetry and surface telemetry interface.

Details of the advance payment are commercially confidential.

Under the agreement, all CLI-related revenues received by DBS from its third-party customers will be passed on in full to Coretrack.