Ocean Power Technologies, Inc. (NASDAQ:OPTT) Q1 2020 Earnings Conference Call Transcript

Sep 18, 2019 • 11:00 am ET

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Ocean Power Technologies, Inc. (NASDAQ:OPTT) Q1 2020 Earnings Conference Call Transcript

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Q & A
Operator
Operator

Thank you. [Operator Instructions] Thank you. Our first question today is coming from Viktor Pugachev [Phonetic] of E&P Transport. Please go ahead.

Analyst
Viktor Pugachev

Thank you and congratulations on the success that you've been doing with the company so far, which also begs the question. How do you expect the successful impact on the current stock market? Thank you.

Executive
George H. Kirby

Viktor, thanks for the question and thank you for your congratulations. Although, everybody sitting around this table is immensely dissatisfied with our progress. So we are expecting great things to come. I really can't speak about how it affects the stock price. We have a very diverse investor base and it's difficult to predict, sometimes it's difficult to watch. All that we continue to do is remain laser focused on closing orders. And as I mentioned, we're hiring up great sales people, people with oil and gas experience, people with defense experience. We just hired a person in Aberdeen, Scotland, to augment our North Sea operations. That seems like the epicenter of where the commercial activities are really coming from with the Gulf of Mexico, seeming to follow close behind here soon we hope. So we have a great person with oil and gas experience now in Aberdeen. That makes three people in that area in order to address customer requests and request for information and proposals and so forth. So that's where we're focused on, really can't speak to the stock price.

Operator
Operator

Thank you. Would you like me to move on to the next question?

Executive
George H. Kirby

Yes, please.

Operator
Operator

Thank you. Our the next question is coming from Peter Ruggiere of Dawson James. Please go ahead.

Analyst
Peter Ruggiere

A couple of questions on the Huntington site or oilfield?

Executive
George H. Kirby

Hey Peter Yeah. Yep.

Analyst
Peter Ruggiere

How many wells are there? I looked at it, it was actually -- there is a lot, I suppose question why they would only use one PowerBuoy, why wouldn't you need five or six?

Executive
George H. Kirby

Well, that's a good question. Huntington field has multiple wells, but right now, Premier Oil asked us to provide topside surveillance, which is above the sea surface. We have our -- first of all, let me describe what's going on there. I'm looking at the seas right now on an app on my phone, and it's showing seven-foot seas. When we see an average of seven feet, what it really means is they're seeing seven to 14 feet. And we're -- we continue to operate in this type of weather. So it's remote, it's overlooking a platform, which is a few miles away. And the idea is that our PowerBuoy has radar, it has thermal imaging cameras and it creates this, what's called augmented reality in the industry through a system back to Premier Oil's headquarters that they're actually watching the site. They can see radar images, they can turn on the camera, they can manipulate the camera. So they're surveilling topside. Next step would be to look at subsea and monitoring wells. We provide a lot of this out on