SciDev's Strategic Review Reboots Its Shale and PFAS Ambitions

Fund managers say a clearer platform for growth is emerging after a rough energy services patch forced a rethink of the business

30 Jun 2026 · 4 min read

A small Australian chemicals company with outsized ambitions in US shale oil and PFAS remediation, Scidev built a fast-growing niche business before a rough patch in its energy division forced a strategic review that fund managers say has now put the company back on firmer footing.

CatCheck's foothold in the Eagle Ford Shale

Tyndall Asset Management's portfolio manager James Nguyen visited SciDev's US customer well sites in the Eagle Ford Shale in September 2025, coming away with conviction in the company's CatCheck product line, a chemistry that reduces friction in the fracking extraction process. The benefits, Tyndall reported, were substantial: studies showed 42 per cent more barrels of oil equivalent extracted in the first 12 months of use, longer well life, and lower water usage. CatCheck delivered 46 per cent revenue growth in FY25, even against a flat US shale market, winning around 8 per cent market share in the Eagle Ford area.

The reduced friction and efficiency means: (1) more oil can be extracted, studies have shown 42% more barrels of oil equivalent in the first 12 months of usage; (2) the life of the oil well lasts longer; and (3) lower water usage which reduces the well's environmental impact by allowing the well to produce more oil with less water.

— Tyndall Asset Management, Monthly Report, October 2025

A much larger opportunity in PFAS remediation

Tyndall's November 2025 commentary went further, arguing the real excitement was SciDev's PFAS water treatment business rather than CatCheck alone. With the US PFAS remediation market estimated at $300 billion to $400 billion, and SciDev having already treated two billion litres of drinking water in Australia and just won its first US contract to treat three contaminated defence sites, Tyndall described the company, at an $80 million market cap trading on six times EBITDA for its core business, as a potential ten-bagger if it could execute on the PFAS opportunity. That November, SciDev also won a contract with McMahon Services for a water treatment plant managing water impacted by legacy uranium mining.

A sharp setback in early 2026

The energy services side of the business deteriorated through the first half of 2026. Perennial Partners noted shares fell 35.1 per cent in February on a disappointing energy services result, even as water technologies continued to progress, with cost cuts of up to $3 million annualised then being actioned. By April, Perennial reported continued revenue weakness in the US energy business and a delay to a large Australian water project, arguing the energy weakness should trigger a strategic review of the assets and greater focus on the more prospective water business. Ryder Capital exited its position that same month on weakened conviction.

SciDev (+55.9%) rallied strongly during June following a well-received investor update, where management outlined the outcomes of its strategic review and a clearer platform for growth. The update focused on improved execution discipline, sharper capital allocation, improved cost structures and a renewed focus on core markets where SciDev has a stronger right to win.

— Perennial Partners, Monthly Report, June 2026

A strategic review restores some confidence

That reset arrived in June 2026, when Perennial Partners reported shares rallied 55.9 per cent following a well-received investor update outlining the outcomes of the strategic review, alongside a new $6 million three-year chemistry contract with Newmont's Boddington Gold Operations that Perennial said validated SciDev's process chemistry capability and supported a more stable recurring revenue base going forward.