Hydrocarbon Dynamics Limited (ASX:HCD) develops and markets specialist oil and gas production chemicals through its proprietary PhaseShift technology platform, which utilizes carbon-based molecules to interrupt Van der Waals forces, reliquefying paraffin, asphaltenes, emulsions, and resins in crude oil for enhanced mobility in production, transmission, and storage; key products include HCD Multi-Flow for addressing flow assurance challenges in upstream, midstream, and downstream operations across conventional and unconventional fields, including heavy oil SAGD and mining. The company, founded in 2005 and headquartered in Melbourne, Australia, operates globally from offices in Malaysia, the United States, and Sydney, serving oil and gas operators in Australia, North America, the Middle East, Asia, the United Kingdom, and Africa with direct sales and approved local providers supported by technical field and laboratory teams. Formerly known as Indago Energy Limited until around 2020 and Pryme Energy Ltd prior, it listed on the ASX in 2006 and recently completed non-renounceable entitlement offers in 2024 and January 2025 to fund marketing of HCD Multi-Flow and energy sector opportunities, alongside securing repeat orders, new trials in Indonesia, a change of auditor in November 2025, and director share issuances via rights issues.