(Alliance News) - Quadrise Fuels International PLC said Wednesday it has signed a memorandum of understanding with upstream oil & gas consultancy Merlin Energy Resources Ltd.
Under the non-binding memorandum, Quadrise and Merlin will jointly evaluate, develop and promote upstream heavy oil projects with the objective to secure a commercial agreement for Quadrise to apply its MSAR technology and Merlin's services.
Both companies are expected to work together on an exclusive basis for the memorandum's two-year term, with the expectation of initiating at least one MSAR project in 2019.
"We are delighted to sign this MOU with Merlin, who have a wealth of experience and expertise in the upstream sector. We look forward to jointly working with them on selected upstream heavy oil projects, where we both believe there is significant potential in deploying MSAR technology to certain heavy oil assets and unlocking underlying value through cost-effective solutions," said Executive Chair Mike Kirk.
Shares in Quadrise, which develops MSAR as a low-cost alternative to heavy fuel oil, were down 0.7% at 4.52 pence on Wednesday.
