LONDON (Alliance News) - Quadrise Fuels International PLC Monday said it has signed a feasibility study contract with an unnamed "major global corporation" that will lead to the testing of extra-heavy hydrocarbon residues at the company's research facility.
The unnamed company is developing research into proprietary upgrading technologies for the upstream oil sector jointly with a reputable national oil and gas corporation, said Quadrise.
Quadrise is focused on developing and supplying MSAR, a low cost alternative to heavy fuel oil in the shipping, oil refining and power generation markets.
Under the contract, extra-heavy hydrocarbon residues will be tested at Quadrise's research facility with a "defined timetable" during the first half of 2016, it said.
"The scope of the study is to establish the feasibility of using MSAR technology with this proprietary grade of oil residue for the manufacture of stable economic emulsion fuel, with potential applications at the oil-field for steam-raising and power production," said Quadrise.
The value of the contract is expected to be up to GBP100,000, which is "entirely payable" by the unnamed client.
Quadrise shares were trading down 3.5% to 13.75 pence per share on Monday afternoon.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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