LONDON (Alliance News) - Highlands Natural Resources PLC on Friday said it has signed indicative terms on a licence agreement with a unit of US oil services company Schlumberger Ltd.
The deal with Schlumberger Technology Corp relates to Diversion Technologies LLC's DT Ultravert re-fracking technology. Highlands currently owns a 75% stake in Diversion's patent application for the technology.
Under the terms of the agreement, Schlumberger will evaluate the DT Ultravert technology by assessing the data it collects from five field trials to be taken over the course of a year.
No financial details on the agreement were disclosed.
"Highlands will continue to work closely with Schlumberger and the engineers and geologists on our advisory board to perfect the DT Ultravert technology by designing fracs in several basins throughout the world. Trials will be undertaken to demonstrate its effectiveness, which will provide us with valuable data regarding its application," said Highlands Chief Executive Robert Price.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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