(Alliance News) - Quadrise Fuels International PLC on Tuesday said it has entered a commercial trial agreement with Valkor Technologies LLC and TomCo Energy PLC's joint venture Greenfield Energy LLC for its MSAR fuel.
Quadrise shares were up 37% at 2.95 pence each late Tuesday morning in London. TomCo shares were up 19% at 0.96p.
Quadrise Fuels is a London-based manufacturer of emulsion fuel for use in power generation, industrial and marine diesel engines, and steam generation applications.
The agreement will include two phases, of which the first will see a commercial trial of MSAR technology, which is a low viscosity oil-in-water emulsified synthetic, at the Petroteq oil sands plant in the US state of Utah.
The second phase will see the development of commercial MSAR plants of up to 10,000 barrels oil per day at the Utah facilities owned or operated by Greenfield.
Phase one is worth USD150,000 to Quadrise and comprises of the proof of concept formulation and test work as well as a loan of Quadrise's MSAR commercial production equipment, test equipment and supply of MSAR additives.
Quadrise Chair Mike Kirk said: "We are delighted to have concluded the MSAR commercial trial agreement with Greenfield. We are looking forward to being able to take our technology to site and demonstrate its effectiveness in enhancing the value of the sweet heavy or paraffinic oil deposits in Utah.
We will also be providing our expertise to the Greenfield team from joint-venture partners Valkor and Tomco to assist with the subsequent commercial development of the facilities there."
By Greg Roxburgh; gregroxburgh@alliancenews.com
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