(Sharecast News) - Quadrise Fuels has signed a memorandum of understanding with Merlin Energy Resources, an upstream oil and gas consultancy specialising in geological and geophysical exploration and production-related services, it announced on Wednesday.
The AIM-traded firm said that under the non-binding memorandum, Quadrise and Merlin would work together to combine their respective expertise to jointly evaluate, develop and seek to promote upstream heavy oil projects, with the intention of securing one or more definitive commercial agreements relating to the application of 'MSAR' technology and Merlin's services, and potential equity ownership by both companies in heavy oil assets.
Under the memorandum of understanding, the parties intended to cooperate on an exclusive basis for the two-year term, in relation to target countries and selected counterparties to be agreed between the parties, with a view to initiating at least one MSAR project during 2019.
"By combining Merlin's strategic and subsurface knowledge with Quadrise's MSAR technology, we believe that there is the potential to yield a step change in applied heavy oil production," said Andrew Sims, a director at Merlin.
"The delivery of efficient, more environmentally sustainable production and cleaner product is an important step forward for global energy production.
"We are therefore delighted to have the opportunity to collaborate with Quadrise noting the signing of the memorandum of understanding as a key step in our journey together."
Mike Kirk, executive chairman of Quadrise Fuels, said the company was "delighted" to sign the memorandum of understanding with Merlin, which he said had 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."
13 Mar 2023 12:24
IN BRIEF: Quadrise Fuels International announces new name
Quadrise Fuels International PLC - London-based innovator and licensor of residual oil technology, producing a synthetic heavy fuel oil called MSAR - ...