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Quadrise Fuels International PLC

Quadrise inks cooperation agreement with upstream oil & gas consultancy Merlin Energy

The two firms will evaluate projects with the aim of securing commercial agreements for Quadrise's MSAR technology and Merlin’s consultancy services

Quadrise Fuels International PLC - Quadrise inks cooperation agreement with upstream oil & gas consultancy Merlin
Under the agreement the firms are aiming to start at least one MSAR project during 2019

Quadrise Fuels International PLC (LON:QFI) has signed a cooperation deal with oil & gas consultancy Merlin Energy Resources Limited to promote upstream heavy oil projects.

AIM-listed Quadrise, which develops the synthetic fuel oil MSAR, said that under the non-binding Memorandum of Understanding (MOU) it would work with Merlin to evaluate projects with the aim of securing commercial agreements for MSAR technology and Merlin’s consultancy services as well as potential joint ownership of heavy oil assets.

READ: Quadrise Fuels fired up as it inks agreement with European oil refiner

The two firms intend to co-operate on an exclusive basis for two years with the view to starting at least one MSAR project during 2019.

Mike Kirk, executive chairman of Quadrise, said the two companies believed there was “significant potential” for deploying MSAR technology to certain heavy fuel assets, which would “unlock underlying value through cost-effective solutions”.

Andrew Sims, Merlin’s director, added that combining the consultancy’s “strategic and subsurface knowledge” with the MSAR technology could yield a “step change in applied heavy oil production”.

Quick facts: Quadrise Fuels International PLC

Price: £0.05

Market: LSE
Market Cap: £48.35 m
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