Quadrise Fuels International PLC MOU with Merlin Energy Resources Ltd (9377I)
August 14 2019 - 2:00AM
UK Regulatory
TIDMQFI
RNS Number : 9377I
Quadrise Fuels International PLC
14 August 2019
14 August 2019
Quadrise Fuels International plc
("Quadrise", "QFI" or the "Company")
Memorandum of Understanding with Merlin Energy Resources Ltd
Quadrise is pleased to announce that it has signed a Memorandum
of Understanding ("MOU") with Merlin Energy Resources Limited
("Merlin"), an upstream oil and gas consultancy specialising in
geological & geophysical Exploration and Production ("E&P")
related services, through all phases of the E&P lifecycle, from
exploration/appraisal and development through to
commercialisation.
Under the non-binding MOU, Quadrise and Merlin will 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(R) technology and Merlin's
services and potential equity ownership by both companies in heavy
oil assets.
Under the MOU the parties intend to co-operate on an exclusive
basis for the MOU's 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(R) Project during 2019.
Commenting on this agreement Andrew Sims, Director of Merlin,
said:
"By combining Merlin's strategic and subsurface knowledge with
Quadrise's MSAR(R) technology, we believe that there is the
potential to yield a step change in applied heavy oil production.
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
MOU as a key step in our journey together."
Commenting on this agreement Mike Kirk, Executive Chairman of
QFI, said:
"We are delighted to sign this MOU with Merlin, who have 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(R) technology to certain heavy oil assets and
unlocking underlying value through cost-effective solutions."
For further information, please refer to the Company's website
at www.quadrisefuels.com, or contact ir@quadrisefuels.com or
phone:
Quadrise Fuels International Plc
Mike Kirk, Executive Chairman +44 (0)20 7031 7321
Jason Miles, Chief Operating Officer
Nominated Adviser
Cenkos Securities plc
Dr Azhic Basirov +44 (0)20 7397 8900
Ben Jeynes
Katy Birkin
Joint Brokers
Peel Hunt LLP
Richard Crichton +44 (0)20 7418 8900
Ross Allister
Shore Capital Stockbrokers Limited
Daniel Harris
Andy Crossley +44 (0)20 7601 6108
Public & Investor Relations
FTI Consulting
Ben Brewerton +44 (0)20 3727 1000
Sara Powell
Notes to Editors
QFI is the supplier of MSAR(R) emulsion technology and fuels, a
low-cost alternative to heavy fuel oil (one of the world's largest
fuel markets, comprising over 450 million tons per annum) in the
global power generation, shipping, steam and refining
industries.
This announcement is inside information for the purposes of
Article 7 of EU Regulations
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END
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