LONDON: Quadrise Fuels International has signed a Memorandum of Understanding (MOU) with Merlin Energy Resources Limited to promote upstream heavy oil projects, a release issued to London Stock Exchange noted.

Merlin Energy is 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® 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® 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® 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® technology to certain heavy oil assets and unlocking underlying value through cost-effective solutions.”