No rights granted for MSAR in Utah, says Quadrise

Quadrise Fuels International refuted an announcement from TomCo Energy on Wednesday, after the latter referred to the right to an exclusive licence for the use of Quadrise's ‘MSAR’ technology in Utah.

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The AIM-traded firm confirmed it had been working with TomCo’s joint venture partner Valkor Technologies under a memorandum of understanding, to investigate the potential deployment of MSAR technology on sweet heavy and paraffinic oil deposits in the state.

It said its evaluations with Valkor there were progressing, and that both parties still believed the use of MSAR technology could add “significant” value to the development of sweet heavy oil deposits in Utah.

The Company welcomes additional discussions in this regard which, if concluded successfully, could lead to the granting of a conditional licence on commercial terms to Valkor.

“However, at this stage, no licences or rights to licences for the use of MSAR technology have been granted to Valkor for hydrocarbons produced from oil sands in Utah, or for any other purpose, and Quadrise has not had any direct discussion with TomCo or any of Valkor's partners in Utah to date,” the board said in its statement.

At 1627 BST, shares in Quadrise Fuels International were up 16.36% at 1.6p.