Quadrise Fuels International PLC (LON:QFI) has clarified a report by TomCo Energy PLC (LON:TOM) about an exclusive licence for the use of MSAR alternative fuel technology in Utah.
The alternative fuels group said it has been working with Valkor Technologies, which has just set up a joint venture with Tomco, to investigate the potential deployment of MSAR technology on heavy and paraffinic oil deposits in Utah.
Evaluation work is going well, Quadrise said, which might lead to the granting of a conditional licence for MSAR on commercial terms to Valkor.
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.
Quadrise added it has not any direct discussion with TomCo or any of Valkor's partners in Utah to date.