Business
Licence Agreement with Calfrac for DT UltraVert
Licence Agreement with Calfrac for DT UltraVert.
About this update from Chill Brands Group Plc
[{"type":"text","content":"\n \nRNS Number : 9392Y Highlands Natural Resources PLC 23 May 2016 \n\n23 May 2016\nHighlands Natural Resources plc ('Highlands' or 'the Company')\nSigns Licence Agreement with Calfrac in respect to DT Ultravert\n \nHighlands Natural Resources, the London listed oil and gas company, is pleased to announce that it has signed a licence agreement with Calfrac Well Services Corp. ('Calfrac'), a leading pressure-pumping provider in the US, in relation to Diversion Technologies, LLC's ('Diversion') proprietary \"DT Ultravert\" re-fracking technology. Highlands owns a 75% stake in Diversion's current patent applications both in the US and globally.\n \nCalfrac has licensed DT Ultravert on a shared exclusivity basis for use in connection with its commercial Hydraulic Fracturing operations, activities and services in seven states of the United States of America. The licence agreement has an initial term of two years and will then automatically renew for consecutive one-year periods, unless and until terminated. Additionally, Highlands has the exclusive right to market Nitrogen gas to CalFrac at current market rates for all fracking operations undertaken by CalFrac using DT Ultravert throughout the term of the licence agreement. CalFrac will endeavour to provide certain data to Highlands, which the Company and Diversion may use with a view to the further development of the DT Ultravert re-fracking technology. Highlands and Diversion are also entitled to a 2% royalty based on the revenue received by CalFrac from each fracking operation during the term of the licence agreement which uses the DT Ultravert re-fracking technology.\n \nHighlands CEO Robert B. Price said, \"We are delighted to have entered into another licence agreement with a highly reputable oilfield services provider in the US and Canada. Together with our agreement with Schlumberger, these agreements will help accelerate the market penetration, commercialisation and industry adoption of DT Ultravert, a technology we believe has the potential to transform and significantly reduce the costs associated with unconventional exploration and production via re-fracking using a diverter technology, particularly in the current oil price environment.\"\n \nAbout Diversion and DT Ultravert\n \nIn May 2015, the Company a...