Business
Update on Optimal Resources Inc.
Update on Optimal Resources Inc..
About this update from Quadrise Plc
[{"type":"text","content":"\n \nRNS Number : 1829O Quadrise Fuels International PLC 14 September 2011 \n \n\n14 September 2011\n \nQuadrise Fuels International Plc\n(\"QFI\" or \"Quadrise\" or the \"Company\")\n \nUpdate on Optimal Resources Inc.\nEncouraging preliminary results from Enhanced Oil Recovery field trial\n \nQFI has investments in several associate companies active in the Canadian energy industry, including Quadrise Canada Corporation (\"QCC\") and Optimal Resources Inc. (\"Optimal\"). QFI is presently the largest shareholder in both Optimal (9.45%) and QCC (20.4%). \n \nOptimal is a junior oil production company which holds an exclusive license for the application of innovative Enhanced Oil Recovery (\"EOR\" or \"E2EOR\") technology owned and developed by QCC. \n \nThe EOR technology is the product of extensive research and development during 2009/10. The technology enabled recovery of up to 30% of oil in place in laboratory simulations on clastic heavy oil reservoir conditions. In comparison, Canadian heavy oil producers seldom recover more than 10% of oil in place from primary production. A large number of 'depleted' reservoirs exist in Canada and other international locations with remaining certified reserves that are candidates for Optimal EOR technology. \n \nSince February 2011, Optimal has been pilot testing the EOR technology in its Lloydminster oil field in Alberta. This has involved characterising the field and the reservoir's response to injections of the EOR solvent and evaluating the movements of fluids and oil through the field from the injection well to two fully equipped production wells. \n \nOn 2 September 2011, Optimal provided an update letter to shareholders on key developments and on 12 September issued a press release on progress in its Lloydminster EOR oil field trial programme. \n \nResults to date have been sufficiently encouraging for Optimal to inform shareholders and the media as follows:\n \n· The EOR 'solvent 'is mobilising oil in the reservoir;\n \n· 'Oil cut' from the production wells increases with increased 'solvent' injection;\n \n· 'New oil' is being recovered from 'de...