Letter of Intent Signed


 

TIDMQOGT 
 
RNS Number : 3607V 
Quorum Oil and Gas Tech. Fund Ld 
09 July 2009 
 

Not for release, publication or distribution in, or into, the United States, 
Canada, Australia or Japan. 
 
 
+------------------------------------+------------------------------------+ 
| Press Release                      |                        9 July 2009 | 
+------------------------------------+------------------------------------+ 
 
 
 
 
 
 
Quorum Oil and Gas Technology Fund Limited 
 
 
("Q-OGT", "the Fund" or "the Company") 
 
 
Q-MENA Letter of Intent 
 
 
Quorum Oil and Gas Technology Fund Limited (LSE:QOGT), a registered closed-ended 
Guernsey investment company listed on the London Stock Exchange, is pleased to 
announce that Q-MENA, the Q-OGT investee company dedicated to developing sales 
channels and a stand-alone oil services business in the Middle East and North 
Africa ("MENA") region, has entered into a letter of intent which is intended to 
lead into the establishment of a 50/50 joint venture with the Khalid Ali Alturki 
& Sons ("Alturki") in Saudi Arabia, with each party contributing up to an 
initial US$5 million to the joint venture. 
 
 
Saudi Arabia is the leading country for oil production in the Middle East and 
has the largest market for oil services with over US$40 billion of contracts let 
in the last three months alone.  Established over 30 years ago, Alturki is one 
of largest industrial groups in the region and has joint ventures already 
established with major oil and gas services companies including Halliburton 
Wireline, Nabors International and McDermott. These existing relationships, 
coupled with Alturki's established presence and proven track record of 
successful business development in the region, means that Alturki is uniquely 
positioned to help Q-MENA develop its own regional presence. 
 
 
Commenting on the Letter of Intent, Miles Walker, CEO of Q-MENA, said: "Q-MENA's 
proprietary technologies have significant sales potential in the Saudi market. 
The efficient and effective development of this market is therefore 
extremely important to Q-MENA and we are very pleased to have such a 
distinguished Saudi partner to help accelerate this process." 
 
 
Miles Walker is a senior industry executive who has worked for major oil and gas 
service companies including Baker Hughes INTEQ and Precision Energy Services in 
the North Sea, Middle East and Asia/Pacific regions. More recently Miles was 
working for Weatherford International where he was the Director of Global 
Business Development for the Drilling Services division based in Dubai. 
 
 
Muhammad Al-Ismail, VP Oil & Gas Sector for the Alturki group said, "We are 
truly excited to join forces with Q-MENA to introduce the next generation of 
technology to the Saudi market which we know so well". 
 
 
Phil Beck, Chairman of Q-MENA, said: "This is indeed a major step towards 
establishing Q-MENA in the largest oil province in the world. We look forward to 
presenting our technologies to the Saudi customers through Alturki's extensive 
contacts and relationships". Philip has past experience of working for a Saudi 
development company ("Delta Oil") for over ten years. 
 
 
Wanda Dorosz, CEO of the Quorum Group of Companies, said: "This tie up with 
Alturki is an extremely significant step for Q-MENA as we continue to build our 
presence in this strategically important region.   We look forward to working 
with them in the future." 
 
 
- Ends - 
 
 
For further information: 
+-----------------------------------------------+--------------------------+ 
| Investment Manager                            |                          | 
+-----------------------------------------------+--------------------------+ 
| Quorum Group                                  |                          | 
+-----------------------------------------------+--------------------------+ 
| Wanda Dorosz, Managing Partner & CEO          |     Tel: +1 416 971 6998 | 
+-----------------------------------------------+--------------------------+ 
| wdorosz@quorum.ca                             |                          | 
+-----------------------------------------------+--------------------------+ 
| David Sefton, Quorum European Partners LLP    |    Tel: +44 (0) 7989 333 | 
|                                               |                      371 | 
+-----------------------------------------------+--------------------------+ 
| david.sefton@quorum-london.com                |        www.q-ogtfund.com | 
+-----------------------------------------------+--------------------------+ 
 
 
  Media enquiries: 
+-----------------------------------------------+--------------------------+ 
| Abchurch                                      |                          | 
+-----------------------------------------------+--------------------------+ 
| Chris Lane                                    |     Tel: +44 (0) 20 7398 | 
|                                               |                     7708 | 
+-----------------------------------------------+--------------------------+ 
| chris.lane@abchurch-group.com                 |   www.abchurch-group.com | 
+-----------------------------------------------+--------------------------+ 
 
 
Notes to editors: 
Quorum Oil and Gas Technology Fund Limited ("Q-OGT") is a registered 
closed-ended investment company incorporated in Guernsey to provide expansion 
capital to companies which own and/or are developing proven proprietary 
technology which may have a potentially significant effect on the oil and gas 
industry.  The Fund is managed by the Quorum Group, a 22 year old strategic 
sector private equity firm, headquartered in North America, which also has a 
subsidiary and office in London, Quorum European Partners LLP.  Q-OGT was 
admitted to the Official List of the UK Listing Authority and to trading on the 
London Stock Exchange on 7 January 2008. Its stock market EPIC is QOGT.L. 
Further information can be found at www.q-ogtfund.com 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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