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Thanks, had to sell some stuff in my ISA to free up cash.
The offer should just "turn up" in your online account and you subscribe then if other offers have been anything to go by. You click to accept it and make sure you have funds in your account on the due date. Check your account over the next few days.
Daunted by the 55 page open offer document has anyone got a simplified description of what to do when shares are held via a broker (HL)?
l Morocco – In November 2019, the Company signed a Material Transfer & Cooperation Agreement
with a major chemicals group in Morocco. Rapid progress was made with project plans in early 2020,
to enable a phase 1 pilot kiln trial to commence at the client’s main site (“Site A”) in March 2020.
Unfortunately, COVID-19 restrictions led to this being postponed; after a Quadrise Pumping and
Heating Unit (“PHU”) and the MSAR® fuel (manufactured at QRF) had been received at the client’s site.
Whilst the client’s Site A was closed to external visitors and non-essential employees from March 2020,
the QFI project team worked closely with the client and our Moroccan agent, to minimise the impact
on the overall project timetable. The first action taken by the Quadrise project team was to positively
engage with the client and obtain their agreement to bring forward the second phase feasibility study
originally planned to have followed the successful completion of the pilot plant trial.
As a result of this decision, the feasibility study commenced in Q2 2020 and the pilot trial was
successfully completed in October 2020. Rather than immediately progressing from the pilot trial to
the intended commercial trial, (based on the phase 2 feasibility study), as initially planned, the client
and the QFI project team, jointly agreed an intermediate stage of an industrial scale trial at another of
the client’s locations (“Site B”). This strategy will help to reduce the overall programme risk, as this
location has more operational flexibility for accommodating the next trial.
As announced on 2 February 2021, the work on the newly planned industrial-scale trial is progressing,
with a new PHU (which can be utilised for both the industrial and commercial trials) fabricated and
ready for shipment. As the Site B trial requires around 60mt of MSAR® fuel, this needs to be
manufactured by third parties. Our initial plans for this were impacted by the recent tightening of
COVID-19 restrictions in the UK and we are now finalising contingency plans for the fuel to be
manufactured and sent directly to site. The joint project team are working with the client’s Site B to
finalise plans for the industrial trial scheduled to be completed as early as possible in H1 2021 along
with the phase 2 feasibility study. QFI will be paid £100,000 for the industrial trial and phase 2 study
under existing agreements with the client.
Following the successful conclusion of the industrial trial, the plan is to complete the commercial trial
at the main site (“Site A”), which is the major fuel oil consumer, by early/mid H2 2021. Assuming the
successful conclusion of these trials, the intention would then be to conclude a commercial supply
agreement covering one or more of the client’s sites in Morocco.
To recap, the major milestones planned are;
? H1 2021 – industrial scale trial at Site B. Complete phase 2 feasibility studies for the commercial
trial at Site A.
? Early/mid
l Upstream Applications – Following the signature, in Q1 2020, of a Memorandum of Understanding
(“MOU”) with Valkor Technologies (“Valkor”) to investigate the potential deployment of MSAR®
technology in Utah, USA, we were delighted to announce on 18 August 2020, a Commercial Trial
Agreement (“CTA”) with Greenfield Energy LLC (“Greenfield” – a joint-venture between Valkor and
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Tomco Energy plc). This covers testing at the Petroteq Oil Sand Plant (“POSP”) located at the Asphalt
Ridge Facility in Utah, USA, which is managed by Greenfield.
The first phase of the CTA (“Phase 1”), for which Quadrise is being paid $150,000, includes:
? Proof of Concept (“POC”) formulation and test work at the QRF using oil samples supplied by
Greenfield.
? Loan of Quadrise MSAR® commercial production equipment, MSAR® test equipment and supply
of MSAR® additives.
? Supply of specialist services and personnel to assist Greenfield in completing the commercial
scale demonstration trial to produce 600 barrels (100mt) of power grade MSAR®.
The POC formulation and test work was originally scheduled for H2 2020. However, this was reliant
on samples being received at QRF. With start-up of the POSP delayed until January 2021, as
announced by Tomco in December 2020, this POC work has now been pushed back to Q1 2021. As
soon as we have received representative samples at QRF, we would expect the testing and report
work to be completed within 3 weeks. The MMU is ready to be sent to the POSP site and we await
Greenfield’s confirmation to ship. The trial will then commence once the Quadrise project team is able
to gain safe access (under COVID-19 restrictions) to the site.
Pending the successful completion of Phase 1, Quadrise will then work with Greenfield to develop
plans for commercial MSAR® production facilities capable of treating 10,000 barrels of oil per day
(“Phase 2”) and to agree terms for the granting of a conditional MSAR® licence to Greenfield once
commercial agreements have been signed.
Marine Applications
l We announced on 21 January 2021, that we had signed a JDA with MSC, a world leader in container
shipping and cruise lines. We are now, through the JDA, undertaking the preparatory work to enable
LONO trial(s) aboard MSC container shipping vessel(s).
? During Q1 2021, the planning and preparatory work will be undertaken to enable a LONO trial(s)
of Marine MSAR® to take place on a vessel with a MAN ME engine, and potentially on a vessel
with a Wärtsilä/Win GD Flex engine.
? During Q2 2021, we will be working to procure the equipment for fuel production, and the
vessel(s) fuel booster system(s) and to commence the process of preparing the vessel(s) and the
fuel production site to enable the commencement of the LONO trial(s) in the second half of 2021.
? H2 2021 will see the active commencement of the trial on the vessel(s), with all the preparatory
and commissioning work having been completed for both fuel production and on-vessel storage
and use of MSAR®. Once the initial MSAR® fuel has been loaded and the on-board systems
commissioned, the vessel(s) will then be bunkering Marine MSAR® throughout the LONO trial(s)
which is / are currently expected to be of 4,000-hour duration. The details of the LONO process
and relevant inspections and milestones will be agreed between the parties during the initial phase
of the work under the JDA.
? As we have previously highlighted, we continue to have discussions with other owners and
operators in the marine market, relating to potential trials and commercial roll-out of MSAR® and
bioMSAR™ more widely in the sector. However, ensuring the successful conclusion of the trial
work with MSC and progressing this to commercial supply contracts will be our primary focus in
the short-term.
l As noted previously, there remains a general consensus that scrubbers alongside the use of highsulphur fuels is the lowest cost solution for operators; though scrubber installation activity was lower
than expected during 2020, because of the impact of COVID-19 on shipyard/drydock availability and
scrubber manufacturing.
l We had previously indicated that we were evaluating an opportunity to establish or link with a physical
bunker fuel supplier, to provide a supply network for high sulphur fuels in parallel with MSAR® for LONO
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testing and subsequent commercial supply. With the bunker market adversely impacted by COVID19, this work was paused. However, this is a market opportunity that we will continue to review, albeit
it is not considered a high priority at this time. As noted previously, any decision to enter this market
would be alongside trusted counterparties who can manage the commodity price risk, provide the
working capital requirements and counterparty credit facilities and manage the logistics of a physical
bunkering operation.
Kingdom of Saudi Arabia – Quadrise management and our local partners Al Khafrah Holding Group
(“AKHG”) attended a meeting in Riyadh in March 2020 alongside representatives from the major power
utility and a major boiler OEM to discuss resuming the planned 400MWe boiler trial using in-Kingdom
MSAR® manufacture. Following this positive meeting, further progress has been made with the OEM
and utility, but it will not be possible to advance further until all stakeholders are aligned. We are
continuing to work through AKHG, and directly, to seek the best route to the other stakeholders, as
the benefits remain very significant. However, the structure and heavily subsidised nature of the fuel
and power markets in KSA means that many of the benefits are delivered at a Kingdom level, rather
than at the producer/consumer level that would be the case in competitive markets, and as a result
there remain material hurdles to ensuring that all stakeholders are aligned and engaged.
l Kuwait – During 2020 there has been no material progress to report, and as a result this project is not
currently a high priority market for QFI.
Mexico (Redliner & Freepoint Commodities) – MSAR® opportunities in Mexico are wide-ranging
and include upstream, refinery refuelling, domestic power generation and fuel exports that also reduce
imports. Our principal activities are with our agents Redliner, who have been progressing opportunities
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with the national oil company and have successfully engaged with stakeholders at very senior levels.
Despite this, as a result of delays by the client in concluding a non-disclosure agreement that has
prevented the essential sharing of information, we have not been able to undertake the technoeconomic study for multiple refineries as planned. Whilst this is frustrating, it is not unusual in this
market and we continue to work with Redliner to progress activities as there is a clear economic
rationale. Most recently MSAR® briefings were submitted directly by Redliner to the Energy Secretary
and key Directors (Upstream and Refining) of the national oil company.
Further discussions with the major independent power project developer, who is supportive of MSAR®
fuel’s economic and environmental advantages for new build power projects in the region, are pending
progress with the national oil company.
Nouryon – Positive discussions with Nouryon regarding business collaboration opportunities between
Quadrise, Nouryon and related companies within the Carlyle Group have continued, with updates
expected during 2021.
there are a number of interesting update with additional information in the placing Doc
here are a few:-
Testing of the oil samples from Greenfield will be a priority (once they have been received), ahead of planned
on-site trial activities in Utah in H1 2021. Despite the delays in receiving the samples, QRF progressed all
the necessary work to ensure that test equipment is adequately prepared for the challenges of working in
the very cold winter conditions in Utah which is ready to be shipped, once we have received confirmation
that Greenfield is ready to accept it at the POSP site.
Alongside this, the RDI team have completed initial testing and scoping for a new programme of work at
QRF to further improve the environmental performance and credentials of MSAR® using sustainable and
renewable fuel sources. Of particular note was the initial positive progress made on the incorporation of
glycerine alongside water and residue to create bioMSAR™ which was formally launched in December
2020. We are now working on further testing with industry partners during 2021. The initial testing with
Aquafuel on a high-speed diesel generator was announced on 1 February 2021, following the announcement
of a collaboration agreement with Aquafuel on 18 December 2020. Further testing with Wärtsilä and VTT in
Finland is scheduled for H1 2021, and we are at an early stage in reviewing the opportunities for bioMSAR™
testing to be included as part of the active trial programmes in Morocco, Utah and importantly with MSC
who are early adopters of biofuels.