QFI.L Share News (QFI)

LONDON (Alliance News) - Quadrise Fuels International PLC said Monday the planned combustion boiler trial project in Saudi Arabia is no longer anticipated to go ahead as originally planned, and the company intends to focus on other activities that can deliver meaningful progress.

The company said the majority of agreements to carry out the trial have been signed, but the signing of the fuel supply agreement between the Saudi Arabian oil company and the refinery counterparty has not yet been achieved due to a delay in obtaining a back-to-back trial agreement between the oil company and the electricity company, respectively.

"As a result of this delay within [Kingdom of Saudi Arabia], the company has been informed that the refinery counterparty has provided notification to the KSA oil company that if the required signatures are not obtained by 1 April 2018, then the refinery counterparty may no longer be in a position to support the production of MSAR for supply to the KSA trial," the company said, adding that obtaining the required signatures prior to April 1 is now unlikely.

Shares in Quadrise Fuels closed at 5.50 pence, down 44%.