(Alliance News) - Quadrise Fuels International PLC on Friday said it continues to build positive momentum and demonstrate significant progress in its business development as well as testing and trial activities despite the negative impact of Covid-19 on the business.
Shares in Quadrise were trading 5.0% lower at 1.90 pence each in London in afternoon trading.
The heavy fuel oil alternative manufacturer - whose annual general meeting is scheduled for today - said while the timetable of some activities were negatively affected by the pandemic, it worked to ensure that overall it programmes remained on track in Morocco, the USA, Saudi Arabia and Ecuador.
Turning to specific projects, Quadrise said following the completion of a pilot trial at a client's industrial facilities in Morocco, a phase 2 study and planning for a larger industrial-scale trial is being carried out, with both trials expected to be completed in the first quarter of 2021. The company expects to be paid GBP100,000 for both trials.
Progress is also being made with Greenfield Energy on plans for the commercial trial at the Asphalt Ridge facility in the US state of Utah. Commissioning of the Petroteq oil sands plant is scheduled to begin shortly and a trial of Quadrise's MSAR heavy fuel oil is scheduled to take place during the first quarter of 2021.
Looking ahead, Executive Chair Mike Kirk said: "We have an exciting 2021 planned to provide a pathway to commercial revenues. Our proactive approach to cost management during the year has meant that we were able to extend the runway of our existing cash resources from December 2020, through to the middle of the second quarter of 2021."
By Ife Taiwo; ifetaiwo@alliancenews.com
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