LONDON (Alliance News) - Quadrise Fuels International PLC Monday said it didn't know of a specific reason for a jump in its share price.
The company's shares were one of the biggest risers on AIM early Monday, although dropped back after Quadrise put out its statement. It was trading up 6.8% at 25.375 pence at 1100 BST.
It said it expects to put out its full-year results on October 7.
Ahead of that, the maker of MSAR emulsion fuels, which are a low-cost alternative to heavy fuel oil for shippers, gave an operations update:
- Quadrise MSAR Marine Fuels: 'Proof of concept' seaborne trials to start before year end 2013 in two Maersk ships using Wartsilla and MAN engines. Progressing on review to Letters Of No Objection certifications and early commercial operations by mid 2014.
- AkzoNobel Relationship: The Alliance Agreement will be replaced by a Commercial Agreement and a Research and Technology Agreement. The Company will become the licensor of the Quadrise MSAR Technology. Akzo and Quadrise will share future IP ownership. Quadrise will have worldwide rights for Akzo technology in emulsion fuels applications
- Saudi Arabia: Aramco has designated a Saudi refinery directly linked to an integrated steam and power utility serving a major petrochemical complex as the preferred first application of MSAR technology
- Central & South America: A programme is proceeding with Ecopetrol to review the feasibility of a joint venture for manufacturing and marketing of MSAR fuels in the region
- Global Oil Major: Positive results on trials to emulsify a heavy residue stream produced in a proprietary petrochem/refining process with potential multi-site availability
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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