(Sharecast News) - Heavy fuel alternatives company Quadrise updated the market on the arrival of a produced oil sample from Greenfield Energy's Utah operations on Wednesday.
The AIM-traded firm said it had now received, at the Quadrise Research Facility in Essex, three drums of oil samples from Greenfield.
It said the sample of produced oil was taken by Greenfield from the Petroteq Oil Sands Plant.
An "extensive" programme of testing on the sample would now begin, which the company expected to complete by the end of August.
The ability to produce commercial 'MSAR' and 'bioMSAR' fuels from the produced oil would be informed by the outcome of the testing programme, together with the confirmation of the suitability of the produced oil via external laboratory assay, for the potential power and marine end-user markets.
"We are pleased that we have now received the sample from Utah and we look forward to completing the testing and analysis work during August and to reporting the results to Greenfield and to updating Quadrise shareholders in due course," said chairman Mike Kirk.
At 1444 BST, shares in Quadrise Fuels International were up 5.36% at 2.95p.
21 Mar 2016 10:45