(Sharecast News) - Oil technology group Quadrise Fuels said on Friday that it had continued to build "positive momentum" and demonstrate "significant progress" in several key areas despite the impact of Covid-19 on business development and project activities.
While the timetable of specific activities had been impacted by the pandemic, Quadrise said its team had ensured that overall programmes remained on-track in Morocco, the USA, Saudi Arabia and more.
Quadrise did caution that following rapid progress earlier in the year, momentum had now stalled at its Ecuadorian projects as a result of reorganisational changes by the government at the state oil company.
The AIM-listed group said it remained in contact with key stakeholders via its local agents, but warned that progress would be dependent on relations normalising between the ministry and a stable management team at the state oil company.
Quadrise acknowledged that 2020 had been "a challenging year for many businesses", but stated it had been able to continue to make "good progress" in its business development and testing and trial activities, adding that it also had an "exciting" 2021 planned to provide a pathway to commercial revenues.
Chairman Mike Kirk said: "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 mid-Q2 2021."
As of 0910 GMT, Quadrise shares had sunk 18.99% to 1.62p.
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