RE: RNS5 Oct 2020 09:18
It is very pleasing, therefore, to be able to outline our goal of completing two key trials before the end of 2020. The first of these is the Phase 1 trial at one of our client's sites in Morocco (and to progress the on-site work to enable the Phase 2 FEED study to be finalised in due course. This is scheduled to be followed by the testing at the Asphalt Ridge site being managed by Greenfield in Utah, USA - which is subject to the prior receipt and confirmatory testing at QRF of samples from the facility in Utah which is due to recommence operations in November 2020. In addition, we continue to seek to reach agreement during 2020 for the undertaking of marine LONO trials with major companies in the container and/or bulker markets.
The QFI Project and Operations teams are now fully focused on ensuring that we are able to mobilise all equipment and personnel required for each of these trials. With the client site in Morocco currently accessible, subject to conditions, our team are due to travel out to the site within the next few weeks. Prior to this, the work required to enable the trial MMU to be prepared for operation and shipped to the Asphalt Ridge site in Utah is being progressed. This includes ensuring that key Quadrise personnel can undertake the necessary quarantine measures in place prior to, during and after the trials.
Due to a reduction in operational costs (principally as a result of virtually no travel costs since March 2020 and our proactive approach to cost management), the benefits of which will be reflected more fully in the current financial year, we have been able to significantly extend our period of operation on existing funds to mid-Q2 2021.
When this extended "runway" is allied with the recent progress we have made on these two critical on-site trials which are due to be completed in 2020, we have a high degree of confidence that we will, on success, have a clear pathway to future commercial revenues. This, alongside the significant additional potential that Green MSAR® provides for Quadrise, would enable the funding required to progress to sustainable commercial revenues to be put in place prior to mid-Q2 2021.
Sign In
Follow the stocks
