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My personal view is that the data we've captured from numerous land-based tests, commercial applications (both Orimulsion and MSAR), and existing partial LONOs, objectively demonstrates MSAR does not pose any issues with wear — but clearly, the gatekeepers are demanding we jump through the hoops, so we shall do it...

So, my conversations with Jason on this topic (and this is entirely FWIW, as it's entirely a matter within the OEM's discretion)...

From the OEM's perspective, OIW technology has not been tested in large 2S marine diesel engines for prolonged periods at working loads, so there's a level of confidence that needs to be established, as they feel it's novel enough that the wear characteristics may be different to "normal" fuel.

Chemically and physically OIW is unique amongst tested fuels, because the outermost phase is water, whereas typically oil is contacting the engine surfaces, etc, with other drop-in fuels.

For example, classical WIO emulsions have oil in the outermost phase, and water is encapsulated inside the oil. That means from an engine perspective in WIO it's still mostly oil touching the engine surfaces.

Comparatively, fuels like goodfuels are chemically extremely similar to existing fuel technologies which makes their pathways a bit easier.

A quick Google suggests goodfuels have done numerous short, medium, and long-term tests, so I don't think they managed to completely avoid LONO.

Hopefully this is a problem that will go away once we've got MSC and Wartsila pushing us along with this LONO...

For some additional context, there are some holders at the AGM who believe NDAs are a key thing holding back the company's progress.

I don't agree with that, but I just want to provide some colour as to why a couple of holders were asking so much about such a niche topic.

People asked about this topic at the AGM — various questions in the after-AGM chat with the team whether NDAs would delay/stop our key project RNSes; and the team said no, and they wouldn't be allowed to do that anyway.

No, Quadrise would have to disclose such a material contract to the market in a timely fashion and you couldn't just work around that legal requirement by using NDAs.

Just a thought: if the counterparties' lawyers disappeared off before Christmas and didn't reappear to complete things between Christmas and NY, I wouldn't expect that they're working weekends either.

Don't be shocked if we need to wait a while.

Whoops, I didn't finish a sentence in my last message before posting.

Or to put it another way, the fact there are many key factors out of your control needs to be factored into the guidance issued to shareholders (including perhaps some detail on what the areas of uncertainty are).

While it's entirely true that the legal caveats mean people are incorrect to claim Quadrise 'promised' December, the market has tended to lose confidence in Quadrise's guidance as QED have missed several key milestones by significant time margins.

I'm sure the market will forgive all if QED deliver the agreement in short order, but it's just a fact that poor time-related guidance has become habitual at Quadrise and it has not served us well.

This was brought up numerous times at the AGM, and QED attributed it to factors that were not under their control (that others including Fyoz have outlined well earlier today).

But, given that this has been the pattern of a decade, one would hope that they would build in more margin and have become better at client management in that timeframe. Or to put it another way, the fact there are many key factors out of your control needs to be .

Either way, I personally remain very hopeful that the deal will be closed out soon and we can start learning about the possibilities of bioMSAR and MSAR at MSC, rather than groundhog day on the LONO fuel supply.

Bit of digging from me...

As per Trio's filings, Lafayette Energy Corp also seem to have extensive options in Heavy Sweet Oil's (HSO) Asphalt Ridge downhole project.

LEC is a new corporation that is currently in the process of floating on the stock exchange.

Some common figures between LEC and Trio.

Looks like LEC will be providing at least $5M USD of funding.

HSO/Valkor will try to get RBL sorted once oil is flowing.

https://www.sec.gov/Archives/edgar/data/1936031/000165495423016103/lafa_s1.htm

@Crownos

Here's what the AGM Statement said on the matter.

"""

US low carbon fuels: Quadrise understands that Valkor Technologies LLC ("Valkor") expects to conclude drilling permits and project ?nancing relating to their primary project site in Utah by the end of the calendar year 2023. Provided a minimum of US$15 million is successfully raised by Valkor, under the terms of the Site License and Supply Agreement signed in June 2023, Valkor will pay Quadrise an initial US$1.0 million licence fee and a further US$0.5 million upon delivery of an MSAR® Manufacturing Unit to the project site in Utah.

"""

With the linked news, it looks like Valkor are getting a maximum of $2M USD from this investor in small chunks (options) for their downhole (EOR) project (bitumen/ultra heavy oil), and Valkor hope to get reserves-based lending (RBL) kicked off by mid-2024.

Doesn't sound like they will be the candidate to trigger the MMU agreement in any short-medium timeframe. Nowhere near $15M USD.

Jason mentioned there are some surface tarsands-based projects Valkor are also involved with (e.g. the Ecqoteq one) that are being funded separately.

As ever, I suggest applying significant skepticism to Utah projects on timelines!

Any other thoughts?

Whether something is marked as a 'buy' or 'sell' is arbitrarily labelled by the platforms that consume London Stock Exchange's trades data.

It is just an *estimate* and should not be considered canonical.

Look at the official London Stock Exchange website trades and you'll see there's no "buy" or "sell" listed, as all trades are both.

On modern trading platforms, the buyer and seller are often matched for trades in a real-time manner, meaning that there is no market maker involved and "buyer went first" or "seller went first" .

Point being, don't spend too much effort looking at it with a magnifying glass as you might just be seeing specks of dust.

Well done to Mo and all the HVO team. Another cracking contract to start the year. If margins hold up, I hope they consider another special dividend.

I think there may be some confusion here.

The restrictions relate to the company's articles of association and resolutions passed at the AGM (i.e. this company's rules). Essentially, it restricts how many new shares can be issued in different circumstances.

For example, there is a limited authority that the company is given to issue shares without existing shareholders also being offered to participate and prevent/reduce dilution (partial disapplication of pre-emption rights).

There is a separate resolution which limits the number of shares the company could issue in a given year (including when existing shareholders are included.).

All of these could be changed with resolutions proposed at an EGM or similar, if they really wanted/needed to.

I've not given specific numbers here, because it varies depending on a variety of different factors, and I don't want to be misquoted.

Here are the resolutions so you can review it for yourselves:

https://wp-quadrise-fuels-2020.s3.eu-west-2.amazonaws.com/media/2023/10/Notice-of-AGM-2023.pdf

Hi, Pigfase. Can you explain more coherently what you are talking about?

I understand the individual words, but in combination seem to be a collection of disordered/random thoughts. Maybe you can rephrase and we will understand what you are trying to communicate.

Thanks.

Thanks, semaphorRed, I'm aware of a what a squib is.

I was just pulling Piggie's leg (well, I suppose in this context, tentacle... or are they technically arms?).

The joke flying by is always a risk on the bulletin boards; you might say I was hoisted by my own petard.

Now, where's that exciting RNS, Jason.

As an aside, as I understand it, there are four parties involved in this hopefully-soon-signed contract, so I guess that makes it the "quadripartite agreement"? Quadrise, MSC, Global Commodities Trading Company, Marine Terminal.

I thought squids were meant to be damp 🦑?

As ever with Quadrise, it goes down to the wire.

I agree with the sentiments of others today that we should wait for December to elapse before bringing out bottom-kicking boots.

I have no idea what you are saying

Personally, I think there's a possibility of the gap between Christmas and NY also. I worked that period sometimes.

We'd obviously all vastly prefer sooner for the MH of the shareholder base!

Quadrise play it straight and within the rules. It is as simple as that. Rubbish about brown envelopes just needlessly tarnishes the reputation of our company.

Thanks, @Fyoz. A worthy initiative.

From my conversations with the team at the AGM, it was clear that the current UK Govt have a very negative attitude towards biofuels,, having unfortunately tarred our "waste-based biofuel" with the same brush as infamous food-crop biofuels that displace forests, agriculture, habitats, etc.

In fact, the UK Innovation projects explicitly rule out anything biofuel-related as part of their selection criteria! Madness.

We are likely to have more luck in the future with EU Horizon projects, as UK has now rejoined that initiative.

Jason said the immediate issue was that Horizon tends to refund the work retrospectively (which could be after a few years of work), and hence does not contribute to Quadrise's immediate needs — in short, it would have been more useful a few years ago when bioMSAR was kicking off, but UK had exited Horizon at that point.

That said, Quadrise were willing to consider Horizon projects in the future for 'MSAR Zero'-related initiatives — one benefit of these projects is that it links you with other industrial partners, and by then we should (hopefully) be generating commercial revenues to underpin the company.

But it is not the immediate focus, with the push to generate commercial revenues being top priority.

Fingers crossed for our December news to arrive soon...