QFI UPDATE28 Jun 2021 08:15
From QFI today.
- Utah - Greenfield samples taken and should be shipped to Quadrise this week. Once received at QRF, confirmatory Proof of Concept testing should complete within 3 weeks for both MSAR(R) and bioMSAR(TM)
Utah
As previously noted, the Commercial Trial Agreement ("CTA") with Greenfield covers testing at the Petroteq Oil Sands Plant ("POSP") located at the Asphalt Ridge Facility in Utah, USA, which is managed by Greenfield. The first phase of the CTA ("Phase 1"), for which Quadrise is being paid $150,000, includes:
-- Proof of Concept ("POC") formulation and test work at QRF using oil samples supplied by Greenfield.
-- Loan of Quadrise MSAR(R) commercial production equipment, test equipment and supply of additives.
-- Supply of specialist services and personnel for the commercial scale demonstration trial to produce 600 barrels (100mt) of MSAR(R).
The POC formulation and test work, originally scheduled by the client at the end of 2020, was reliant on representative heavy oil samples being received at QRF. These were unfortunately delayed due to various external factors affecting the start-up, commissioning, permitting and operations at POSP.
These issues have now been resolved and Greenfield have indicated that samples have been taken and should be available for shipment in June 2021. Once these have been received at QRF, we expect the confirmatory POC testing to be complete within 3 weeks for both MSAR(R) and bioMSAR(TM).
Pending the successful completion of the POC testing, Quadrise will work with Greenfield to review and advance fast-track plans to complete Phase 1 at the earliest opportunity. The objective is to progress to commercial MSAR(R) production at facilities capable of treating 10,000 barrels of oil per day ("Phase 2"), including a conditional MSAR(R) licence to Greenfield subject to commercial agreements.
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