Quadrise half year29 Mar 2021 08:20
Utah
-- The Commercial Trial Agreement ("CTA") with Greenfield Energy LLC ("Greenfield") was announced in August 2020. This covers testing at the Petroteq Oil Sands Plant ("POSP") in Utah, USA, which is managed by Greenfield. Phase 1 of the CTA, 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, MSAR(R) quality control test equipment and supply of MSAR(R) additives.
-- Supply of specialist services and personnel to assist Greenfield in completing the commercial scale demonstration trial to produce 600 barrels (100mt) of power grade MSAR(R) .
-- With the start-up of the POSP delayed until January 2021, the POC work has been pushed back to Q2 2021 pending receipt of representative samples at QRF. The MMU is ready to be sent to the POSP site and we await Greenfield's confirmation to ship. The trial will then commence once the Quadrise project team is able to gain safe access (under COVID-19 restrictions) to the site.
-- Pending the successful completion of Phase 1, Quadrise will then work with Greenfield to develop plans for commercial MSAR(R) production facilities capable of treating 10,000 barrels of oil per day and to agree terms for the granting of a conditional MSAR(R) licence to Greenfield once commercial agreements have been signed.