7 Dec 2009 07:00
7th December 2009
Quadrise Fuels International plc
Project Update
Quadrise Fuels International plc ("QFI" or "the Company"), the producer of oil-in-water emulsion fuel as a low cost substitute for heavy fuel oil for use in power generation plants and industrial diesel engines, provides the following update on its activities.
The Company announces a delay to the Lithuanian project, details of which have been progressively released to shareholders over the past year. As advised in previous announcements, relative energy prices are at unusual levels compared to historical norms and this has impacted the project economics. QFI and its counter parties have thus agreed to defer the immediate implementation of the project and to periodically reassess its rate of return as energy prices normalise.
The significant success of the Lithuania commercial trial has nevertheless had a very positive impact on our dealings with other major potential clients.
Our progress in Saudi Arabia and in the marine propulsion markets continues to be very encouraging and these opportunities are moving forward at a pace exceeding our earlier expectations. Given the delay in Lithuania, QFI's specialist resources will be very productively deployed to maintain the momentum of these larger business opportunities. We anticipate reporting further progress on these prospects during the first quarter of 2010.
Enquiries:
Quadrise Fuels International plc Tel: +44 (0)20 7550 4930
Bill Howe, Chief Executive Officer
Fairfax I.S. plc Tel: +44 (0)20 7598 5368
Jeremy Porter
Capital MS&L Tel: +44 (0)20 7307 5330
Penny Freer
James Madsen