9 Apr 2018 17:10
9 April 2018
Quadrise Fuels International plc
("Quadrise", "QFI" or the "Company")
Update re Combustion Boiler Trial Project
Further to the announcement made on 6 April 2018, Quadrise Fuels International plc (AIM:QFI) has now received confirmation from the refinery counterparty that it will no longer support the production of MSAR® for supply to the KSA trial, due to the continuing delays within KSA which have prevented signature of the fuel supply agreement, so the planned combustion boiler trial in KSA will not proceed.
However, Quadrise will seek to continue to work with both the KSA oil and electricity companies to review options that would enable a trial in KSA to proceed, on an amended timetable, to demonstrate the significant economic benefits that use of MSAR® technology could deliver to the KSA.
In addition to the activities related to a KSA trial project, Quadrise continues to progress opportunities, in other jurisdictions, in the power, marine, upstream, petrochemical and refinery refuelling markets that have the ability to deliver value in the medium-term. This includes opportunities that could use the installed MSAR® manufacturing facility at the refinery counterparty's site, in which they would be supplying fuel directly to the consumer, allowing for a much higher level of control on the overall project delivery. In parallel with these activities, Quadrise will continue to assess other opportunities in determining the best options for maximising the inherent value in its MSAR® technology for the benefit of shareholders.
Further announcements will be made, as appropriate, in due course.
This announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014
For enquiries please contact:
Quadrise Fuels International Plc |
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Mike Kirk, Executive Chairman | +44 (0)20 7031 7321 |
Jason Miles, Chief Operating Officer |
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Nominated Adviser |
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Smith & Williamson Corporate Finance Limited |
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Dr Azhic Basirov | +44 (0)20 7131 4000 |
Ben Jeynes |
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Katy Birkin |
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Broker |
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Peel Hunt LLP |
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Richard Crichton | +44 (0)20 7418 8900 |
Ross Allister |
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Public & Investor Relations |
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FTI Consulting |
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Ben Brewerton | +44 (0)20 3727 1000 |
Sara Powell |
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Notes to Editors
QFI is the supplier of MSAR® emulsion technology and fuels, a low cost alternative to heavy fuel oil (one of the world's largest fuel markets, comprising over 450 million tons per annum) in the global shipping, refining and steam and power generation industries.