Quadrise Fuels International PLC Memorandum of Agreement with European Oil Refiner (6297I)

TIDMQFI

RNS Number : 6297I

Quadrise Fuels International PLC

12 August 2019

Quadrise Fuels International plc

("Quadrise", "QFI" or the "Company")

Memorandum of Agreement with a European Oil Refiner

Quadrise is pleased to announce it has signed a Memorandum of Agreement ("MOA") with a European oil refiner that is part of an international integrated oil and gas company.

Under the MOA, Quadrise and the counterparty will work together to evaluate and develop, through a structured evaluation process, a potential MSAR(R) project at one of the counterparty's refineries. The MOA covers the proof of concept and scoping phases, with subsequent phases once defined, such as feasibility, application testing, trial and commercial implementation being covered by specific agreements, as required, in due course.

Under the MOA, Quadrise will continue to test specific refinery residue samples as provided, at Quadrise Research Facility, UK, during the third quarter of 2019, with early stage work on the residues received having already commenced.

Commenting on this development Mike Kirk, Executive Chairman of QFI, said:

"We are pleased to sign this MOA and we look forward to jointly developing the project to maturity and delivering on the substantial economic and environmental benefits that MSAR(R) can provide.

For further information, please refer to the Company's website at www.quadrisefuels.com, or contact ir@quadrisefuels.com or phone:

 
Quadrise Fuels International Plc 
Mike Kirk, Executive Chairman          +44 (0)20 7031 7321 
Jason Miles, Chief Operating Officer 
 
Nominated Adviser 
Cenkos Securities plc 
Dr Azhic Basirov                       +44 (0)20 7397 8900 
Ben Jeynes 
 Katy Birkin 
 
Joint Brokers 
Peel Hunt LLP 
Richard Crichton                       +44 (0)20 7418 8900 
Ross Allister 
 
Shore Capital Stockbrokers Limited 
Daniel Harris 
 Andy Crossley                         +44 (0)20 7601 6108 
 
  Public & Investor Relations 
FTI Consulting 
Ben Brewerton                          +44 (0)20 3727 1000 
Sara Powell

Notes to Editors

QFI is the supplier of MSAR(R) 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 power generation, shipping, steam and refining industries.

This announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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