Quadrise Fuels International PLC Statement re MSAR Licensing and Upstream Trial (3041Q)
June 18 2020 - 2:00AM
UK Regulatory
TIDMQFI
RNS Number : 3041Q
Quadrise Fuels International PLC
18 June 2020
18 June 2020
Quadrise Fuels International plc
("Quadrise", "QFI", the "Company" and together with its
subsidiaries the "Group")
Further Statement re MSAR(R) Licensing and Upstream Trial
Further to the Company's announcement of 17 June 2020 relating
to the announcement made by TomCo Energy plc ("TomCo") that
morning, Quadrise provides the following update pursuant to
discussions between the Company and Valkor Technologies LLC
("Valkor") and concerning:
-- a commercial trial of MSAR(R) technology at a test plant to
process up to 500 barrels of heavy crude oil per day on the
Petroteq Energy Inc's site in Utah, USA which is managed by Valkor
("Phase 1"); and
-- the development of commercial MSAR(R) plants of up to 10,000 barrels oil per day ("Phase 2").
As announced on 17 June 2020, both the Company and Valkor
continue to believe that the use of MSAR(R) technology can add
significant value to the development of heavy and paraffinic oil
deposits in Utah. Quadrise confirms that it has agreed in principle
to the deployment of MSAR(R) trial equipment for Phase 1 at a price
of up to US$150,000. Additionally, Quadrise will continue to work
in good faith to finalise the process design and trial agreement
for Phase 1 with Valkor, including the terms of the scope and
timing of the trial.
In parallel with Phase 1, Quadrise and Valkor will continue to
cooperate in good faith to agree the commercial terms of a
conditional MSAR(R) licence and commercial supply agreement for the
production of MSAR(R) fuel under Phase 2. QFI has agreed with
Valkor that any licence ultimately granted to Valkor under the
terms of the memorandum of understanding will be limited to the
deployment of MSAR(R) technology in Utah, USA in connection with
the processing of sweet heavy or paraffinic crude oil and will be
capable of being assigned to Valkor group joint ventures in the
future.
A conditional licence will only be finalised upon, and
following, inter alia, satisfactory results of the Phase 1 testing,
the agreement between the parties as to Phase 2 commercial terms
and the entry of binding agreements.
Further announcements will be made, as appropriate, in due
course.
Mike Kirk, Chairman, QFI said:
"We look forward to continuing our discussions with Valkor and
to progressing the trial in Utah with Valkor and their partners,
including TomCo, to demonstrate the effectiveness of our technology
in enabling the sweet heavy or paraffinic oil deposits there, and
the subsequent commercial development."
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, Chairman +44 (0)20 7031 7321
Jason Miles, Chief Executive Officer
Nominated Adviser
Cenkos Securities plc
Ben Jeynes
Katy Birkin +44 (0)20 7397 8900
Joint Brokers
Peel Hunt LLP
Richard Crichton +44 (0)20 7418 8900
David McKeown
Shore Capital Stockbrokers Limited
Toby Gibbs
Fiona Conroy +44 (0)20 7408 4090
Public & Investor Relations
FTI Consulting
Ben Brewerton +44 (0)20 3727 1000
Ntobeko Chidavaenzi Quadrise@fticonsulting.com
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, industrial and refining
industries.
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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