Quadrise Fuels International PLC Update re Morocco and Greenfield Energy Projects (6824N)
February 02 2021 - 2:00AM
UK Regulatory
TIDMQFI
RNS Number : 6824N
Quadrise Fuels International PLC
02 February 2021
2 February 2021
Quadrise Fuels International plc
("Quadrise", "QFI", the "Company" and together with its
subsidiaries the "Group")
Update re Morocco and Greenfield Energy Projects
Quadrise is pleased, further to the Company's announcements of
27 November and 18 December 2020, to provide an update on certain
of the Company's active programmes.
Morocco. Following the completion of the Pilot Trial at one of
the client's industrial facilities in Morocco, work continues on
the phase 2 study and planning and preparations for the larger
industrial-scale trial at another of the client's facilities in
Morocco, with engineering and planning meetings taking place as
required remotely. The purpose of the industrial trial is to
de-risk commercial roll-out and fast-track the phase 2 commercial
trial, which is similar in scale and will utilise the same Quadrise
MSAR(R) trial equipment.
The Pumping and Heating Unit, which has been designed for both
the industrial-scale trial and the phase 2 trial, has now been
fabricated and tested at the Quadrise Research Facility ("QRF") and
is ready for shipment to Morocco.
The industrial trial requires c.60t of MSAR(R) fuel and the
updated COVID-19 restrictions that came into place during December
2020 in the UK and much of Europe have impacted the availability of
our preferred third-party MSAR(R) supply options. However, our
contingency plans have enabled us to source an alternative site for
MSAR(R) fuel manufacture, which we are progressing to minimise the
impact on the overall programme, with the phase 2 study and the
industrial-scale trial now scheduled to be completed as early as
possible in H1 2021, subject to Quadrise being able to gain safe
access to the test sites in Morocco. QFI will be paid GBP100,000
for the industrial trial and phase 2 study under existing
agreements with the client.
Pending a positive outcome of the industrial-scale trial, a new
agreement will be finalised for the phase 2 trial that is being
planned to follow the industrial trial and is anticipated to
commence in Q2 2021. The phase 2 commercial trial is expected to be
the final precursor to commercial roll-out.
Greenfield Energy, Utah. Quadrise is still awaiting the receipt
of oil samples at QRF from Greenfield Energy LLC ("Greenfield") as
their programme for the start-up and commissioning of the Petroteq
Oil Sands Plant ("POSP") at the Asphalt Ridge Facility in Utah,
USA, was delayed and this work is still progressing. As previously
noted, the availability of oil samples for testing at QRF is a
critical path item on this programme, and sample testing will be
completed within 2-3 weeks of receipt at QRF. The MSAR(R)
manufacturing unit and associated systems are ready to be shipped
to the site in Utah, and the c100t MSAR(R) trial is now planned to
take place at POSP during H1 2021, and assuming smooth progress is
made, should be completed within 1 week of commissioning the
MSAR(R) Manufacturing Unit and associated systems. The final trial
schedule is dependent on Greenfield being able to promptly deliver
samples to QRF, shipment of the MSAR(R) fuel systems, and Quadrise
being able to gain safe access to the POSP site in Utah.
Mike Kirk, Chairman of Quadrise, commented:
We are pleased that positive momentum has been maintained on our
projects in Morocco and Utah. In Morocco, our proactive approach to
managing risks and timelines has paid dividends throughout 2020 and
into 2021, and our client remains very supportive and keen for the
remaining trials to progress at pace. In Utah, we front-loaded the
preparation for the MMU and associated systems which are ready to
ship to site at Greenfield's request, with the confirmatory sample
testing being used to refine the additive package for the
production trial. The first half of 2021 will be very busy for
Quadrise, and we look forward to demonstrating strong progress
across all of our active projects, including the recently announced
JDA with MSC to enable the planning for the Operational Trial in
2021 and the continued development and testing of our exciting new
bio/renewable fuel, bioMSAR(TM)."
For further information, please contact:
Quadrise Fuels International Plc
Mike Kirk, Chairman +44 (0)20 7031 7321
Jason Miles, Chief Executive Officer ir@quadrisefuels.com
Nominated Adviser
Cenkos Securities plc
Ben Jeynes +44 (0)20 7 397
Katy Birkin 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
Notes to Editors
QFI is the supplier of MSAR(R) and bioMSAR(TM) emulsion
technology and fuels, a low-cost environmentally beneficial
alternative to heavy fuel oil for the global power generation,
shipping, industrial and refining industries.
The information communicated within this announcement was deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014 prior to the release of this
announcement. Upon the publication of this announcement, this
inside information is now considered to be in the public
domain.
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