Quadrise Fuels International PLC Update on Test Programme and Termination of MOA (5828Z)
May 20 2019 - 10:00AM
UK Regulatory
TIDMQFI
RNS Number : 5828Z
Quadrise Fuels International PLC
20 May 2019
Quadrise Fuels International plc
("Quadrise", "QFI" or the "Company")
Update on Memorandum of Understanding and MSAR(R) Test Programme
with a European Oil Major and Termination of Representation
Agreement with Rafid
Quadrise announced on 28 November 2018 the signature of a
Memorandum of Understanding ("MOU") and an associated MSAR(R) Pilot
Test Programme ("MTP") with a European multinational integrated oil
and gas company (the "Oil Major"). Since that time, Quadrise has
continued to work with the Oil Major to develop the high level
MSAR(R) fuel market assessment for the client's candidate refinery
(the "Refinery") to pursue and obtain a feasibility study agreement
from a potential MSAR(R) fuel client for the consumption of MSAR(R)
fuel produced at the Refinery.
Outline work for the design of MSAR(R) production facilities at
the Refinery is also progressing, although this will be subject to
demonstrating that there is a definitive market for the fuel and
the positive outcome of the MTP at the Quadrise Research Facility
("QRF"). QRF is to undertake initial analytical testing imminently
that should enable full pilot testing to be completed, once the
required samples have been delivered, during Q3 2019,
Separately, Quadrise has formally terminated the Memorandum of
Agreement ("MOA") with M/S Rafid Group for Trading &
Contracting ("Rafid") for exclusivity in the Kingdom of Saudi
Arabia which was signed in August 2012.
Commenting on these developments, Mike Kirk, Executive Chairman
of QFI, said:
"We are pleased with the progress we have made with our Oil
Major client on developing the MSAR(R) fuel market assessment and
meeting with potential consumers. Collecting residue in its raw
form, for the first time, is challenging but the client has
obtained a small initial test sample safely and without impacting
production.
We have been working with Rafid for many years in Saudi Arabia,
though unfortunately, we were not able to progress the projects
that we were working on together under the MOA. I would like to
thank everyone at Rafid for the assistance that they have provided
and wish them every success in the future."
For further information, please refer to the Company's website
at www.quadrisefuels.com or contact:
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
Andy Crossley +44 (0)20 7601 6108
Daniel Harris
Public & Investor Relations
FTI Consulting
Ben Brewerton +44 (0)20 3727 1000
Ntobeko Chidavaenzi
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.
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END
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