Quadrise Fuels International PLC Morocco Update (1262D)
October 26 2020 - 3:00AM
UK Regulatory
TIDMQFI
RNS Number : 1262D
Quadrise Fuels International PLC
26 October 2020
26 October 2020
Quadrise Fuels International plc
("Quadrise", "QFI" or the "Company")
COMPLETION OF MOROCCAN PILOT PLANT TRIAL
AND
NEW INDUSTRIAL SCALE TRIAL AT ANOTHER OF THE CLIENT'S SITES IN
MOROCCO
Quadrise is pleased to provide an update on the Material
Transfer & Cooperation Agreement (the "Agreement") with an
international chemicals and mining group headquartered in Morocco
(the "Client") announced on 29 November 2019.
Following the relaxation of Covid-19 restrictions, Quadrise was
able to gain access to the Client's facility in October 2020 and is
pleased to confirm that the pilot plant trial has now been
completed by the combined Quadrise and Client project team.
Quadrise and the Client are now working jointly on detailed
plans for a larger, industrial-scale MSAR(R) trial at another
Client site, which is planned for early Q1 2021, ahead of the
commercial scale phase 2 trials.
This new industrial-scale MSAR(R) trial is intended to further
demonstrate the wider potential of MSAR(R) at another site ahead of
the commercial scale trials already being planned under phase 2 of
the Agreement. The study work for the Phase 2 trials was brought
forward earlier this year and is now well advanced; and, together,
with the new industrial scale trial further minimises the risk of
delay to the overall programme.
Further updates will be provided, as appropriate, in due
course.
Mike Kirk, Chairman of QFI, said:
"The major industrial group in Morocco we are working with is a
world leader in the sectors in which it operates and is a material
consumer of fuel oil. As such, we are delighted to have been able
to successfully deliver the MSAR(R) pilot plant trial under very
challenging circumstances which is a testament to the strong
rapport and relationships we have built with the Client.
"Feasibility studies are simultaneously being completed under
phase 2 as previously reported, that together with the planned
industrial scale trials announced today, will demonstrate the wider
potential for MSAR(R) use at the client's sites and more widely in
the industrial sector.
"We are therefore confident that during 2021 we will
successfully validate the economic and environmental benefits of
MSAR(R) at an industrial scale, complete the commercial scale
trials on the Client's units and initiate commercial supply of
MSAR(R) after concluding commercial supply agreements."
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
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END
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