Update on Test Programme and Termination of MOA

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® 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® 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® fuel market assessment for the client's candidate refinery (the "Refinery") to pursue and obtain a feasibility study agreement from a potential MSAR® fuel client for the consumption of MSAR® fuel produced at the Refinery.

Outline work for the design of MSAR® 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® 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	[phone]
Jason Miles, Chief Operating Officer
Nominated Adviser
Cenkos Securities plc
Dr Azhic Basirov	[phone]
Ben Jeynes
Katy Birkin
Joint Brokers
Peel Hunt LLP
Richard Crichton	[phone]
Ross Allister
Shore Capital
Andy Crossley	[phone]
Daniel Harris
Public & Investor Relations
FTI Consulting
Ben Brewerton	[phone]
Ntobeko Chidavaenzi

Notes to Editors

QFI is the supplier of MSAR® 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.

 

END

 

 

MSCDMGZKMGFGLZM