Update re Combustion Boiler Trial Project

RNS Number : 5684A

Quadrise Fuels International PLC

29 December 2017

 

29 December 2017

Quadrise Fuels International plc

("Quadrise", "QFI" or the "Company")

Update re Combustion Boiler Trial Project

Quadrise Fuels International plc (AIM: QFI) provides the following update on the planned combustion boiler trial project in the Kingdom of Saudi Arabia.

As previously reported in the Company's final results announcement on 6 November 2017, crucial preparatory work has been progressing for some time.  Installations for fuel production are now essentially complete and a third-party engineering study for the boiler consumption phase has been delivered to the client in the Kingdom of Saudi Arabia.

The combustion boiler trial is a complex project involving several parties and progress continues to be made towards the finalisation of all the agreements (including a tri-party and various bilateral agreements between the key parties that define the key responsibilities and project deliverables).

Given the scale of the boiler trial, there is an extensive fuel production phase and this remains on track to commence in Q1 2018, with associated bulk MSAR^® storage and shipping to the trial boiler to enable the combustion phase to be completed during the second half of 2018.  The trial will commence once all the agreements are finalised, which is now anticipated to be early in calendar year 2018.

Further announcements will be made, as appropriate, in due course.

This announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014.

For additional information, please contact:

Quadrise Fuels International Plc
Mike Kirk, Executive Chairman	[phone]
Jason Miles, Chief Operating Officer
Nominated Adviser
Smith & Williamson Corporate Finance Limited
Dr Azhic Basirov	[phone]
Ben Jeynes
Katy Birkin
Broker
Peel Hunt LLP
Richard Crichton	[phone]
Ross Allister
Chris Burrows
Public & Investor Relations
FTI Consulting
Ben Brewerton	[phone]
Sara Powell

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 shipping, refining and steam and power generation industries.

 

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