Quadrise Fuels Intnl - Notice of Interim Results and Business Update
("Quadrise", "QFI", the "Company" and together with its subsidiaries the "Group")
Notice of Interim Results and Business Update
Business Development Overview
The Company has continued to make progress across its portfolio of business development opportunities with global partners. As highlighted previously, the strategy of pursuing a diversified range of opportunities provides Quadrise with access to a rich body of experience through its various partners at negligible cash cost, combined with opportunities to fully leverage its in-house business development capabilities. The Company remains focused on translating the opportunities being progressed during 2020 into projects with clear commercial revenue potential.
Progress has been made in a number of areas that has enabled Quadrise to increase the breadth and depth of its business development programme, addressing the vast majority of the potential MSAR® market opportunity. Developments by MSAR® market segment are summarised below.
Morocco - Two site visits to Morocco took place, in December and January respectively, concluding with the completion of a Hazard and Operability (HAZOP) study of the pilot kiln and the associated QFI equipment that will be used to undertake the trial. The pumping and heating unit fabrication at our Quadrise Research Facility ("QRF") is now close to completion and the fuel for the trial is due to be manufactured at QRF this month. The fuel and equipment will then be transported to site in time for the trial to commence in
Power Applications, Refinery Refuelling, & Co-Development Opportunities
· Kingdom of Saudi Arabia (
· South America (
· Mexico (Redliner &
· European Refiner -The client is now comparing the economics of MSAR® with another refinery solution (which requires complex refinery testing during Q2 and Q3 2020) to enable IMO 2020 compliant fuel supply. It is anticipated that the client will make a decision at the end of Q3 2020. If MSAR® is selected, the Company would expect to finalise the site trial agreement, including schedule, for refinery refuelling during Q4 2020.
· Nouryon - We have held positive discussions regarding business collaboration opportunities between Quadrise, Nouryon and related companies within the
· Kuwait (
· Marine - The implementation of IMO 2020 compliance remains the main focus for shipping companies and operators during Q1 2020. The Company has had positive meetings with senior management of two major shipping companies, each with major fleets and leading positions in scrubber implementation in their segments of the shipping industry. Further meetings with these companies are being planned during H1 2020 to investigate potential MSAR® Letter Of No Objection ("LONO") testing and commercial deployment, on success, to reduce fuel costs further whilst improving environmental performance. Quadrise is also investigating the merits of establishing, or linking with, a physical bunker fuel supplier, to provide a supply network for high sulphur fuels in parallel with MSAR® for the LONO testing opportunities. Further updates in this regard will be provided, as appropriate, in due course.
· Merlin - Joint meetings have been held with an upstream developer with MSAR® potential in Africa, and parallel opportunities in South America are being jointly screened.
· Other - Quadrise is also in preliminary discussions directly with upstream developers in Africa and North America, both of whom have concessions for extraction of heavy sweet crude oil / bitumen that potentially would benefit from the implementation of MSAR® technology.
There are no material updates to report during the period to developments with the European Oil Major, Maersk, Bitumina, JGC or API Poly GCL.
Our existing cash resources continue to enable the Group to pursue our business development activities throughout calendar year 2020, with a further
The QFI Board believes that the business development pipeline above provides the platform needed to deliver our strategy of translating opportunities during 2020 into projects with commercial revenue potential, and we look forward to providing further updates on progress.
For additional information, please contact:
Mike Kirk, Chairman
Jason Miles, Chief Executive Officer
Dr Azhic Basirov
Shore Capital Stockbrokers Limited +44 (0)20 7408 4090
Public and Investor Relations
This information is provided by RNS, the news service of the
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