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 ("KSA").
As announced on 29 December 2017, the combustion boiler trial is a complex project involving several parties and progress continues to be made towards the finalisation of the remaining agreements by the respective parties.
The update announced on 22 January 2018 confirmed that the preparatory work for the fuel production was essentially complete and that the third party engineering study for the boiler consumption phase had been delivered to the client in Saudi Arabia. Since this update, commissioning of the fuel production system has been completed by Quadrise and the boiler engineering study has been accepted by the KSA clients.
Following recent discussions between the KSA counterparties, an unexpected delay has resulted from one aspect of the internal approvals process relating to the boiler trial agreement. The respective parties are working hard to resolve this issue and it is anticipated that this can be achieved by the end of Q1 2018.
As previously announced, the trial will only commence once all the agreements including a triparty and various bilateral agreements between the key parties are finalised. All parties continue to support the process and are working towards completing all the necessary internal approvals required to reach final agreement as soon as possible.
Quadrise is evaluating options to reduce the impact of the delays in finalising the agreements for the commencement of fuel production. This work will also look at opportunities to optimise the production and logistical phases of the schedule where possible, to enable the combustion phase to be completed during the second half of 2018 in line with the original timeline.
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 |
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Mike Kirk, Executive Chairman |
+44 (0)20 7031 7321 |
Jason Miles, Chief Operating Officer |
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Nominated Adviser |
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Smith & Williamson Corporate Finance Limited |
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Dr Azhic Basirov |
+44 (0)20 7131 4000 |
Ben Jeynes |
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Katy Birkin |
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Broker |
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Peel Hunt LLP |
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Richard Crichton |
+44 (0)20 7418 8900 |
Ross Allister |
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Public & Investor Relations |
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FTI Consulting |
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Ben Brewerton |
+44 (0)20 3727 1000 |
Sara Powell |
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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.
