TIDMQFI
RNS Number : 1442Y
Quadrise Fuels International PLC
07 September 2020
7 September 2020
Quadrise Fuels International plc
("Quadrise", "QFI", the "Company" and together with its
subsidiaries the "Group")
Notice of Annual Results, Business Update and Investor Event
Quadrise Fuels International plc (AIM: QFI) provides the
following update ahead of its final results for the year ended 30
June 2020, which the Company intends to announce on Monday 5
October 2020.
Business Development Overview
Progress has continued to be made in several areas that has
enabled Quadrise to increase the breadth and depth of its business
development programme which is now actively addressing the vast
majority of the potential MSAR (R) market opportunities.
Quadrise's well-established strategy to broaden and deepen the
range of available project opportunities through our network of
influential partners in major global markets proved to be very
effective in 2020, despite the disruptions caused by COVID-19. The
strategy has enabled Quadrise, at negligible cash-cost, to use the
skills, networks and resources of our partners to effectively and
efficiently scale our in-house business development
capabilities.
In addition, this network of in-country partners has played a
pivotal role in enabling Quadrise to mitigate, where possible, the
impact of COVID-19 on our project and business development
activities.
As a result of this strategy we now have a range of
opportunities at various stages of development; from early phase
discussions and market assessments, to active on-site projects to
demonstrate MSAR(R) technology ahead of a decision to progress to
commercial implementation.
Industrial Applications
-- Morocco - Work is progressing on preparations for the work on
site and the current expectation is that we will be able to start
the trial in October 2020, subject to the Quadrise team gaining
access to the site. If the trial proceeds on this basis, the
overall timetable will not have been extended significantly as a
result of COVID-19 disruption as we were proactive and brought
forward the start of the Phase 2 work.
Upstream Applications
-- Following successful discussions with Valkor Technologies
("Valkor"), to investigate the potential deployment of MSAR(R)
technology in Utah, USA a Commercial Trial Agreement ("CTA") was
signed with Greenfield Energy LLC ("Greenfield"), a joint-venture
between Valkor and Tomco Energy plc. The intention is to undertake
testing during 2020 at the Petroteq Oil Sand Plant ("POSP") located
at the Asphalt Ridge Facility in Utah, USA, which is owned and
managed by Greenfield.
Power Applications, Refinery Refuelling, & Co-Development
Opportunities
-- Kingdom of Saudi Arabia Al Khafrah Holdings Group ("AKHG") -
Quadrise management and our local partners AKHG continue to engage
with stakeholders to resume the planned 400MWe boiler trial using
in-Kingdom MSAR(R) manufacture. Quadrise is supporting this through
a significant enhancement to the Company's profile in the region.
In particular, via the recent publication and continued promotion
of a White Paper (in August 2020, in both English and Arabic)
outlining the significant economic and environmental advantages
that MSAR(R) fuel production and use in-Kingdom would deliver to
the Kingdom and the Middle East.
-- South America (Freepoint Commodities) - Good progress has
been made following the initial meetings in Ecuador during Q1 2020.
Following the completion of the techno-economic study by Quadrise,
which was positively received by the client, we are now discussing
the next steps - including proof of concept testing at the Quadrise
Research Facility ("QRF") and demonstrating MSAR(R) production and
use at the refinery as precursors to commercial implementation if
these proceed successfully. In parallel we have initiated a
programme to investigate upstream applications for MSAR(R) in the
country, commencing with a recent presentation by the Company to
the Society of Petroleum Engineers Ecuador.
-- Mexico (Redliner & Freepoint Commodities) - Our principal
activities in Mexico are with Redliner, who have been progressing
opportunities with the national oil company and have successfully
engaged with its stakeholders at very senior levels. However, as a
result of delays in the receipt of essential information during the
COVID-19 period, Quadrise has not been able to undertake the
techno-economic study for multiple refineries as had been planned.
Whilst this is frustrating, we continue to work with Redliner to
progress activities as there is a clear economic rationale. Most
recently MSAR(R) briefings have been presented directly by Redliner
to the Energy Secretary and key Directors (Upstream and Refining)
of the national oil company.
-- European Refiner - The client is comparing the economics of
MSAR(R) with another refinery solution to enable IMO 2020 compliant
fuel supply; though the complex refinery testing that was due to be
carried out during Q2 and Q3 2020 has not been completed because of
COVID-19. We are awaiting clarification from the client as to when
this evaluation work will be completed, though we expect this to be
delayed to 2021
-- Nouryon - Following positive discussions with Nouryon
regarding business collaboration opportunities between Quadrise,
Nouryon and related companies within the Carlyle Group, Quadrise
has continued to review the medium and long-term opportunities to
leverage the strongly aligned interests of all participants. The
Quadrise team has regular updates with Nouryon and expect to be
moving these to physical meetings again during Q4 2020.
Marine Applications
-- We have continued to progress opportunities with two major
shipping companies, each with large fleets and leading positions in
scrubber implementation in their segments of the shipping industry.
These discussions have continued with their technical, operational
and senior management teams to progress MSAR(R) Letter Of No
Objection ("LONO") testing and we continue to work towards the goal
of implementing joint development and trial agreements with the
respective companies during 2020.
-- We have continued to evaluate the opportunity to establish or
link with a physical bunker fuel supplier, to provide a supply
network for high sulphur fuels in parallel with MSAR(R) for the
LONO testing opportunities we are seeking to progress. These have
not progressed as rapidly as we initially hoped, as the bunker
market has been adversely impacted by COVID-19. However, this is a
market opportunity that we will continue to review, albeit it is
not considered a high priority at this time.
Other
-- At this time there are no material updates to report on
opportunities with the European Oil Major, activities in Kuwait,
Merlin Energy Resources, Bitumina, API Poly-GCL, JGC or Maersk
Line., though work is continuing as appropriate.
With the substantial funding put in place during 2019, we
secured the ability to pursue our business development activities
through to mid-Q2 calendar year 2021. Since then we have made
significant progress in several markets, which brings the Company
much closer to being able to advance towards commercial revenues
and profitability. The QFI Board believes that the business
development pipeline above provides the platform needed to deliver
projects with commercial revenue potential, and we look forward to
providing further updates on progress.
Live Investor Presentation
The Company is also pleased to announce that Mike Kirk,
Chairman, and Jason Miles, CEO will provide a live investor
presentation relating to the Business Update via the Investor Meet
Company ("IMC") platform on Wednesday 9th September 2020 at 10.00
BST.
The Company is committed to ensuring that there are appropriate
communication structures for all elements of its shareholder base
so that its strategy, business model and performance are clearly
understood:
-- The online presentation is open to all existing and potential shareholders.
-- Questions can be submitted pre-event via your IMC dashboard
or at any time during the live presentation via the "Ask a
Question" function. Although the Company may not be in a position
to answer every question it receives, it will address the most
prominent within the confines of information already disclosed to
the market. Responses to the Q&A from the live presentation
will be published at the earliest opportunity on the Investor Meet
Company platform.
-- Investor feedback can also be submitted directly to
management post-event to ensure the Company can gather the views of
its shareholder base.
Investors can sign up to Investor Meet Company for free and add
Quadrise Fuels International plc via
https://www.investormeetcompany.com/quadrise-fuels-international-plc/register-investor
Investors who have already registered and added to meet the
Company, will be invited automatically.
For further information, please refer to the Company's website
at www.quadrisefuels.com or contact:
Quadrise Fuels International Plc
Mike Kirk, Chairman +44 (0)20 7031 7321
Jason Miles, Chief Executive Officer
Nominated Adviser
Cenkos Securities plc
Ben Jeynes +44 (0)20 7397 8900
Katy Birkin
Joint Brokers
Peel Hunt LLP
Richard Crichton +44 (0)20 7418 8900
David McKeown
Shore Capital Stockbrokers Limited
Toby Gibbs +44 (0)20 7408 4090
Fiona Conroy
Public & Investor Relations
Ben Brewerton +44 (0)20 3727 1000
Ntobeko Chidavaenzi
Notes to Editors
QFI is the supplier of MSAR (R) 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, industrial and refining
industries.
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