Business
Replacement: Business Update
Replacement: Business Update.
About this update from Quadrise Plc
[{"type":"text","content":"\n\nThe following amendment has been made to the \"Business Update\" announcement released on 16 May 2023 at 07:00 under RNS No. 4889Z.\nThe original announcement stated that Valkor had been awarded drilling permits covering their Asphalt Ridge site in early May 2023. The corrected announcement below states that the drilling permits are expected to be awarded later in May 2023\nAll other details remain unchanged. The full amended text is shown below.\n \n16 May 2023\nQuadrise Plc (\"Quadrise\" or the \"Company\")\nBusiness Update\nQuadrise Plc (AIM:QED), the supplier of innovative energy solutions for a cleaner planet, is pleased to provide an update covering progress on each of its key projects.\nKey projects:\n· Morocco - The industrial demonstration test is now scheduled to commence in May following finalisation of the client's latest production schedule. Quadrise personnel are now at the client site completing trial preparation, with results expected shortly after completion of testing and joint review with the client. Upon success, the parties will enter discussions for potential commercial supply, with a view to signing a fuel supply agreement in Q3 2023.\n· MSC - Discussions with third party fuel suppliers for the Proof-of-Concept and Letter of No Objection trials on board the MSC Leandra are progressing positively. The intended outcome of these discussions is to conclude a Tripartite Agreement between the supplier, MSC and Quadrise as soon as possible. The vessel is currently in dry dock being prepared for testing, which is now expected to commence in Q4 2023. Quadrise and MSC are scheduling the bioMSAR™ hazard identification and operability study as recommended by Wärtsilä, which assesses feasibility and safe operability prior to use on the vessel's 2-stroke main engine. With positive trial progression, Quadrise, MSC, and other key stakeholders expect to commence discussions in H1 2024 with regard to commercial supply to MSC's fleet.\n· Utah - Quadrise and Valkor are finalising terms for the supply of a licence, services and manufacturing unit to enable Valkor to produce MSAR® and bioMSAR™ for the first project, and conditional sub-licensing of the technology for other heavy oil projects in Utah. Following the award of drilling permits to Valkor ...