Business
Update re: Combustion Boiler Trial Project
Update re: Combustion Boiler Trial Project.
About this update from Quadrise Plc
[{"type":"text","content":"\n \nRNS Number : 2026F Quadrise Fuels International PLC 19 February 2018 \n\nQuadrise Fuels International plc\n(\"Quadrise\", \"QFI\" or the \"Company\")\nUpdate re: Combustion Boiler Trial Project\nQuadrise Fuels International plc (AIM: QFI) provides the following update on the planned combustion boiler trial project in the Kingdom of Saudi Arabia (\"KSA\").\nAs 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. \nThe 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.\nFollowing 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.\nAs 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.\nQuadrise 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.\nFurther announcements will be made, as appropriate, in due course.\nThis announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014.\nFor additional information, please contact:\n\n\n\n\nQuadrise Fuels International Plc\n\n\n\n\n\n\n\nMike Kirk, Executive Chairman\n\...