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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Quadrise 'not aware of any specific reason' for 32% drop in share price

22 Jan 2018 12:45 GMT

MSAR supplier expects fuel production and combustion phases in Saudi Arabia to be completed in Q1 and H2 respectively.



Quadrise Fuels International plc (QFI), the emerging supplier of MSAR emulsion technology and fuel, said on Monday that it "is not aware of any specific reason" for recent movements in the company's share value, which saw the price plummet by more than 32 percent prior to the release of the company's statement this morning.

Commenting on its planned combustion boiler trial project in Saudi Arabia, QFI emphasized that installations for fuel production are essentially complete and that preparatory work for the trial "has been progressing for some time".

QFI had said in December that the trial would only commence once all agreements with the various participants were concluded, which was anticipated to be early 2018. This was reaffirmed by the company in Monday's statement.

QFI also explained today that the trial was "a complex project involving several parties", adding: "Progress continues to be made towards the finalisation of all the agreements (including a tri-party and various bilateral agreements between the key parties that define the key responsibilities and project deliverables)."

"Given the scale of the boiler trial, there is an extensive fuel production phase and this remains on track to commence in Q1 2018, with associated bulk MSAR storage and shipping to the trial boiler to enable the combustion phase to be completed during the second half of 2018," QFI commented.

QFI shares fell on Monday morning to a low of 6.725 pence per share on the London Stock Exchange, having closed at 10.00 pence per share on Friday, representing a 32.75 percent drop.

At the time of writing, the price has recovered shortly after the announcement to rise above 8 pence per share.






Related Links:

Quadrise expects to start combustion boiler trial in early 2018
Quadrise delivers presentation to shareholders at AGM
Quadrise signs memorandum of agreement with JGC Corporation
Quadrise issues activity update following 'media speculation'
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