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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
Home » News

Quadrise share price plummets more than 27% in morning trading

Company's share value has fallen 70% in just over six trading days.

London Stock Exchange. Image credit: James Hume (jam_90s) Flickr CC BY 2.0

Updated on 06 Apr 2018 09:45 GMT

The share price of Quadrise Fuels International, the developer of MSAR emulsion technology and fuel, plummeted more than 27 percent on Friday morning following the release of a company statement an hour before the start of the day's trading session.

Quadrise's share price on the London Stock Exchange declined at one point by 1.05 pence, or 27.6 percent, to 2.75 pence per share compared to the previous day's closing price of 3.8 pence per share, before recovering over the next 30 minutes to just over 3 pence per share by 9 a.m. UK time.

In the statement, the UK-listed company said that it was now "questionnable" that its combustion boiler trial project in Saudi Arabia will be able to go ahead as planned due to the delay in sealing a back-to-back trial agreement between an unnamed oil company and an electricity company - echoing previous announcements made by the firm on the subject.

Quadrise explained that, as a result, the signing of the fuel supply agreement between the oil company and the refinery counterparty has not yet been achieved, and that the refinery counterparty is now unlikely to support the production of MSAR for the trial as originally planned.

"Quadrise is continuing to work with both the KSA oil and electricity companies to endeavour to seek a solution that would enable the trial to proceed, though this is now likely to be on an extended timetable, if it does progress, and the outcomes remain uncertain at this time." Quadrise stated.

Quadrise also noted that it was looking at opportunities in the marine, power, upstream, petrochemical and refinery refuelling markets, including the use of the MSAR manufacturing facility at the refinery counterparty's site to supply fuel directly to the consumer, allowing for a much higher level of control on the overall project delivery.

Since Quadrise's last combustion boiler trial update after the close of trading on March 26, the company's share price had plummeted 6.5 pence, or 63.1 percent, from 10.3 pence to yesterday's close of 3.8 pence per share.

The further drop this morning to 2.75 pence represented an overall drop of 7.55 pence, or 73.3 percent, in just over six trading sessions.

With levels at around 3 pence at the time of writing, the drop is 7.3 pence, or 70.9 percent, since the close of business on March 26.

Related Links:

Quadrise chairman upbeat despite 'hugely disappointing' Saudi setback
Quadrise posts GBP 2m interim loss
Refiner could pull out of Saudi project if accord not signed by April 1: Quadrise
Quadrise: Fuel production system commissioned in Saudi Arabia
Quadrise 'not aware of any specific reason' for 32% drop in share price
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