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Quadrise Fuels shares fall after Saudi Arabian trials hit the rocks
Emulsion technology provider Quadrise Fuels revealed on Friday that its new Saudi Arabian trial, set to showcase its fuel technology, was unlikely to proceed as originally planned.
Following on from an announcement made by the firm back in March, Quadrise warned investors that there had been a delay in securing a trial agreement between Saudi oil and electricity companies, meaning the signing of any supply agreement with a refinery counterpart had not yet been made, despite having signed the majority of agreements aimed at carrying out an MSAR "production to combustion" trial.
"Despite continued efforts by Quadrise to seek a resolution, the agreement between the KSA oil company and the KSA electricity company has still not been signed and as a result, the refinery counterparty is now unlikely to support the production of MSAR," the group said in its Friday morning trading update.
As a result, Quadrise noted that it was "now questionable" that the project would be capable of proceeding as planned, but highlighted that it was continuing to work with the oil and electricity companies to seek a solution that would enable the trial to proceed, adding that it would now be on an extended timetable and that if it does progress, "the outcomes remain uncertain at this time".
As of 0900 GMT, shares had slumped 19.74% to 3.05p