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Quadrise Continues To Progress Power Trial Project In Saudi Arabia

Saudi Arabia, November 21, 2017

Quadrise Fuels International PLC on Monday noted media speculation related to its proposed commercial scale power trial project in Saudi Arabia, and stressed its update provided in its final results earlier this month remained 'reflective' of its current status.

Quadrise said Monday it continues to progress the Saudi Arabia project in conjunction with various entities in the country and from Europe and the US.

At the time of reporting its annual results, Quadrise Chairman Mike Kirk had said that 'substantial work' has been undertaken to progress this project to the point where it could commence 'as soon as all parties have signed the project contracts'.

'Whilst it is disappointing that these contracts have not yet been signed, this is a very complex project involving many entities within, and outside of, KSA and we look forward to providing updates on this project, as appropriate, in due course,' Kirk said at that time.

Shares in Quadrise were down 0.3% at 3.92 pence Monday.