Quadrise Fuels surges as fuel reaches client facility

23rd Feb 2023 15:50

(Sharecast News) - Quadrise Fuels International updated the market on the material transfer and cooperation agreement with its Moroccan client on Thursday.

The AIM-traded company said the client had confirmed that the 'MSAR' fuel, which was previously held at Moroccan customs, had cleared formalities and was now at its facility.

It said that the 'bioMSAR' fuel, meanwhile, which was delivered in December, was also on site.

Following the development, Quadrise said it was now working on finalising the trial schedule with the client.

The firm said it expected the trials to start before the end of the first quarter.

"We are pleased that both fuels have now cleared customs and we can move this project forward, as planned," said chief executive officer Jason Miles.

"I'd like to thank our shareholders for their patience and our team for their persistence in resolving the logistical challenges we have faced.

"We look forward to updating shareholders further as the trial progresses."

At 1518 GMT, shares in Quadrise Fuels International were up 28.21% at 1.58p.

Reporting by Josh White for Sharecast.com.