Quadrise Fuels knows no reason for share price move

AIM-listed Quadrise Fuels noted the recent movement in its share price on Monday and said it's not aware of any reason for the drop.

The group said that as announced in December, crucial preparatory work in relation to the proposed combustion boiler trial in the Kingdom of Saudi Arabia has been progressing for some time and installations for fuel production are now essentially complete. A third-party engineering study for the boiler consumption phase has been delivered to the client in Saudi.

The combustion boiler trial is a complex project involving several parties and progress continues to be made towards the finalisation of all the agreements, Quadrise said.

"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. The trial will commence once all the agreements are finalised, which the company continues to anticipate to be early in calendar year 2018."

At 1420 GMT, the shares were down 15% to 8.50p.