Quadrise takes 'pragmatic' approach to evolving Covid-19 situation

Quadrise Fuels updated the market on its operations amid the Covid-19 coronavirus pandemic on Monday, having implemented a plan to protect its employees and business as a “pre-emptive, pragmatic and measured” approach to prevailing global events, it said.

The AIM-traded company confirmed that its London office remained open, that the Quadrise Research Facility (QRF) in Essex was still operational, and that it was continuing with its business development activities where permitted to do so, including a team of three personnel visiting South America during the week starting 9 March alongside Freepoint representatives, for a “positive follow-up meeting” which included a visit to a refinery and nearby power plant.

It said that, to seek to ensure that remained the case, no third-party visitors were being accepted at QRF, and the firm said it had put in place appropriate measures to ensure that London-based staff would, in the main, be working remotely, with “little if any” impact on their normal activities, but minimising the potential risk to employees.

Notwithstanding that, the company announced that it had now been informed that the ‘MSAR’ pilot trial in Morocco would be delayed, as the client was now restricting site access for external contractors, as a precaution not dissimilar to its own approach in relation to the QRF.

No revised trial schedule had yet to be indicated, the board said, and further announcements in relation to the situation in Morocco and the revised trial schedule would be made in due course.

All of the equipment required for the trial was now in Morocco, including the MSAR fuel produced at QRF, enabling the trial to begin as soon as the site could again be accessed by Quadrise.

“We have taken a pragmatic approach to the rapidly developing global Covid-19 situation and taken actions to protect our staff and the business which we believe will be effective in the short to medium term,” said chairman Mike Kirk.

“The decision by our client in Morocco to delay the pilot trial is not surprising and parallels the procedures we have put in place to protect QRF.

“With all of the equipment and fuel for the trial now in Morocco, we will be in a position to commence the trial very rapidly, once we are able to access the client's site.”

In the meantime, Kirk said the company would continue to progress with business development activities in line with any restrictions that could be in place.

“The visit by our team to South America last week shows that we can still respond positively and actively to opportunities as they arise, and we have the capability to progress discussions and technical and economic analysis via web [and] video conferencing with clients if face to face meetings are not possible.”

At 1537 GMT, shares in Quadrise Fuels International were down 47.44% at 1.13p.