Quadrise Fuels International PLC – London-based residual oil technology licensor- Narrows loss in the six months ended December 31 to £1.5 million from £2.3 million. First half revenue surges to £75,000 from £8,000.
Production & development costs increase 6.4% to £686,000 from £645,000. Nearly doubles net assets which rise to £9.3 million from £4.9 million year-on-year. Says it has ‘sufficient cash reserves to reach revenue generation’ in the second half, subject to the conclusion of commercial project agreements.
Quadrise Fuels International plc (LON:QFI) is the global innovator and licensor of disruptive heavy oil technology that produces MSAR® fuel. The Quadrise team is a unique combination of energy sector experts and fuel specialists that were instrumental in the prior commercialisation of 60 million tons of Orimulsion® fuel worldwide.