This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The directors take responsibility for this announcement.
9 December 2020
SulNOx Group Plc (the "Company" or "SulNOx")
Collaboration Agreement
(Aquis Stock Exchange: SNOX)
The board of the directors of the Company (the "Board") is pleased to announce that it has entered into a collaboration agreement with Rigworld Group, a Ghanaian based, pan-African diversified oil and gas services business ("Rigworld"). This collaboration will involve the marketing of SulNOx's Fuel Conditioner and Heavy Fuel Emulsifier products throughout Africa, as well as further developing the products to suit local conditions (the "Collaboration Agreement").
Rigworld has identified significant opportunities for SulNOx's Fuel Conditioner product within Africa, due to its proven ability to reduce fuel consumption, maintenance costs and toxic emissions. In particular, Rigworld has identified the mining industry as its initial target market, with its extensive use of diesel-powered heavy machinery and generators, as well as the connected transport operators by road, rail and sea. The potential savings that SulNOx's Fuel Conditioner product offers Africa's mining industry have been identified by Rigworld as significant, while the reduced emissions are equally important.
In addition, Rigworld believes that SulNOx's Heavy Fuel Emulsifier product has significant potential for sales to operators of oil pipelines, where its ability to reduce the viscosity of crude will increase flow rates and reduce pumping costs, both in terms of money and emissions.
As part of the Collaboration Agreement, the Board has invited Rigworld to propose a candidate to join the Board. Rigworld's own press release on the Collaboration Agreement can be viewed on the Company's website at - https://sulnoxgroup.com/news/rigworld-group-announces-collaboration-with-sulnox.
The Board will provide further updates on progress with the Collaboration Agreement as the marketing efforts roll out.
Radu Florescu, CEO, Commented, "This is a major step in the globalisation of the SulNOx proprietary technology into the Continent of Africa, which has always been a strategic focus of the Company.
The Board are delighted to work with such a strong Oil Service business as Rigworld, who have contacts with many of the largest oil and shipping companies across the globe and who are also keen to drive the green revolution in Africa. We view this Collaboration Agreement will be a team enterprise, and look forward to a new colleague from Rigworld joining the Board in the future."
Enquiries:
| SulNOx Group Plc Tony Granger, Non-Executive Chairman |
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| Media and Investors: Flagstaff Strategic and Investor Communications Tim Thompson / Fergus Mellon |
020 7129 1474
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| AQSE Corporate Adviser: Allenby Capital Limited Nick Harriss / John Depasquale / James Hornigold |
020 3328 5656 |
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