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")
(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."
SulNOx Group Plc
Tony Granger, Non-Executive Chairman
Media and Investors:
Flagstaff Strategic and Investor Communications
Tim Thompson / Fergus Mellon
020 7129 1474
AQSE Corporate Adviser:
Allenby Capital Limited
Nick Harriss / John Depasquale / James Hornigold
020 3328 5656
This information is provided by RNS, the news service of the London Stock Exchange
. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom
. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact email@example.com
or visit www.rns.com
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange