LONDON (Alliance News) – Graphene NanoChem PLC Thursday said its expansion projects remain on track, while sales of its biofuels are meeting expectations and it is still “cautiously optimistic” that it will be able to book revenues for its graphene-enhanced drilling fluid this year.
In a short trading update, the company said expansion of its Senawang chemicals plant, which is due to be completed by the end of the year, is on schedule, as its Graphene expansion project.
Sales of its second generation biofuels remain in line with its expectations, with toll-refining operations in place while the Senawang plant is shut down.
Meanwhile, it remains confident in prospects for its PlatDrill graphene-enhanced drilling fluid, with talks continuing with Scomi Group regarding the determination and selection of a well site by its end-customers.
“The timing of the shipment of PlatDrill will have a material impact on the group’s financial results for the year ended December 31 and the director’s remain cautiously optimistic that the group will be able to recognise revenue in relation to PlatDrill this year,” it said in a statement.
Graphene NanoChem shares were up 1.4% at 75 pence Thursday morning.