Valkor update
Quadrise Plc has provided an update on its project with Valkor Technologies LLC in Utah, where drilling has commenced at two new pilot wells following confirmation of technical viability. An eight-well drilling program is anticipated later this year, targeting 1,000 barrels per day production in 2027, with Valkor's 500 bpd pilot plant expected to begin production in Q1 2027. Valkor expects to pay the outstanding US$0.95 million site licence fee by the end of October 2026, enabling Quadrise to ship its 600 bpd Multifuel Manufacturing Unit. Additionally, a heavy sweet oil sample will be sent for MSAR® and bioMSAR™ formulation work, with joint marketing efforts underway.
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Quadrise Plc (AIM:QED), the manufacturer of lower cost, lower emission, replacement fuels and biofuels for shipping and heavy industry, provides an update on its project with Valkor Technologies LLC ("Valkor") in Utah, USA.
Valkor has informed the Company that drilling has commenced at two new pilot wells, incorporating findings from a comprehensive Core Laboratories study that confirmed the technical viability of its modified enhanced oil recovery project at the Asphalt Ridge site.
An eight-well drilling programme is expected to commence later this year, targeting production of approximately 1,000 barrels per day ("bpd") in 2027. Site installation works for Valkor's 500 bpd oil sands pilot plant are also underway, with production expected to commence in Q1 2027.
Following the achievement of significant project milestones during Q3 2026, Valkor has advised the Company that it expects to pay the outstanding US$0.95 million balance of the site licence fee by the end of October 2026 upon receipt of project funding due next month.
The Company's 600 bpd Multifuel Manufacturing Unit ("MMU") and associated equipment will be shipped to Utah for mobilisation on site following receipt in full of the outstanding licence fee.
In addition, a heavy sweet oil sample from Valkor's new pilot plant has been shipped to the Quadrise Research Facility for MSAR® and bioMSAR™ formulation work scheduled for Q4 2026. Joint marketing of MSAR® and bioMSAR™ is also underway in Utah.
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