Business
Valkor Update
Valkor Update.
About this update from Quadrise Plc
[{"type":"text","content":"\n\n24 August 2023\nQuadrise Plc (\"Quadrise\" or the \"Company\")\nValkor Update\nQuadrise Plc (AIM:QED), the supplier of innovative energy solutions for a cleaner planet, provides an update on its project with Valkor Technologies LLC ('Valkor') in Utah, USA.\nA meeting of the State of Utah's Board of Oil, Gas and Mining ('the Board') was held yesterday to review a unitisation plan involving drilling of up to 119 wells to establish the Asphalt Ridge Enhanced Recovery Unit for the in-situ production of heavy oil from sands by Valkor, on behalf of project sponsors Heavy Sweet Oil LLC and AC Oil LLC.\nThe Board denied the order on the basis that without a producing well in place, there was not yet sufficient evidence of an oil deposit to support the unitisation plan at this time. The decision does not prevent Valkor from drilling the 4 pilot wells already granted by the Board in December 2022. Pilot well drilling will be necessary to support a further application for unitisation in due course.\nQuadrise is now working with Valkor to assess and clarify any impact on the conditional site license and supply agreement for Quadrise's emulsion fuel technology announced on 12 June 2023 and a further announcement will be made as soon as practicable.\nFor additional information, please contact:\n \n\n\n\n\nQuadrise Plc\n\n\n\n\n\n+44 (0)20 7031 7321\n\n\n\n\nAndy Morrison, Chairman\nJason Miles, Chief Executive Officer\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNominated Adviser\n\n\n\n\n\n\n\n\n\n\nCenkos Securities plc\n\n\n\n\n\n+44 (0)20 7397 8900\n\n\n\n\nBen Jeynes\n\n\n\n\n\n\n\n\n\n\nKaty Birkin\n\n\n\n\n\n\n\n\n\n\nJoint Brokers\nShore Capital Stockbrokers Limited\n\n\n\n\n\n \n \n+44 (0)20 7408 4090\n\n\n\n\nToby Gibbs, Rachel Goldstein (Corporate Advisory)\n\n\n\n\n\n\n\n\n\n\nFiona Conroy (Corporate Broking)\n\n\n\n\n\n\n\n\n\n\n \n\n\n \n\n\n \n\n\n\n\nVSA Capital Limited\nAndrew Raca (Corporate Finance)\nAndrew Monk (Corporate broking)\n\n\n\n\n\n+44 (0)20 3005 5000\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPublic & Investor Relations\n\n\n \n\n\n \n\n\n\n\nVigo Consulting\nPatrick D'Ancona\nFinlay Thomson\n\n\n\n\n\n+44 (0)20 7390 0230\n\n\n\n\n \nAbout Quadrise\nQuadrise is the supplier of MSAR® and bioMSAR™ emulsion technology, fuels and biofuels, providing innovative solutio...