REG - Quadrise PLC - Valkor Update

QuadriseAnnouncement

24/08/2023 12:30

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RNS Number : 3724K  Quadrise PLC  24 August 2023

24 August 2023

Quadrise Plc
("Quadrise" or the "Company")

Valkor Update

Quadrise 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.

A 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.

The 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.

Quadrise 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.

For additional information, please contact:

 

 Quadrise Plc                                             +44 (0)20 7031 7321
 Andy Morrison, Chairman

 Jason Miles, Chief Executive Officer

 Nominated Adviser
 Cenkos Securities plc                                    +44 (0)20 7397 8900
 Ben Jeynes
 Katy Birkin
 Joint Brokers

 Shore Capital Stockbrokers Limited

                                                          +44 (0)20 7408 4090
 Toby Gibbs, Rachel Goldstein (Corporate Advisory)
 Fiona Conroy (Corporate Broking)
 ( )                                                ( )   ( )
 VSA Capital Limited                                      +44 (0)20 3005 5000

 Andrew Raca (Corporate Finance)

 Andrew Monk (Corporate broking)

 Public & Investor Relations
 Vigo Consulting                                          +44 (0)20 7390 0230

 Patrick D'Ancona

 Finlay Thomson

 

About Quadrise

Quadrise is the supplier of MSAR® and bioMSAR™ emulsion technology, fuels
and biofuels, providing innovative solutions to reduce energy costs and
greenhouse gas emissions today for clients in the global power generation,
shipping, industrial and refining industries.

Learn more at: www.quadrise.com (http://www.quadrise.com/)

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR") and is disclosed
in accordance with the Company's obligations under Article 17 of MAR.

 

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