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 | | |
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| 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) | | |
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| VSA Capital Limited Andrew Raca (Corporate Finance) Andrew Monk (Corporate broking) | | +44 (0)20 3005 5000 |
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| Public & Investor Relations |
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| Vigo Consulting Patrick D'Ancona Finlay Thomson | | +44 (0)20 7390 0230 |
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
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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