Quadrise receives update on Valkor oil recovery project in Utah

On Monday, Quadrise Plc revealed that its collaborator Valkor Technologies LLC had begun drilling at two new pilot wells at the Asphalt Ridge site in Utah, according to a press release. This drilling was based on a study by Core Laboratories, which confirmed the feasibility of Valkor's enhanced oil recovery technique. Valkor is set to start an eight-well drilling program later this year, with the aim of producing around 1,000 barrels of oil per day by 2027.

Installation work for Valkor's 500 barrels per day oil sands pilot plant is currently underway, with production expected to start in the first quarter of 2027.

Valkor has informed Quadrise that the final $0.95 million payment on their site license fee is due by the end of October 2026, once they receive the project funding that is expected later that month. This payment comes after Quadrise successfully completed several key milestones in the third quarter of 2026. Quadrise has agreed to send its 600 barrels per day Multifuel Manufacturing Unit and related equipment to Utah once the outstanding license fee has been paid.

Recent samples of heavy sweet oil from Valkor's new pilot plant have been sent to Quadrise's Research Facility for MSAR and bioMSAR formulation work, which is scheduled for the fourth quarter of 2026. Both companies are also working on jointly marketing MSAR and bioMSAR in Utah. Quadrise specializes in producing replacement fuels and biofuels for use in shipping and heavy industry.