Quadrise Plc (LON:QED), the supplier of innovative energy solutions for a cleaner planet, has provided an update on its project with Valkor Technologies LLC in Utah, USA, which targets the supply of low sulphur MSAR® and bioMSAR™ to the marine and power sector.
Further to the Company’s announcement of 2 October 2023, Valkor has now confirmed that their project partner, Heavy Sweet Oil LLC (“HSO”), has received multi-million dollar funding and approval for their Application for Permit to Drill (“APD”) from the Utah Division of Oil, Gas and Mining.
The Company understands that Valkor intends to commence drilling of the initial oil well at the Asphalt Ridge in Utah next week, with completion before the end of April.