Quadrise, a London-listed energy technology company, has announced that its partner, Valkor Technologies, is expected to receive a drilling permit from Utah’s Department of Oil, Gas & Mining in early September. The drilling is scheduled to commence in October.
With the drilling permit condition now secured, Quadrise and Valkor have agreed that the site license agreement will be conditional upon Valkor receiving project financing of at least $15 million.
In June, Quadrise signed a site license and supply agreement with Valkor for the use of its technology at a Valkor heavy-oil asset in Utah.
Valkor is currently working with Heavy Sweet Oil and AC Oil to secure the necessary project financing to establish the Asphalt Ridge enhanced recovery unit for the in-situ production of heavy oil. Additionally, they plan to license Quadrise’s technology for the agreed sum of $1.5 million.
“We anticipate finalizing the funding arrangements with our project partners in the upcoming weeks and collaborating with Quadrise to implement its groundbreaking technology in Utah. Our aim is to produce lower carbon fuels in the near future,” said Valkor.
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