Quadrise announced on Thursday that a representative heavy sweet oil sample from Valkor Technologies' Asphalt Ridge pilot plant in Utah has been tested at its Research Facility in Essex, with both MSAR and bioMSAR emulsions successfully formulated.
The AIM-listed developer of lower-cost, lower-emission replacement fuels for shipping and heavy industry said further optimisation work is planned during the fourth quarter.
Quadrise had previously said a heavy sweet oil sample was sent to its research facility for formulation work scheduled for the fourth quarter; that work has now begun and produced initial results.
Valkor told Quadrise that drilling has started at two pilot wells at Asphalt Ridge and that site installation for its separate 500 barrels-per-day oil sands pilot plant is underway, with production still targeted for the first quarter of 2027.
Valkor is also preparing a broader development programme at the site, with multi-million dollar project finance expected to conclude in the fourth quarter.
On the outstanding US$950,000 site licence fee balance, Valkor now expects to pay US$300,000 by the end of October, a payment it has confirmed is not dependent on completing any fundraising, with the remaining US$650,000 due once its ongoing fundraising process concludes in the fourth quarter.
That splits a balance Valkor had previously told Quadrise it expected to clear in full by the end of October.
Quadrise said preparations continue for shipping its 600 bpd Multifuel Manufacturing Unit to Utah, with mobilisation on site planned once the outstanding licence fee balance is received in full.
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