Quadrise, the London-listed energy technology company, experienced a 20% drop in its shares following the news that Utah's Board of Oil, Gas and Mining rejected a utilization plan proposed by Valkor Technologies. The plan aimed to drill up to 119 wells at a heavy oil asset in Utah.
The decision was based on the board's belief that there isn't enough evidence of an oil deposit to support the utilization plan at this time. However, it's important to note that the denial does not impact the four pilot wells that were previously approved in December.
In June, Quadrise entered into a site license and supply agreement with Valkor for the use of its technology at a Valkor heavy-oil asset in Utah. The company had anticipated generating commercial revenue from Valkor's primary project site as early as August.
Following the denial, Quadrise is now collaborating with Valkor to assess and clarify any potential impact on the conditional site license and supply agreement for Quadrise's emulsion fuel technology. The company intends to make a further announcement once this assessment is complete.
As of 1143 GMT, Quadrise's shares were trading at 0.87 pence, down 0.22 pence.
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