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(Sharecast News) - Quadrise said on Friday that deployment of equipment for its Valkor project in Utah had been delayed, while $950,000 of a $1.0m licence fee remained outstanding.
The AIM-traded low-emission fuels technology company said progress continued towards pilot deployment and commercial demonstration of its upstream production model.
Quadrise said its equipment was ready for deployment and representative heavy sweet oil samples had been prepared at Valkor's new pilot plant ahead of MSAR and bioMSAR formulation work.
However, Valkor's 500-barrel-per-day oil-sands pilot plant is now expected to be commissioned in the fourth quarter of 2026.
As a result, Quadrise will not deliver a 600-barrel-per-day Multifuel Manufacturing Unit to the site by 30 June as previously indicated.
Delivery is now expected during the third quarter.
The company also said it had received no further licence fee payments since its update in November 2025.
Of the $1.0m licence fee payable by Valkor, $950,000 remains outstanding while Valkor awaits receipt of approved project funding.
Quadrise said its board now expected the licence fee to be paid in full by 30 September 2026.
At 1204 BST, shares in Quadrise were down 5.26% at 1.8p.
Reporting by Josh White for Sharecast.com.
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