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Thanks HF, That's good to hear. Let's hope it means Tom co and Valkor come knocking on our door soon.

You are joking right? He's been invited to be on a panel at an event that is basically bankrolled by the US department of energy.

What better networking opportunity exists?

THOR process worked on the Valkor wells. Now they are exploring directional drilling. Perhaps once both are proven they will release samples and move ahead with financing. No point in just having one in the bag when they go to the money men.

Sounds viable and likely. So they have the means of extraction and directional drilling ensures higher volumes per well.

Are Valkor, Trio and Heavy Sweet Oil all sat around a table cooking up a deal to finally exploit the Utah reserves and what would that mean for Quadrise?

Thanks for the info. One less hurdle.

When I contacted Cavitas, they said that Valkor were now testing directional drilling which should also work with the THOR process. I guess to increase well volumes but this isn't my area.

Err, that's not the case. It's stated in the RNS that is to be paid immediately:

A re-phased payment of the initial US$1.0m license fee, with a non-refundable amount of US$50k payable immediately, US$0.3 million payable by Valkor on or before 31 March 2026 and the remaining US$0.65 million due on 30 June 2026.

Re read the RNS here HF:

https://www.londonstockexchange.com/news-article/QED/valkor-update/17250109

Does anyone know of any downsides to using the THOR heater's? Seems a tried and trusted technology.

I was thinking about samples from Valkor. They have had a successful trial of the downhole heaters from Cavitas that got the bitumen flowing. Surely that would have resulted in samples and testing our at QRF. But not a squeak out of either party.

Could it be that the $50k payment promised from Valkor to QED, negotiated in the RNS of the 26th Sept, came with a request for a news blackout?

JM said the invoice was done for the payment.

I can't see why else Valkor would agree to pay QED this or detail so specifically the future payments in May and July and a mini MMU in June.

So will the next rns be a reported payment of 50k by Valkor?

Well if it's good enough for Phil, it's good enough for me 😁

This makes sense given the successful trial of the THOR downhole heating system. Combine that with horizontal drilling and you finally have a cost effective method of extraction for the region. Finance for well build out should follow once this is demonstrated. Hopefully we'll be in the mix.

Seems others are entertaining the field. Personally I see this as a positive thing.

Apologies is already posted:

https://www.honeywell.com/us/en/press/2025/10/honeywell-introduces-new-innovative-technology-that-produces-low-cost-high-quality-renewable-fuels-from-biomass

Beardozer - Interested in how they plan to extract economically. Do you know what process they are using? Down well heaters for instance.

Ha ha 😂

@the_adams - My apologies, I wasn't clear. While it's not a guaranteed outcome, my research suggests QED's share price will jump significantly before Christmas. And no, I won't be sharing my intel yet. DYOR

I did my own research, as we all should, and am pretty confident where it's leading. But nothing is ever a given with QED! GLA

Hey Vince,

Completely share you sentiment. I've almost come to dred an rns from QED as it's so often announcing more can kicking. However, I do think we'll be getting better news this side of Christmas 🎁

The EU have said they will adopt it. America are saying exactly the opposite.

They don't pull any punches as you can read here:

https://www.state.gov/releases/office-of-the-spokesperson/2025/10/taking-action-to-defend-america-from-the-uns-first-global-carbon-tax-the-international-maritime-organizations-imo-net-zero-framework-nzf

However, they don't have the tonnage of shipping nor the votes to stop it. So I think it will go through and I think it will be a turning point for us and the shipping sector.

That could explain the renegotiation timescales with Qed and Valkor I guess. They may also be conscious of cashflow should they go for the additional asphalt ridge option. Certainly would be a huge result if this all came through.

Not to put a damper on this, but the blog post was around in March. See the archive.org link below:

https://web.archive.org/web/20250000000000*/https://www.cavitas.co.uk/case-study-extra-heavy-oil/

Why then, if Valkor had a successful process to extract oil have they not said so and why the renegotiation with QED?

As a backdrop to this, the 10th Oct and 10th Nov dates are key for Trio who use Valkor as for their technical expertise in the field. If extraction economics aren't proven, and the Trio stock is severely diluted in October, the chances of securing funding by Nov at the scale needed for the P.R. Spring development is remote.

But if Valkor can demonstrate an economically viable process, Trio can get funding and we can step in and add value. We'll know within about a month which way this will go.

A related post on linkedin regarding the THOR process a month ago is interesting. Apologies if already noted. Sounds a lot like a Valkor well.

"Our Operations Manager, Stewart McIntosh and, Field Engineer, Rachid, travelled to Utah, USA, to install THOR in a well containing ultra heavy oil - oil that couldn’t be produced through conventional methods.

🔥 The operator wanted to see if THOR’s patented thermal technology could unlock their barrels with heat. And it did."

See full post here:

https://www.linkedin.com/posts/cavitas-energy-limited_cavitas-unlocks-extra-heavy-oil-in-utah-activity-7360958765157797888-F9Zg

March 2026 sounds good. Thanks for the clarification and research. Plenty for the Quadrise team to do in the meantime. I'm sure Peter will have a few ideas by the sounds of it.