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the last thing that PQE needs is a leak. They will be checking all moving parts for signs of a possible leak, for signs of abrasion, testing for excessive vibration, signs of clogging etc. This, in effect, is a new plant: they have to check and double-check that everything is operating within acceptable parameters.
To check parts of the plant, they will have clean it, disassemble it and reassemble it.
I don't know but I suspect that the use of the word sustained is a bit moot. Does sustained mean 24/7 or is running it for 18 hours and then taking it off line to check things sustained or is running it on 12 hour shifts for three days and then taking it offline to check things sustained.
Well, next up should be news on licensing deals with third parties. As I said a while back but the highly informed, extremely well-researched investment gurus on here pooh-poohed it, I can see five producing plants by end of December 2020. It could possibly be six.
I still don't think that they will be producing flat out 24/7 just yet. I think that they will be calling a halt every few days to inspect the internals of the plant to see if they are getting any clogging issues with clay fines. As those inspections give a clean bill of health the gap between inspections will get longer.
PS for the people who don't know, I used to run chemical plants with Shell a long while back. I have actually done the type of start ups and shut downs that they will be doing. It will be safety first and then making sure that they know how to control the plant. They will be documenting everything so that it informs how they design, build and operate the subsequent plants.
PPS there is a very small, outside chance that someone like BP might fancy holding a chunk of PQE. Shell rather than BP because Shell sees natural gas as the way forward.
Quite content with PQE announcement. The real money will come from licensing though not production, now the technology is proven it is quite possible some of the big companies will be having a good look. Genuinely exciting times ahead and AOGL have an interest as well.
"Petroteq believes that the Asphalt Ridge facility is the first known commercial plant demonstrating this technology. The patented technology, which has already been licensed to one US company, has the potential to be licensed globally."
SHERMAN OAKS, Calif., Oct. 21, 2019 (GLOBE NEWSWIRE) -- Petroteq Energy Inc. (“Petroteq” or the “Company”) (TSXV:PQE; OTC:PQEFF; FSE: PQCF), a fully integrated surface oil sands clean recovery mining oil company with proprietary technology, is pleased to announce that the Company has achieved stabilized production rates and sales of heavy oil from its Asphalt Ridge Facility in Utah. Since re-commissioning the plant in September 2019, the Company has achieved the following:
RELATED LINKS PDF Release PDF cumulative sales of 1,000 barrels of heavy oil stabilized production rate of 200 bbl/per day from the facilities current daily 12 hour shift oil quality (namely, clay percent and oil thickness) to meet the requirements of specific buyers In addition, production numbers are anticipated to improve from an expected automation of the facilities centrifuge process which is due to begin shortly and the initiation of a 24 hour shift of plant operations.
“We believe our ongoing drive to deliver innovative Clean Oil Recovery Technology (“CORT”) is paying off, and our most recent advances in oil quality, oil sales and consistent production, holds the additional promise of increased economic performance that should help us strengthen our balance sheet and our corporate value," said David Sealock, Petroteq’s CEO.
The Company’s optimization strategy of complete automization of the facility also has the potential to further reduce the costs of production through lower labor costs, and increase the price paid by refiners as automation is expected to result in higher quality oil.
As Petroteq prepares for the next 30 to 60 days of production, the Company expects that the estimated production rates will be increased incrementally to ensure that the oil meets or exceeds the local refineries’ requirements. Petroteq’s 30 to 60 day forecast is to potentially achieve production and sales rates of approximately up to 600 bbls/d, with continued weekly sales in the interim.
While the Company’s projected production figures are preliminary estimates that are subject to adjustments, based on current projections the Company expects for its cash-flow to breakeven with its operating and general and administrative expenses in the first calendar quarter of 2020, which is anticipated to eliminate the need for further share issuances and dilution to the Company’s stock to cover monthly expenses (excluding additional capital expenditures).
Petroteq believes that the Asphalt Ridge facility is the first known commercial plant demonstrating this technology. The patented technology, which has already been licensed to one US company, has the potential to be licensed globally.
For more insight into the potential for the CORT technology and the Company’s growth please watch this video: “Petroteq Vision”
Phase 2 Asphalt Ridge Expansion Plans
Petroteq has begun the preliminary engineering and pre-construction activities with Valkor Engineering for a proposed ex