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Plant is scheduled to go 24 hours this month now it's fully automated. Expect the bopd numbers to increase with no depletion rates as you get with drilling tech.
Only one way this is going
https://twitter.com/petroteqenergy/status/1205105792954880001?s=21
****************************/articles/versarien-petroteq-energy-chris-bailey--caae9bb/
A good watch - all coming together (at long last!)
https://twitter.com/PetroteqEnergy/status/1202139217985507328
Thank you Fadec, very considerate info share. I'll keep this on the watch list. Cheers.
Basically PetroTeq are now proving production at their purpose built plant for the extraction of heavy oil from oil sands and are using their proprietary technology that doesn't use any water to extract ie like traditional extraction methods!
They use a patented solvent that can be 99% removed from the process, but also extract 99% of the oil from the oil sand and leave near enough clean sand, it’s like it cleans up the area!
The facility is near Vernal Utah where most of the oil sands in the U.S resides, something like 16billion barrels of oil sands there, they have a CPR of proven reserves at Asphalt Ridge of 90M barrels recovery on this property alone and they have a bigger resource at PR Springs!
There is no Decline curves like conventional/unconventional oil and gas, so you keep on producing high quality heavy oil it’s recently been confirmed to contain low sulfur so is going to be in demand at the oil refineries as the new shipping low sulfur laws for marine shipping kicks in in Jan 2020!
The break even per price barrel is lower than any oil and gas project I’ve seen in the U.S better than Permian Basin/Scoop and Stack in Oklahoma probably around $25per barrel!
The share price is at the bottom and is probably ready to move after a consolidation around this area!
Hi all. I don't understand the touch on this stock. There also seems to be a link with TOM. I've done some digging around but would be interested in what the hive mind thinks about this company for an investment. Answers on a postcard :)
Petroteq Announces Completion of Automation, Strategic Account Payment Structure With Valkor Oil and Gas and Appoints New Advisory Board Member
“Petroteq Energy Inc, an oil sands mining and production company having a proprietary technology that extracts hydrocarbons from oil sands without the use of water, is pleased to announce the completion of facility automation, a strategic account payment structure with Valkor Oil and Gas (“Valkor”) and the addition of Dr. Mark Rollins to its advisory board.
The Company has completed the automation of the front end processes for sand separation, oil quality control and centrifugal agitation. The Company believes that with the engineering and technical assistance from Valkor and Alfa Laval, its production of crude oil and potential reduction in operating, maintenance and labor costs will now be achieved. This marks a very important milestone in becoming an oil company focused on the development and implementation of a proprietary, environmentally clean technology for heavy oil extraction“
TSXV:PQE
OTC:PQEFF
https://content.equisolve.net/_e4acb3d204e67146c89551aeff407a7f/petroteq/news/2019-11-20_Petroteq_Announces_Completion_of_Automation_338.pdf
The company is going in the right direction now , oil in production with expected numbers to increase. Producing a higher quality oil which the market favours.
Company going in the right direction sadly at the moment the market not reflecting the mood change here.
Only a matter of time imho
WHY PETROTEQ STANDS OUT FROM OTHER OIL
AND GAS PRODUCERS
https://mkt-petroteq.conversionir.com/asset/1:petroteq-report
Highlights of replacement news release!
• Production and sale of 1,000 barrels of oil, achieved in one work week of continuous operations at the Plant.
• A production rate of 200 barrels of oil per day utilizing an eight-hour work shift each day.
• A higher quality of oil on a consistent basis that meets the specifications of refiners and other buyers.
David Sealock, CEO, “The Company has been working with Valkor Engineering, a U.S. engineering firm in charge of the project, together with Alfa Laval, a leading global provider of engineering solutions, separation and fluid handling, and a centrifuge manufacturer, in improving existing processes and installing additional equipment to achieve higher production rates and to provide increase efficiencies at our Utah facility. We believe that all production issues have been resolved and the plant is now achieving continuous and stable production rates.”
https://content.equisolve.net/_147d27910cb94c9d0f92fed1c228ae21/petroteq/news/2019-10-21_UPDATE_Petroteq_Achieves_Continuous_334.pdf
Notice to Disregard News Release!
Another too follow I would have thought!
https://content.equisolve.net/_209dfd87468c9bec81aae6fcfae0a4fe/petroteq/news/2019-10-21_NOTICE_TO_DISREGARD_Petroteq_Energy_Inc__333.pdf
Released yesterday - by far the best yet. Listen closely at 4.26 mins - David Sealock says that "we believe we are now commercial".
Therefore expect production update to drop anytime. Going to be exiting times, at last!
https://www.youtube.com/watch?v=gdDb22i2Dz8&feature=youtu.be
So we have been doing a little digging and find out that mr Steven Byle from Valkor who's just taken one licensing agreement with petroteq now is looking at the Trinidad oil sands with lease holders New Horizons Exploration Trinidad and Tobago, Ultd.... so guys and girls expect a new license deal here also.. i have attached a few links below for you to cast your eyes over, see below,,,,
100% certain this will be RNS as another licencing deal with petroteq
Steve Byle
CEO, Valkor – General Energy Services Contractor
Mr. Byle has 25 years as executive and entrepreneur in the energy industry with deep experience in the execution of the entire project life cycle, including, conceptual activities, front end design, detailed engineering, project scheduling, planning, multidiscipline interface management, commissioning and operations.
• He was previously the largest individual shareholder and CTO of Dockwise which tripled under his leadership to 1600 employees, $525M revenue and $1.1B in Debt & Equity.
• He was a founding partner of Offshore Kinematics which sold for $47M, Core Group International which sold for $21M, Ocean Dynamics which sold for $17M
• He is on the Board of Advisors to the University of Michigan College of Engineering and recipient of its Alumni of the Year Award in 2012 and the Michigan-Rosenblatt Award in 2018.
https://ngc.co.tt/wp-content/uploads/pdf/publications/Energy-Map-of-Trinidad-Tobago-2017.pdf
http://www.energy.gov.tt/wp-content/uploads/2013/12/Offshore-Onshore-Activity-Map-2018-2.pdf
https://www.trinidadoil.com/
http://qldem.com.au/wp-content/uploads/2019/09/QEM_Investor_Presentation_August_2019.pdf
Nice couple of mentions on a few slides they have there Fadec.
Great information posted here on the company also
Bring on next week, pretty sure we will have production figures out early on.
Exciting times DYOR
Queensland MOU Memorandum of understanding (Possible Licensing Deal)
• On 17 July 2019, QEM announced successful results using Petroteq Energy Inc’s technology, from Stage 2 test work carried out on the previous drill core sample.
• The test work undertaken by independent lab PRI Asphalt Technologies Inc, provided strong results, with total oil recovery up to 65% of the contained oil, from Julia Creek Project samples.
• With further optimisation by Petroteq, QEM is confident that recovery can be further increased.
• The residual material of approximately 20% of original mass (after oil recovery) was separated as a result of the Petroteq process, and this residual material contains the metals.
• The V205 is contained in the residual material only, as verified by PRI’s laboratory analysis.
• These results warrant a bulk sample test in order to produce sufficient oil and V205 required to carry out API (petrology analysis) testing of the oil, and V205 extraction.
• The bulk sample testing will provide a result that is a better representation for the beneficiation of the V205.
Queensland Vanadium Oil Sands Project Presentation August 2019
http://qldem.com.au/wp-content/uploads/2019/09/QEM_Investor_Presentation_August_2019.pdf
Other Links:-
http://qldem.com.au/project/
https://secureservercdn.net/50.62.89.138/gjz.e79.myftpupload.com/wp-content/uploads/2018/11/QEM_AX_IIR_181031.pdf
http://aigjournal.aig.org.au/julia-creek-vanadium-and-oil-shale-deposit/
Geology of Utah Tar Sands
https://geology.utah.gov/resources/energy/tar-sands/
Zacks Research Note:- https://scr.zacks.com
Original Version:-
https://s1.q4cdn.com/460208960/files/News/2019/Zacks_SCR_Research_06112019_PQEFF_Ralston.pdf
Short Version::-
https://wfn1.com/financial-news/columns/zacks-research/pqeff-zacks-initiates-coverage-of-petroteq-energy/
...explains how unique their heavily patented technology is. If PQE prove up commercial production (very likely and soon imo) this will be the first company ever to achieve commercial production. Then watch the share price. pre Nasdaq listing (planned)
https://www.globenewswire.com/news-release/2019/06/19/1871213/0/en/Petroteq-Invites-Shareholders-to-Follow-the-Molecule.html
Hoping for news this week on production rates for the improved plant
Timing is imminent >>>> RNS last week:
” Petroteq and our strategic partners are very excited about the potential future of this technology as the first in Utah and the USA to commercially produce surface oil sands reserves”, said Alex Blyumkin
https://ir.petroteq.energy/press-releases/detail/330/petroteq-announces-recommencement-of-production-at-asphalt
The interest is here already from large company’s which is validation in itself with a Non-Exclusive License Agreement in place with Valkor LLC for the CORT Technology/Process.
License Agreement:-
Under the Agreement, Valkor has agreed to pay Petroteq a non-refundable license fee of US$2 million per Plant in two payments, with 50% payable upon start of construction of a Plant and 50% payable upon first production of such Plant. Valkor also agreed to invest (or secure investment) of a minimum US$20 million towards the construction of a Plant by December 2020, and to have in production a minimum of 1,000 barrels per day. The agreement further provides that Valkor will pay Petroteq a five percent (5%) royalty based on annual gross sales, excluding solvent and or water, for so long as licensed technology is covered by a valid claim in the country in which it is used.
https://www.globenewswire.com/news-release/2019/07/02/1877278/0/en/Petroteq-Announces-Technology-Licensing-Agreement.html
Valkor Homepage:-
http://www.valkor-offshore.com
One of largest deposits of Oil Sands in the world :- 166 Billion Barrels!!
Buried in Alberta, Canada’s Oil Sands in Athabasca and at this field, the bitumen sits on top of a layer of limestone, which allows for surface mining!
The Technology used by the large companies is called SAGD system - (Steam Assisted Gravity Drainage)
The are concerns over its environmental impact are that the process involves high levels of water plus the operations produce large amount of greenhouse gasses because diesel engines are used to heat up the tanks to separate the oil so the process is not efficient!
The Technology used by the large companies work on SAGD system :- (Steam Assisted Gravity Drainage)
BP Oil Sands briefing:-
https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/sustainability/issue-briefings/bp-oil-sands-issue-briefing-2016.pdf
Too note they are looking for a new technology for their acreage positions, BP mentions:-
“Some of our oil sands opportunities remain under evaluation while we continue to monitor and assess emerging technologies and economic conditions to inform the best manner and timing of development”
The measurement for energy technology on how efficient is abbreviated to EROEI :- (Energy Returned Over Energy Invested)
A third party consultant, Chapman Petroleum Engineering performed an extensive energy analysis of MCW’s PetroTeq technology and the result was determined that the combined effect off all the Energy Saving features:-
The figure for SAGD is 4:1 EROEI Ratio!
CORT Technology is a 45:1 EROEI Ratio!
But to be Conservative it was Reduced to 22:1 to Account for Unforeseen Energy Losses!
PetroTeq is the first in Utah and USA to commercially produce surface oil sands based in Vernal, they recently completed re-engineering modifications/commissioning of the new equipment to the process/plant and have just started producing, the aim is to get somewhere between 1000 barrels continuous production per day which they will achieve in stepped process week by week!
The Projects:-
Asphalt Ridge facility in Vernal is a 1.5 Billion Barrels Deposit, the leases cover 2,542 gross acres of contingent resource of which 87.5 Million Barrels is recoverable on the leases.
Evaluation of Contingent Resource CPR by Chapman Petroleum Engineering:-
https://content.equisolve.net/_2f890012ef4beeb5d21edba60e3003cc/petroteq/db/207/2256/pdf/Report+OSB.pdf
Also
P.R Springs Project has recently been acquired and is a 4.5 Billion Barrels in place resource and own 8,480 gross acres of oil sands under U.S. federal oil ?and gas leases.
Latest Presentation:-
https://content.equisolve.net/petroteq/media/a9bc1245c1b816150e14fa309f4aa53c.pdf
Why PetroTeq stands out from other oil and gas producers.
https://mkt-petroteq.conversionir.com/asset/1:petroteq-report
PetroTeq patented technology is abbreviated to CORT (Clean Oil Recovery Technology)
It is environmentally friendly and the process produces zero greenhouse gas, zero waste and ?requires no high temperatures, it extracts 99% of the oil from oil sands and returns nearly clean sand back to the environment with a solvent based extraction that can be reused at a percentage of 99% recovery.
Here’s the Patent:-
Dr. Vladimir Podlipskiy
Patent no 9/884997
http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&u=%2Fnetahtml%2FPTO%2Fsearch-adv.htm&r=1&p=1&f=G&l=50&d=PTXT&S1=Podlipskiy-Vladimir-$.INNM.&OS=In/Podlipskiy-Vladimir-$&RS=IN/Podlipskiy-Vladimir-$
Additionally, we are seeing technological advances in the space that look set to reduce this cost per barrel even further, as well as alleviate some of the environmental impact of oil sands processing – something that falls in line with the Paris summit agreement.
Take MCW Energy Group Limited (TO:MCW), for example. The company, run by the former Exxon (N:XOM) president of Arabian Gulf operations, has developed a technology that allows for the processing of oil sands without any water (removing the possibility of water source pollution) and which uses a solvent to separate the bitumen instead of heat (which vastly reduces greenhouse gas emission.) Because a solvent is used, the byproduct of the process is clean sand, meaning it automatically meets the ELC criteria. Further, a report conducted in 2012 suggests the technology can produce at a cost of $24 a barrel.
So what’s the takeaway here? Well, oil sands will remain controversial, there’s no question about that. However, with the latest Paris summit targeting a 2-degree cap in global temperatures, the space has an opportunity to reform its image. With technology in the sector improving the environmental impact that oil sand production has in its mining regions, and the increasingly attractive per barrel economics, oil sand is here to stay – and at a time when the entire energy sector is under real pressure from markets, there may be opportunity in some of oil sand’s constituent companies to pick up an exposure at a discount.
Second, it can be highly destructive to local natural environments. One of the biggest oil sands production facilities in the world is the Athabasca oil sands in Alberta, Canada. At this field, the bitumen sits on top of a layer of limestone, which allows for surface mining. The Athabasca oil sands lie in the middle of the Boreal forest, and to allow for surface mining, and in turn to allow for access the bitumen, miners need to destroy forestry.
The government in Alberta requires that the company mining the land (currently two companies dominate the region - Suncor Energy Inc (N:SU) and Syncrude, the latter of which is a joint venture between seven companies, including Suncor and a host of state owned enterprises) restore it to what’s called equivalent land capability (ELC). Restoration qualifies for ELC if the land supports any number of a range of uses post-processing, and companies have come under fire in the past for reclamation as pasture for bison, rather than forestry.
Third, water use. The traditional oil sand conversion process involves high levels of water use – estimates put the numbers at up to 4.5 cubic meters of water required to produce 1 cubic meter of synthetic crude. Governments in the respective oil sand field territories have imposed strict water use rules on the companies involved in the space, and water is generally recycled (returned to source) after use. However, this brings with it a host of other issues, including the potential for toxic returns to a water source. Estimates suggest that Suncor and Syncrude will have polluted 1 billion cubic meters of water from the Athabasca River by the end of this decade.
So with these issues, why are companies like Suncor involved in oil sands, when they could be involved in traditional well drilling? It’s a case of economics. The price of oil is a hot topic at the moment, and the vast majority of producers are unable to well profitably at $50 barrels, never mind the current $35 barrels. Suncor’s cash operating cost at its Alberta fields was $34.45 per barrel as of March this year – a time when oil priced in at between $45-55 a barrel. Currently oil sits at a little over $35 a barrel, but by nature of the production process, as the price of oil drops, the cost of production per barrel drops (as producers are having to pay less for transport costs, machinery running etc.) With this in mind, Suncor is likely still drawing a profit on the barrels it is producing out of Alberta.
Good Article written a while ago
Written By :- Samuel Rae
Its very current even more so as since the time of writing the Technology has matured with better oil quality, a re-Engineered smoother process with the addition of key components (sand separation process) for an upscale in production and a better oil quality for the local refineries and is in high demand which PetroTeq has said in the last news release!
Also this is just the Asphalt Ridge Project in Utah since then the addition of the leases and surface infrastructure for PR Springs with the deposit of 4.5 billion barrels of oil in place!
Article :-
On Saturday, December 14, representatives from 193 UN member states and 2 observer states signed an agreement that will see a cooperative effort to limit the global temperature to 2 degrees above pre-industrial temperatures. The effort is spread across a wide range of contributing factors, but one of the major talking points is the oil sands space. The space has long held negative connotations; a view point compounded by Obama’s recent blocking of the Canada-Gulf Coast Keystone pipeline. Executives in the space, however, are saying that the Paris summit marked a turning point for oil sands, and that the sector now has the opportunity to reinvent itself. Let’s have a look at what lies behind this reinvention, and try to figure out what it means for companies in the oil sands industry.
First, what is the problem? For those not familiar with oil sands, they are a mixture of sand, clay and bitumen (also sometimes water) that is too thick to freely pass through pipelines or pumps, without being processed. Oil sands represent a large portion of global oil reserves, with an estimated worldwide resource of 249 billion barrels (Gbbl), of which 176 Gbbl (close to 80%) are in Alberta, Canada. The space is big business for the Canadian economy, but there are some serious concerns over its environmental impact – concerns that could hold it back in the wake of the Paris agreement.
First of all, the process produces large amount of greenhouse gasses. A study conducted in 2011 by Stanford University academic Adam Brandt concluded that crude derived from oil sands is 22% more carbon intensive that traditional oil well drilling. A concurrent study conducted by a California based engineering firm concluded that oil sands crude production creates 12% higher emissions than standard crude production.
RNS
.