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I don’t really want to enter a discussion in which I can be either squashed or ignored, but why would a plant be abandoned completely if it can still make money, and more importantly perhaps, help line up customers ready for the 5000 bid plants?
The problem, Hotfinance, is the "QFI said..." - who believes any timetable from MK
We don't know 100% if the POSP is not active. A statement of 'It has served it's [purpose' does not mean it has been closed down. Why have QFI stated after the samples POC they expect the MMU to be sent over and we will have revenues in H221!
Agree with Salinger RNS from 28th June clearly states that
Pending the successful completion of the POC testing, Quadrise will work with Greenfield to review and advance fast-track plans to complete Phase 1 at the earliest opportunity. The objective is to progress to commercial MSAR® production at facilities capable of treating 10,000 barrels of oil per day ("Phase 2"), including a conditional MSAR® licence to Greenfield subject to commercial agreements.
“Where is your information that it's dead?”
The Tomco RNS dated 2nd July confirmed Greenfield are finished at the POSP and now focused at their new tar sands site.
George Stapleton, CEO of Petroteq said in a video today that the POSP had served its purpose and it’s now time to build the 5000 bpd plant. They have sufficient proof to sell commercial licences.
Nobody in PQE or Greenfield is talking about using the POSP, on the contrary it is mentioned now as having served its purpose. I don’t know how it can be any clearer.
The quotes you mention are all QFI and are out of date because they were made prior to the announcement of July 2nd Tomco RNS. Greenfield are not now applying for a licence extension at the POSP, they’re finished and have moved on.
It should also be telling that the samples are from the new tar sands site and not the POSP ore!
Salinger
According to the update RNS on 28th June the POSP will continue to be used for proof of concept trial manufacture of 600 barrels
Where is your information that it's dead?
As previously noted, the Commercial Trial Agreement ("CTA") with Greenfield covers testing at the Petroteq Oil Sands Plant ("POSP") located at the Asphalt Ridge Facility in Utah, USA, which is managed by Greenfield. The first phase of the CTA ("Phase 1"), for which Quadrise is being paid $150,000, includes:
· Proof of Concept ("POC") formulation and test work at QRF using oil samples supplied by Greenfield.?
· Loan of Quadrise MSAR® commercial production equipment, test equipment and supply of additives.
· Supply of specialist services and personnel for the commercial scale demonstration trial to produce 600 barrels (100mt) of MSAR®.
In the development stages, Bill Gates probably had everything bar his shirt invested in Microsoft. Once successfully generating revenue with the share price many many times what you paid for it, then yes there is a case for disinvestment and spreading investment.
If I worked for a company, earning the thick end of £300k, was 90% sure of its success and the share price was only 3p, I'd be taking a very large stake, within legal parameters.
Mike Kirk is in his 60s, were QFI to fold I'm sure he will remain a very wealthy individual with no financial worries and retirement an eminently affordable option. His "career" is no risk....
“Does that mean that the 5 barrels of samples have to be returned to Tomco”
The oil sample is from Greenfields new tar sands site, not the ore found near the POSP. There are no confirmed plans for the POSP to restart and in any case as has been said before, it’s PQE not Greenfield who will operate it if ever it restarts. The CEO of PQE said the POSP had “served its purpose” and Greenfield confirmed the same and now focus elsewhere. QFI interest in msar at the POSP is dead.
Maybe sell them on ebay get a bit of revenue in that way :-)
Does that mean that the 5 barrels of samples have to be returned to Tomco?
Yep thats right the license agreement was between Petroteq and Greenfield for the site which has'nt been renewed and the agreement to use MSAR after testing was between QFi and Greenfield for the use of MSAR there is no agreement between Petroteq and QFI for the use of MSAR
"it's madness to have both your career and your investments in the same place."
Even when your 95% sure of it's success?? and have effective control of operations. Seems to me like the ideal investment scenario, avoiding insider dealing issues obviously.
The license agreement was for Greenfield to operate it, almost in a sub contractor basis. Petroteq may well have their own license agreement for this site, with a longer window of time??
You may be right about the revenue but the license agreement hasn't been extended for the POSP site which ran out on 1st July and I can't find anywhere to say that the license has been extended beyond 1st July unless I've missed it
Hmmmm? That's the kind of thing Mike Kirk would say;-)
"Not from the new 5000 bpd facility, but the existing POSP plant at Asphalt Ridge should (?) be producing MSAR much sooner than that, which will kickstart royalty payments"
And profits for Petroteq which is maybe why CEO Aleksandr Blyumkin ploughed another £130k of his own money into PQE shares last week????
What a novel idea, senior executives actually investing meaningful sums and taking a significant holding in the company they're running. It'll never catch on...
"Interesting looks like there will be no revenue from Utah until at least next year 2H22"
Not from the new 5000 bpd facility, but the existing POSP plant at Asphalt Ridge should (?) be producing MSAR much sooner than that, which will kickstart royalty payments
"The overall engineering, procurement and construction of the 5,000 bopd plant are estimated to require 54-62 weeks, barring any significant supply chain upsets or adverse weather conditions during construction and commissioning of the plant."
Interesting looks like there will be no revenue from Utah until at least next year 2H22