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Orslega,
Obvious now you mention it. I remembered the money for the licence but forgot the consideration included for the POSP work.
Ducky Fuzz17 May '21 - 14:18 - 18913 of 18913
0 1 0
Online it is 0.485p sell and 0.49p buy for 500k.
So all the sell trades at 0.49p are buys
So, our esteemed CEO has now been in Utah, hopes high, for a fortnight, promises to update on all the new work completed on the POSP, we get nothing, except you can now buy below .005. I suggest, as he has done nothing that we know of, he returns to UK and stops wasting company funds. I repeat the CEO is unfit for purpose on £92 k a year.
from last November - this sets out the relationship with Greenfield / Valkor:
https://ir.petroteq.energy/press-releases/detail/366/petroteq-energy-signs-non-exclusive-multi-site-license-for
@Orslega
Thanks, can you point me to the reference. I am aware that Petroteq paid Valkor for the early work by shares in Petroteq. This helped them accumulate >14% of the company but I can't find where they have stated the current arrangement.
Greenfield via Tomco have effectively financed the engineering upgrades at the Petroteq plant over the past few months in return for a US Petroteq licence. Petroteq were cash strapped at the time - so a smart move to get the plant upgraded whilst retaining full ownership of the IP.
@Orslega,
Thanks.
While I can't find current information, I believe that Petroteq may be paying Valkor (not Greenfield) for the engineering worK.
Rewhbe is correct. Petroteq are very much involved in the current trials, believe it or not. Petroteq RNS 28/4: "We determined....we expect.....
George Stapleton, Petroteq's COO, commented: "After optimizing the extraction process following initial plant start-up, we determined that certain equipment additions would improve not only the process of extracting bitumen from the oil sands ore but also the removal of clay fines from produced oil. The required equipment has now been installed and commissioned, and we expect that the projected improvement in operating efficiencies will help support the third-party review of the commerciality of the extraction process. We will look to fine-tune the ?various plant systems with the view to increasing production rates and, if warranted by operational and economic conditions, moving to a two-shift operation. Much has been learned from operation of this demonstration plant and all of these lessons learned are now being incorporated into the Front End Engineering Design ("FEED") of a 5,000 barrel per day ("BPD") production train, which is currently underway."
Remember who owns all the IP here, Petroteq. The rights over engineering updates etc being carried out by Valkor is all owned by Petroteq - part of the Licensing Agreement. That's why they are involved, strangely it might seem to some, lol
Yes, they use it and run it but Petrotech own it and all IP. The news was regarding the updates to the plant owned by Petroteq, so in my opinion I am correct.
Rew, not true as Greenfield had signed an agreement to use update and run the plant for a year, so technically Petroteq are not involved.
We heard it from Petroteq because it is the Petroteq plant. Tomco/Greenfield should not be reporting news of other companies progress first.
I expect that now Petroteq have updated the market Tomco/Greenfield will be able to report on additional information as it applies to them.
I have written similar on advfn. Your post is better, more precise and concise when report writing. Still, hopefully the pre-FEED should fill in TOM’S gaps on updates.
Please note a Director of a company should at a minimum be in charge, show accountability, control and responsibility for the organisation. Yet even after Tweeting to say more PR we have to hear news from Petroteq. Come on guys get your shi** together especially when your on site. What are you doing ?.