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I originally suspected the third party which TOM were talking to might be Valkor, but Fadec92 convinced me that it was New Day Energy Development LLC. It looks like Valkor really are going for this in-situ production in Utah, details of Steve Byle's new company Heavy Sweet Oil LLC should be getting released soon. He is almost certainly looking at producing MSAR and bioMSAR from these wells, we could well see a commercial licence agreement signed with them before the end of the year.

https://heavysweetoil.com/

https://www.linkedin.com/in/steven-byle/

I was expecting to see an announcement from Hydrocarbon Dynamics Limited at the end of September regarding the completion of their Utah oil sands project to Valkor, but nothing appeared. But from their Q3 cash flow report which was released on 29th October, the sale did go through as planned, and the remaining $400k was paid on time.

https://www.hcdinvestor.com/irm/ShowCategory.aspx?CategoryID=8&HideTopLine=True&ArchiveLink=True&masterpage=6

Sale of Utah Project

HCD completed the sale of its interests in the Utah oil sands project for cash consideration of US$500,000 and an ongoing 2% revenue-based royalty.
The purchaser has also committed to test HCD’s technology in three wells in the project area within six months of the completion of the sale.

So as well as drilling on Tomco's site, Valkor also have to drill three wells on that site by the end of March. It's all go in Utah.

It was Maersk who came knocking on our door all those years ago, not the other way about. It was Steve Byle who phoned Jason, it was the Utah guys who initiated discussions, not us.

Exactly.

https://oilprice.com/Energy/Energy-General/Big-Oil-Is-Finally-Ready-To-Boost-Spending.html

"Now budgets are slightly higher than in 2021 and incremental investments are specifically going to core growth oil and gas projects with low breakevens and high returns and to low-carbon energy."

Don't rule out something completely left field either, a licence agreement with New Day Energy Development LLC? They must be favourites to be the third party which Tomco are in discussions with regarding the 5 wells to be drilled on their land. We'll find out in the next 2 weeks. We know that Valkor are interested in making bioMSAR from their in-situ heavy oil in Utah, the links I posted yesterday would certainly suggest so, and from the last IMC we know that TOM are also looking to do the same. I presume that John Potter has mentioned this fact to the third party. Given the green credentials and improved profits, there must be a good chance that they will also be interested, presuming the JV with TOM goes ahead. If we do sign a commercial licence with Greenfield before the end of the year, it might not be the only one, Valkor and New Day could make it a hat-trick.

News from Mexico is also due before the end of the year, according to Jason at the last IMC. Lizzouli Rojas seems to be gearing up for something.

"In the coming weeks we will be sharing more of the potential of MSAR and BioMSAR in the transition to net zero as well as the opportunities for alternative fuels"

https://www.linkedin.com/posts/lizzouli_qfi-shipping-alternativefuels-activity-6856288647092813824-ejYP/

https://oilprice.com/Latest-Energy-News/World-News/Refining-Margins-Reach-Multi-Year-High.html

After a hellish 18 months, refinery spreads are finally back to the long-term norm. The HFO - MGO spread at Rotterdam is back to $245 a ton. With aviation likely to pick up soon too, USA, Thailand and Australia are easing travel restrictions imminently, jet fuel consumption should increase and could widen the spread even further. Those headwinds for MSAR that were reported back in June should be gone by now.

https://i.ibb.co/8syn7GC/Spread.png

Has anybody seen this mentioned before? A new Steve Byle company called Heavy Sweet Oil LLC? I looked at his LinkedIn profile ages ago, but I don't remember seeing this. The company's new website is copyrighted from 2021, according to Google, it was created in May. I'm guessing that it's related to their purchase of the Hydrocarbon Dynamics oil sands project in Utah, that sale was supposed to be complete by the end of September, so it's already one month late. From the description on LinkedIn, it does sound like we might be involved too ;-)

https://stockhead.com.au/energy/hydrocarbon-dynamics-selling-utah-oil-sands-project/

https://www.stevenbyle.net/companies

"CARBON NEGATIVE OIL & BIODIESEL"

https://heavysweetoil.com/

True Carbon Negative Energy - Revealed Soon...

https://www.linkedin.com/in/steven-byle/

Executive Chairman
Heavy Sweet Oil - Part-time
Jan 2019 – Present - 2 yrs 10 mos
Park City, Utah, United States

Co-Founder of this world class oil project on a multi-billion barrel resource in Utah. The company is targeting in-situ heavy sweet oil sands at shallow depths with enhance oil recovery using flue gas and steam. Beyond simple production, the company targets CO2 sequestration at unprecedented levels due to the unconsolidated sands. It further aims to mix its oil with waste from bio-diesel to offset emissions and produce a bio-fuel.

https://www.reuters.com/article/japan-refiners/japan-utilities-ask-refiners-for-extra-oil-amid-surging-lng-prices-paj-idUSKBN2HH0J5

Come on JGC, FFS. Almost four years ago we signed the MOA with them, when Mr Takashi Yasuda, Senior Executive Officer of JGC's Technology Innovation, said:

"We are pleased to have reached agreement with QFI. Access to their MSAR® technology will enable JGC to offer its clients a cost-effective and environmentally beneficial alternative to HFO that can be implemented rapidly. We look forward to working with QFI and building what we expect to be a significant new business stream."

"Significant", another word to be added to the Quadrise alternative dictionary, along with imminent, substantial and fast-track.

If significant investment doesn't start soon, the world might start falling over.

https://oilprice.com/Energy/Energy-General/Oil-Prices-Will-Remain-High-For-Years-To-Come.html

More smoke and mirrors? Greenwashing?

https://oilprice.com/Energy/Energy-General/Whats-Behind-Saudi-Arabias-Pivot-To-Natural-Gas.html

I can't be 100% sure what she said, I was only concentrating about 50% on her talk, but I definitely heard 3 words - emulsion fuels and future. I thought it was something along the lines of - "We're also looking at emulsion fuels and they might be a good option in the future too". It was immediately after she was talking about what they thought were going to be the three best bets for decarbonisation, it was either H2 or BtL (biomass-to-liquid fuels), ammonia and methanol. I don't think she was expecting to mention emulsion fuels, I'm pretty sure it wasn't included in her slides, she just seemed to mention it as an extra at the end.

Almost immediately after she mentioned emulsion fuels, one question popped up asking her what Maersk's experience was with them. It wasn't answered and suspiciously the question actually seemed to disappear. Each speaker got asked 2 or 3 of those questions at the end of their 20 minutes, but they could also answer the remaining ones by typing in a response later. Maria answered about 4 questions by text afterwards, but not the emulsion fuels one, because that had strangely vanished, been deleted. Make of that what you will.

Did anybody else watch the online forum yesterday? Specifically the Maersk presentation? I watched Bud who was on first, then Jason, who gave one of the best performances to date. It was a different sort of presentation, not geared towards IIs or PIs I suppose, a different audience, it was very impressive.

But it was a comment which Maria Strandesen made halfway through her talk which pricked up my ears, a bit of a WTF moment. Did anybody else hear it? I gave Bud and Jason my full attention, but I wasn't concentrating 100% when Maria was presenting, so I can't be completely sure about what she said, it was very intriguing though. Anybody else who heard it will probably know exactly what I'm talking about.

The PDFs slides of Jason's talk are here

https://wp-quadrise-fuels-2020.s3.eu-west-2.amazonaws.com/media/2021/10/19133341/Greentech-in-Shipping-Final.pdf

and according to one of the moderators I messaged, the individual videos of each presentation should be getting uploaded on youtube shortly.

Make that a hat-trick of articles, three in the one day, something's up. You might well be right orslega, first bid to be announced shortly, if the BoD don't think it's anywhere near the mark, it would explain the increased press coverage.

https://www.villagevoice.com/2021/10/16/petroteq-energy-the-industry-leader-in-carbon-negative-technologies/

Some DD on twitter over the weekend too, the guy has 28 thousand followers, so it might spark some new interest.

https://twitter.com/alexs_trades/status/1449544670783156224

https://ritzherald.com/petroteq-explains-their-approach-to-combating-carbon-emissions/

I presume that they're talking about bioMSAR. It's not specifically mentioned by name, but WTF else can it be?

https://ritzherald.com/petroteq-explains-their-approach-to-combating-carbon-emissions/

"Petroteq wants to continue its journey similarly introducing more viable eco-friendly options to bring about a revolution in the oil and gas industry. The company aims to achieve around 30 to 40 percent reduction in carbon emissions by mixing their extracted oil with 30 percent bio-glycerin, a waste byproduct of biodiesel that is currently considered carbon neutral. This new fuel will be used in heavy cargo transportation, transforming modern industrialization for a cleaner planet. By setting an example for their counterparts, Petroteq is making a hugely positive impact on our world."

https://twitter.com/QFIPLC/status/1448671661457301504

Talking of the Danes, as if stabbing us in the back wasn't bad enough, now they decide to give the knife a good twist, just for good measure. Oh the irony.

https://shipandbunker.com/news/world/559309-maersk-invests-in-lignin-fuels-start-up

Fadec, you don't think it's got anything to do with Hydrocarbon Dynamics Limited then, rmart found this when the last Tomco RNS was released.

https://www.marketscreener.com/quote/stock/HYDROCARBON-DYNAMICS-LIMI-27862522/news/Valkor-LLC-entered-into-an-agreement-to-acquire-interests-in-the-Utah-oil-sands-project-from-Hydroca-35836739/

Funny you should mention our old Danish muccas, one of them, who seems to be very high up in the company and also their decarbonisation team, just commented on the latest QFI LinkedIn post, congratulating Jason and Mike. After all they did to us, now they're trolling us - B@STARDS.

https://www.linkedin.com/in/michaelritterchristiansen/

Although, from the last TOM RNS -

"Greenfield is currently in detailed discussions with a third party which is funding an extensive in-situ oil production programme adjacent to TSHII's land, accessing resources deeper than Greenfield envisages mining for its purposes."

Regardless of who this third party is, I strongly suspect it is Valkor, if Greenfield are going to be turning the produced bitumen into MSAR/bioMSAR, there must be a very good chance that the third party will also follow suit. If it is Valkor, then it's almost 99% guaranteed they will. So maybe 1 MMU for Greenfield and at least another 1 for the third party, although "extensive in-situ oil production programme" sounds like it could be a lot more than 5 wells, so maybe a couple of MMUs? We might not be break even by Christmas, but we might have the contracts signed which will get us there.

I found this document which gives some details on this in-situ oil recovery.

https://petrowiki.spe.org/Steam_assisted_gravity_drainage

"With the application of SAGD, the average production per well is 544 barrels/d"

They're looking at 5 wells, so using those figures we're looking at potentially 2720 barrels/day, which is about 371 tons of bitumen a day. If they're going to make a bioMSAR from that, the residue will only make up about 40 - 45% of the product, so we could be producing between 800 and 900 tons of bioMSAR a day, almost enough to keep 1 standard MMU fully fed.

According to the Edison report from last year, each MMU in licencing mode should bring in about $2m in revenue. So not enough to get us to break even, but add in a 2nd MMU for Morocco production, and we're probably close. The Tomco funding deal should be complete in the next 5 weeks, maybe sooner, I would expect a licencing agreement to be signed at roughly the same time, hopefully along with the announcement of a customer for the fuel.

This must be the forum which Jason is speaking at, sandwiched in between MSC and Maersk - awkward.

https://www.greentechshipping.com/

https://www.bigmarker.com/series/4th-greentech-in-shipping-fo1/series_details

PDF of the IMC presentation -

https://www.investormeetcompany.com/investor/meeting/qfi-annual-results/presentation