RE: Utah28 Mar 2021 12:12
Courtesy of Rich Pickerings on taptalk :
n the Petroteq 'Audited annual financial statements - English" document of 15th Dec 2020 it states:
Operations conducted at this initial pilot plant during 2015 allowed us to test and evaluate the Extraction Technology at or near the plant’s capacity. During 2015, the plant produced approximately 10,000 (gross) barrels of oil from the local oil sands ores, including oil sands deposits located within our TMC Mineral Lease. From this production, 7,777.33 barrels of finished crude oil were sold to an oil and gas distributor for resale to its refinery customers, with the balance of the produced oil used internally to power generators for the plant. The initial processing plant was flexible in that it had the ability to produce both high quality heavy crude oil as well as lighter oil if needed.
In 2015, with the sharp decline in world oil prices, Petroteq determined that the transportation costs of hauling mined ore from our mine site to the processing facility, a distance of approximately 17 miles, were adversely affecting the economics of our processing operations. For that reason, we temporarily suspended operations in 2016, and, in 2017, the plant was disassembled and moved from its original location to the site of our Temple Mountain mining site (referred to as the Asphalt Ridge Mine #1) located within the TMC Mineral Lease. During the reassembly of the facility, additional equipment was installed to increase the plant’s capacity from 250 barrels per day to 400-500 barrels per day. In May 2018, mining operations at the Asphalt Ridge Mine #1 recommenced, and the new processing plant commenced a test production phase of heavy crude oil from oil sands deposits at this site. Work to increase the plant’s capacity to 400-500 barrels per day was completed during the last quarter of fiscal 2019 (the quarter ended August 31, 2019). Testing, which continued into the first quarter of fiscal 2020 (the quarter ended November 30, 2019), determined that a number of equipment upgrades were required to support continuous operation of the plant.
Greenfield, a joint venture company established by TomCo and Valkor, assumed responsibility for the management and operations of our Asphalt Ridge processing facility in July 2020. As discussed above, Greenfield has made certain upgrades to the plant to improve its capacity and reliability, and is undertaking tests to assess its potential commerciality.
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