Member Info for minimil

Tomco BOD are followers in this game mate. Even when they do show themselves on video they look and sound more like pig farmers than oil sands exploiters imho. I just hope I am wrong.

Not sure? The TOM BOD seem unable to connect to their internet atm. Or lost the ability to write a few words..?

Well we all should know in a few days - your call to twist or stick-.

Its not cold out there now...

@Orslega - thanks for the link - the oil that is mixed with the solvent will effectively reduce the viscosity. Key areas for me would be the efficiency of solids separation in 3 and 4. The polisher (6) may possibly be a centrifuge??? This would be a bottleneck if 3 and 4 don't do their jobs. I expect the POSP trials will determine the sensitivities to this, and how often the polisher will need to be shut down to remove captured solids. Here's hoping for a successful trial run now that the new equipment is up and running.

@WongaFC - I used to be invested in QFI so I am aware of MSAR process. My concern is the POSP product meeting Crude oil BS&W spec which is normally 0.5% w/w. I have handled low API (17 in this case) before and they need to be heated between 90-100 C to get the viscosity down. Recent Petroteq RNS implies that they have resolved the heating issues so we await not only the production rates but also the product quality. I hope that they have the right experienced people on board to deal with the issues....

@Wonga - I used to be invested in QFI long ago so know about their technology. Unfortunately they had too much bad luck not all of their own making btw. I am also very technically competent on crude oil processing and probably more than both TOM and Petroteq put together....
I hope they have the right people on board if there is a solids in crude issue. The fact that they only now realise that low ambient temperatures affect the process certainly questions the competencies of the designers/operators. They have issued an RNS stating they have resolved these issues so l hope this is now the case. I have handled low API (17 in this case) before - the technology is out there to treat provided they have the people on board who have the experience to apply it. The next few weeks will be interesting and if there is news that samples have been sent to QFI, then great.

Well let's hope so. Key area for me is achieving the BS&W spec (typically 0.5% w/w). Heavy crudes require high temperatures to reduce their viscosity which is a major factor in separating the ****he from them.

@blackwash, they clearly messed up with the POSP not taking the cold ambient conditions into account. This is both a mechanical process and an oil processing process. There seems to be a lack of understanding on handling low API fluids. They have learned the hard way along with suffering share holders. As I have prevy mentioned this is not a show stopper provided the technology works. Just get somebody on board who can help wt the final design.

Let's hope the design team have worked out how to winterize key equipment by now. Final solution would be to house the plant in a large warehouse. Anyways, need confirmation that the technology works. Hopefully, this will be announced shortly.

And to add further, they could put the more sensitive equipment inside a building (extra costs of course) to protect from the elements.

The Russians can produce oil from reservoirs out in the middle of freezing cold Siberia. They apply steam heating, winterization insulation etc. There are other alternatives as well. I do find it odd though that cold ambient temperatures appear to have been missed from the FEED design when working with a low API product and its consequent high viscosity at low temps. An alternative would be not to operate during these cold spells but increase production in the other (higher ambient temperature) operating windows so that average annual production is met.

Can't blame them. If the directors can't provide an update following a huge placing dilution what can you expect. I expect some form of mechanical failure on the plant and delay in getting the parts at best.

Good first go. Until we get a long awaited update on the POSP trial I will hold on my constructive comments.

@Pros.. if you take the time to review the 3D seismic and listen to the presentations thereof, the inference is that the sealed traps are there. That is why they are drilling at the current location. A 33% COS or 67% COF as you like to put it gives each person the information to decide how play this investment (or gamble as you again put it). A long bet could potentially see 7-10X returns, whereas the short 2-3X. I assume you have a short position given your general negativity here, so let's wait for the RNS and let's see who will be smiling following its release.

Star, that is all fine but i think the patient shareholders deserve an update asap - along the lines of "initial TD has been achieved, based on results to date we have decided to extend the drill further..." I don't think that contravenes the tighthole agreement.

If its really tight hole, then maybe waiting to let these mothers sell and move on at 2p. Why let them cash in on good news?

Fair points raised, the 110% placing was a bombshell. However, the pilot plant is now up and running. they should be close to 250 bbl/d now we should here news about that. Next I guess will be the full hit 500 bbl/d which if achieved will more or less rubber stamp the design. Further trials with MSAR and tests on the sand quality can all be lumped together to produce the final FEED report. The next two months will be interesting if all goes to plan. Don't forget even with the outstanding warrants the MC is very low compared to potential revenues achieved in its share of a 10kbbl/d plant. Apart from the technical issues my big concern is how they will raise the finance of say $60-70MM to build the plant. A massive placing, highly discounted at mates rates to II's would be criminal. A 5 year loan would be far more preferable.

Abfan - please read my post again - you clearly have misunderstood it.

@Star.. my thoughts are that out of respect for sharholders the BPC BOD should provide an update as soon as practically possible. We are in the timeframe for this now. Yes there is a "tighthole" agreement for news with the Bahamian Government, but they have publicly announced their lack of support for the drill. It's time for an update good or bad.