Member Info for MisterPositive

Bpc do not have enough funds to go alone and drill at least one Deepwater Offshore well to honour their licence commitments. Hence relying on a Farm In deal, where incoming partner can fund at least that first drill.

Only time you will see a £ sign is if we strike Oil. For that we need to drill. We are far from that stage TBH. Currently we are trying to secure a Farm In deal to avoid going alone which we really cannot afford TBH as we do not have the cash. Worst case, if the major walks, then we are looking at a huge Placing to raise funds to drill at least one well to honour our licence commitments. Need to keep our feet on the ground until Deal is secured.

Its NOT Shell.....we can speculate all night about the identity of the major.

I just read that whole FT article.

the $30 cost is possible from Shell's Gulf of Mexico operations, where Shell has been operating for many many years with production ramp up from additional wells over the years, hence bringing costs down.

Which is why Shell secured 9 of the 19 Blocks in Gulf of Mexico during the recent Mexican auction. Easy to connect to their existing production ramping it up further.

He also said, projects in Brazil, Gulf of Mexico, West Shetlands (North Sea) were among the most attractive.

Also as per Shell CEO, they plan to cut their carbon footprint by 50% moving away from fossil fuels in coming years as part of their transition to cleaner Energy....Gas, Wind energy, Electric, etc.

Above comment from Shell CEO came just a week after Shell was threatened with Legal action by Environmental group "Friends of the Earth". Shell is aiming to deliver on their Paris Environment deal.

In the context of latest Smart Bit LLC acquisition & Equity Placing both dated, 25 June 2018:

MYN share price currently trading at:

* 20% discount to the 0.6p taken up by both: Broker Advisors & Placees.
* 40% discount to the 0.7p price taken up by Creditors
* 80% discount to the 0.9p Placee warrants.

Market seems to have overshot to the downside by the looks.

Would expect this to creep up towards the 0.6p level pretty soon ahead of the Smart Bit Acquisition close out first.

Next near term price target should be 0.9p (warrants price).

https://markets.businessinsider.com/news/stocks/petroteq-completes-continuity-testing-of-new-plant-1027449990

SHERMAN OAKS, CA, Aug. 10, 2018 (GLOBE NEWSWIRE) -- Petroteq Energy Inc. (“Petroteq” or the “Company”) (TSXV: PQE; OTC: PQEFF; FSE: PQCF), a fully integrated oil and gas company, has finalized continuity testing at its Asphalt Ridge facility and is making final arrangements for continuous operations and marketing activities.

“We believe that the market for Petroteq’s heavy oil product is attractive as our Asphalt Ridge facility is in close proximity to major refineries in Utah. We expect pricing to track West Texas Intermediate quite closely, as the refiners are already used to buying and using Utah Heavy Oil as part of their refining mix.” Commented Mr. Sealock."

Basically Petroteq now with their unique patented technology is moving on both fronts. (1) Production ramp up - from the 87mmbo Recoverable with all-in costs ranging around $22-$25 per barrel giving very nice profit margin. Higher production, higher the revenues. (2) Licence Fees - by outsourcing their unique & clean oil extraction technology, they can see a huge revenue stream down the road. They might even Buy more acreage in Utah oil sands which cover 55% of the total across USA with estimated 32 Billion barrels. They already ramped up production from 250 bopd to 1000 bopd expected in Sep 2018. Have given a demo to the environmentalist green bodies who are more than satisfied. Personally I think MYN should increase their Equity in Petroteq to even higher levels from current 17.3% Equity interest. Sooner the better before it takes off.

2018 drills tapping into 600MMBO. 2019 drills targeting 250MMbo.

Yep. All 3 Blocks available for a deal. Our 2018 drills tapping into all 3 Blocks. 2019 drills will again tap into Block V (FOX) and Block XX (Red Deer) .

BG farmed in after their technical evaluation & due diligence in both Blocks IV and V. They liked what they found. All parties love the source rocks and willing to pay lot more to Farm In once de risked. Let's wait and see. Plenty of drilling to come in coming months. Good enough for me...I am going nowhere until all that oil comes out.

Drillingcrew, Mayan gives me exposure to both: Upside from Petroteq and Mayan's ramp up in production from Stockdale & other fields. Petroteq will also ramp up production from 1000 bopd but looks to me are more tilted on Licence revenues from their patent protected breakthrough technology globally. Mayan upside is bigger at this stage in my view from initial investment point.

Reso, Suggest you stop buying too many flowers for the wife then...., Dont want her to get suspicious do we...LoL

Markets are not perfect. Valuation disconnect generally happens when market takes the worst case scenario as current share price suggests. But when the worst case scenario does not happen, then the same Market will take it higher and fast. I think we are in that kind of situation currently and need a catalyst. Sentiment especially on AIM plays a huge part. So when sentiment switches & momentum kicks in Market will play catch up to the Upside. Sit tight...for next few months is my strategy. Drill campaign just started and will continue well into 2019. Lot of twists and turns ahead. * 6 drills * Farm Out * JV

https://www.youtube.com/watch?v=zTOr2StPFTQ

Good reminder of the huge re-rate that is coming.

simpletrading,

..."Because its priced to fail"...

you meant........market has got Snow Leopard as a duster ?

need to be bit more specific.

Orslega, That is one hell of an interview by Petroteq president Gerald Bailey who is ex. Exxon Mobil guy. His excellent reputation in the Oil business alone is enough to motor things ahead in a very big way. I just put in Buy order for another +1m shares of MYN. Thanks for sharing. Exciting times ahead.

Looking forward to interim results on Tue. Should get better picture then. Either way good to see activity picking up here. Lot more to come.

Price targets: CAD $5.71 (fully diluted) 271% upside. CAD $7.21 (current shares) 300% upside. Current price: CAD $1.80

Latino, Excellent summary. Nothing more to add. Ignoring doom mongers who are present on every board. Huge re-rate on the cards in coming days/weeks.

Wow.... MYN is so undervalued. Petroteq targets: * 1000 bopd (2018) * 2000 bopd (2019) * 5000 bopd (2020) * $22 per barrel cost (withtheir technology) It's unique technology can be applied globally in some 20 countries. target extraction of the massive 32 Billion BOE (Utah). * Nasdaq Listing - applied for by Petroteq. Massive Upside here.

Captain, Funny guy you are.....but I like your sense of humour. Helps getting through a dull day. On Block XX, if I was you......I will just sit tight. No need for any fancy comments....like delays etc....we got fundrsiser222 covering that topic....,LoL.