But maybe simply an extension but there was no reference to date in first agreement. A little odd. They could want more samples then….as usual bit if a guessing game. They originally said the results are due out by next week?? So could be a delay.
So Stage 1 complete - as outlined one year ago in QFI RNS 18/8/2029, now move to commercial trials, Stage 2.
“Quadrise, Greenfield and its JV partners, Valkor and Tomco will continue to cooperate in good faith to agree the commercial terms of a conditional MSAR® licence and commercial supply agreement for the production of MSAR® fuel under Phase 2. Such a conditional licence, which is now envisaged would be provided directly to Greenfield (rather than to Valkor and assignable to JVs as had been previously envisaged) will only be finalised upon, and following, inter alia, satisfactory results of the Phase 1 CTA, the agreement between the parties as to Phase 2 commercial terms and the entry of binding agreements.”
Minimil; I recommend that you spend a couple of hours reading the detailed progress updates of the test plant site in Vernal, all there on the Petroteq website over the last 5-7 years. You will see Valkor mentioned many times as the lead engineer in designing what has now been confirmed (see FEED report for 5,000 bopd plant as independently verified) as world first commercial oil sands extraction plant. That imo is not a bad reason to invest, you think?
Keep in mind no one has every achieved this huge milestone that Petroteq has and Valkor have been instrumental in the process.
Then take a peep at Valkor CEO credentials. Steven Byle is an extremely successful entrepreneur. Valkor is a private company - so not possible to invest, but if they ever floated there would be many who would, for sure. Follow the money.
Friendly takeover at 0.50 euros. Really, the Board has already publicly stated the offer significantly undervalues.
Can see this going hostile if the offeror pursues without increased N America offer - assuming they do offer in N America. Proof of funds now demonstrated - Petroteq will also know by now who is behind this.
Better not hang around - I hear COO George Stapleton is doing another Stockbox interview this weekend- with airing on Monday.
FEED news maybe, due by 31/7 - so last working week ahead for this if they are on time. Think we are in for a big week, fingers crossed the FEED report and independent ticks all the boxes. If so, a world first for Petroteq technology.
Joe - for your information "investigation" came about via a third party keen to low ball Petroteq. Whoever is was reported matter to SEC who the requested clarification. Possible someone doing due diligence or the party originally involved in 2018. The company have made a statement - the party involved with the original debenture has made no claim against the company, as stated in PQE RNS. It's a an accounting issue - it will be booked as a contingent liability and not paid. If it was serious the shares would have been suspended. SEC are a force not to be reckoned with. End of.
The share price went up 47% on Friday because Uppgard have said - and are now issuing - proof of funds (euro 120M). The share price went up 6% yesterday. That tells you that the accounting issue is a non point, as the RNS was issued late Friday. I expect to see the Petroteq board to be bolstered soon - they are going to need a strong board to fend off plenty of attention coming their way very soon.
For those not following the shareholder offer for Petroteq, today 1M plus shareholders are receiving letters showing proof of €120M funds to purchase 200M shares. Digging has revealed a connection with Royal Dutch Shell as the possible offeror. Getting very interesting to say the least!
$5M raise, CEO subscribed for $225K . Commence consistent commercial production at the plant. Good!
"I believe that the subscriptions for more than US$5 million, including US$225,000 of my own money, is an indication that there is confidence in support in our company, our technology and our prospects," said Alex Blyumkin, Executive Chairman of Petroteq. "We are excited to continue to develop our technology and commence consistent commercial production at our plant".
Although they touch on sand as a by-product “The incremental revenue received from the sale of the clean sand tailings would increase the netbacks per barrel of oil produced” - this is NOT reflected in the $0.71 valuation.
It will make a very big difference to the valuation. Receiving an expected additional $15-$20 per ton for sand as per 17/6/2021 RNS is a biggy.
Zack will need to revise his target once offtake agreements announced.
Well I read this that they will not be able to debt finance the whole project - so they will need shareholders to dip in. The real question is, how much?
Personally I happy to watch and see - my main interest is Petroteq and this will become very interesting when Uppgard open up their offer (expect at higher price) to USA and Canada shareholders. There they are under the scrutiny of SEC as full reporting required from the day they issue their revised offer. When that happens I expect Petroteq to rocket. Until now Europeans shareholders have no real protection or recourse on the current offer (tactics of a hostile bid). Very different when the SEC get involved.