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PQE RNS from a little while ago when Valkor invested:
“I have been working with Petroteq on their proprietary technology for a few years now, and my confidence in the platform and its capabilities have only grown. We look forward to completing the upgrade work and the design of the commercial scale plant over the next couple of months,” stated Steve Byle, CEO of Valkor Engineering.
PQE RNS: when he invested a while back:
“I have been working with Petroteq on their proprietary technology for a few years now, and my confidence in the platform and its capabilities have only grown. We look forward to completing the upgrade work and the design of the commercial scale plant over the next couple of months,” stated Steve Byle, CEO of Valkor Engineering.
Yes Steven Byle via his company own 45M Petroteq shares - costing US$2.5M. Circa 12% of Petroteq.
George Stapleton (COO Petroteq) has recently invested $110,000 in buying Petroteq shares.
These are big statements that the technology works. Follow the money.
Current refinements by Valkor should confirm technology is a world first. Another few short weeks, in the scheme of a 7 year project, no problem. All involved no what the prize will be : )
And then Primula, Mr Potter will be able to tell his board - thank god we chose Valkor, lol
Primula - you make me laugh - why was the Greenfield JV set up then? Tomco provided the finance and Valkor the engineering expertise. Simples.
This is a very normal commercial relationship. All reporting requirements are set out in the JV Agreement , well there's a surprise, not.
vauch - that is a very old link - even though Utah press says otherwise. If you look on the Petroteq website you will see the the original release.
Yes the new heaters are currently being installed - production news next once all working as planned. Some people think this is just a "plug and play". Valkor have identified the engineering requirements and are currently sorting. Very confident.
6 weeks is for the FEED report- production up and running should be just after Easter - so 7-10 days plant should be restarted as all equipment on site as per RNS.
That will be the next news - 250 bopd for 12 hour shift - so very soon in scheme of things.
People forget that this is a test plant, Valkor/Petroteq will want to ensure that the whole thing works - future licensing depends on it.
Bank holiday this Good Friday and Easter Monday afterwards. And the current tax year ends on 5th April which is the Monday holiday.
If you look across markets a bit of a sell off for those wishing to crystallise their 2020-21 CGT positions. Tomorrow is the last day to do this.
They will hang around - a 4-5 week delay on a minimum 18 month target date (if trials are successful) from now. As a QFI shareholder you will know that they plan way ahead, years in fact based on the two projects which are closest to fruition.
This bunker fuel offering is a combination of two company technologies. So Petroteq technology is key to the plans - will they hang around? Of course.
I don't think so - they will be very happy to wait - they are not in a rush, they acknowledge that the winter in Utah has caused timing issues.
Which other company in Utah has the the technology to produce heavy oil with less than 5% sulphur - in an environmentally friendly way? There's your clue.
.....but further commentary on timing is shown in the these interims....note quick turn around for testing when samples arrive ie 2-3 weeks to complete and report.
"The POC formulation and test work was originally scheduled for H2 calendar 2020. However, this was reliant on samples being received at QRF. With the start-up of the POSP delayed until January 2021, as announced by Tomco in December 2020, this POC work has now been pushed back to Q2 calendar year 2021. As soon as we have received representative samples at QRF, we would expect the testing and report work to be completed within 2-3 weeks. The MMU is ready to be sent to the POSP site and we await Greenfield's confirmation to ship. The trial will then commence once the Quadrise project team is able to gain safe access (under COVID-19 restrictions) to the site. "
then the terms to be agreed:
"Pending the successful completion of Phase 1, Quadrise will then work with Greenfield to develop plans for commercial MSAR® production facilities capable of treating 10,000 barrels of oil per day ("Phase 2") and to agree terms for the granting of a conditional MSAR® licence to Greenfield once commercial agreements have been signed."
and when it comes (hopefully all good as expected) this headline from 3 years ago will be repeated but much louder - as tech now commercial : )
The Tech That Could Transform the Oil Sands Industry
"Ignored until the last few decades, geologists now believe that the world's oil sands could eventually yield a staggering 1 trillion barrels of oil worth up to $70 trillion. The oil sands in the Canadian province of Alberta alone have proven reserves equal to about 165.4 billion barrels.
The problem: traditional methods for extracting petroleum from oil sands, such as currently used in Canada, require using vast amounts of water and leave significant environment pollution in its wake. The process is so costly and destructive that many oil producers have now voluntarily abandoned it.
In contrast, Petroteq (PQE.V; PQEFF) has patented a revolutionary new "clean" technology that extracts 99% of the oil from dry oil sands - but without using water or leaving toxic chemicals and greenhouse gases behind. In fact, the only thing that Petroteq's new technology leaves is clean, dry sand.
Oil for a fraction of the current oilsands production cost
Even more amazing, Petroteq's new technology aims to keep the cost of extraction at rock-bottom prices, as low as $28 per barrel on large volumes - far below the prohibitively expensive and destructive oilsands extraction methods of the past. All this is not lost on experienced energy investors - such as the energy analysts at Deloitte. They see many reasons why Petroteq could quickly dominate the dry oil sands industry.
Patented technology available nowhere else.
First, Petroteq has an iron-clad lock on its revolutionary "eco-friendly" extraction technology. The proprietary process consists of a complex series of steps involving specialized solvents, milling and mixing, and clean extraction that leaves no residues.
The potential of this technology for licensing fees is enormous. The world's largest oil companies in places with large dry oil sands deposits could quickly use Petroteq's patented technology to begin extracting enormous amounts of oil.
This could potentially generate big dollars in licensing fees for Petroteq (PQE.V; PQEFF).
Already sitting on untapped oil reserves.
Petroteq has already purchased rights to exploit an enormous deposit of bitumen in eastern Utah, the equivalent of 87 million barrels of oil worth an estimated gross $5.2 billion if extracted at today's oil prices. This resource, much of it lying just below the surface, is located close to oil transportation facilities in Utah - itself a centrally located distribution point in the U.S."
https://www.prnewswire.com/news-releases/the-tech-that-could-transform-the-oil-sands-industry-849245638.html
On timing, I see some comments on Petroteq boards just emerging that there have been production issues caused by the severity of the winter, plus key staff with covid isolations etc. The good but obviously unofficial news is that by all accounts plant is running again with new heating equipment installed and now fully supported by the onsite Valkor team.
No doubt the added heating equipment will ensure that the plant can be fully operational in future winters. Additional data for the FEED study and future additional plants.
While we wait for news. Those interested in Petroteq technology here is a short read - this was just after they announced the possibility of up listing to Nasdaq - New York Times ran an article. Gives some interesting background- note the very large personal investment by the Chairman (he has also put in around $2M since 2018).
“Failure here could doom Utah oil sands once and for all.”
https://www.nytimes.com/2018/08/21/business/energy-environment/oil-sands-utah.amp.html