Scancell founder says the company is ready to commercialise novel medicines to counteract cancer. Watch the video here.
he's a very successful Russian entrepreneur, certainly a no messer - no doubt about it, there have been targets missed so he's now intervened and probably been under a lot of shareholder pressure to do so. He has invested multi-million $ of personal wealth into PQE in the last 10 years or so and varying time - eg last year $1M. Money where mouth is.
In fairness the outgoing CEO, David Sealock, has now pretty much met his brief - they now need a heavy weight to get on with the next stage - the irony of the current situation is that there will probably be a glut of contenders. Fingers crossed.
Double shift (staff have been trained - see this month RNS below) should see at least 600 bopd very soon - with even lower proportionate costs - then the 1,000 bopd milestone - Valkor are currently working on increasing to 4,000 bopd.
Valkor have entered into License Agreement with PQE to build a $20M plant - PQE get $2M fee + 5% of all oil sales.
Valkor operate in oil sands worldwide eg Trinidad and many other countries - so we will see more Licences assuming last stage testing in Utah is sustained. Tomco included.
Just need to get out of this current rut. As history has proved oil will sort itself - indeed Petroteq are better placed than many US O&G eg shale where there is mayhem - production shut down as costs are too high. Petroteq are also operating in a niche market ie heavy low sulphur oil (eg shipping market from 1/1/2020 requires less than 5% sulphur) which they hope will command premium to WTI. Tomco will hopefully follow the Petroteq model.
Petroteq is a mis-understood - it is a technology driven company - not a conventional O&G - so that is where the big investor returns will come - ie Licences/Joint Companies/Royalties - prove up the model in Utah and the world wakes up. For those who don't know the process (completely environmentally friendly) - assuming successful will be a world first. What's that worth?
Not bad for current market cap of $10M. Heavy protected IP worldwide. Hey ho, one day Rodney.
ps there is absolutely no way Alex Blyumkin will allow PQE to picked up cheaply. He is a very wealth man and he will be able to weather this current crisis. There is no bank borrowing - yet (once proven up that will be next stage) - the current debt is "mates" with a convertible equity option which he will/has rolled over.
All imo
https://wallmine.com/otc/pqeff/officer/1734733/alex-blyumkin
https://ir.petroteq.energy/press-releases/detail/344/petroteq-reaches-new-production-milestone-of-300-bblsday
Petroteq announcement this evening re Tomco
https://ir.petroteq.energy/press-releases/detail/345
Just re-reading yesterday RNS: 3 references suggest 1,000 bopd is not far away, namely:
Over 300 bopd "...... thus achieving an average daily production rate of over 300 bbls/day on a continuous basis"
double shifts, suggests on latest data 600+ bopd: "Additional staff training has been completed at the Plant in anticipation of implementing dual shift operations as a result of anticipated increased production resulting from various engineering improvements at the Plant."
and AB comment: "The work carried out this last month has been extremely beneficial in terms of increasing productivity and is expected to enable us to achieve actual production closer to our current nameplate capacity of 1,000 bbls/day."
Let's see.
https://ir.petroteq.energy/press-releases/detail/344/petroteq-reaches-new-production-milestone-of-300-bblsday
Slowly but surely.....
Certainly not disappeared. Little to discuss right now. If the RTO was not on the cards there would have been no further updates.
Watching developments - including PQE.
very difficult to say - but RTOs are usually complex in the necessary internal/external corporate actions required to execute etc Accelerated timescale - well that of course assumes all goes to plan - 3 months from January would be fast imo
But no-one knows quite where they are in the RTO process right now. When there is material progress then we will hear.
7/1/2020 "Attis will provide further updates in due course and is seeking to complete the Proposed Transaction on an accelerated timescale."
Interesting - Sebastian Marr who just picked up 5% in TOM - is also major shareholder in AOGL. TOM are looking to deal with Petroteq (use of tech) - they are neighbours in Utah.
Small world.
Interesting - Sebastian Marr who just picked up 5% here - is also major shareholder in AOGL (currently suspended awaiting Reverse Takeover) - AOGL invested over £1M in Petroteq (PQE) a while back. Small world.
the warrants have not lapsed - 3 years from June 2018 - so June 2021
AOGL have an investment on PQE - they have 1M share and 1M warrants in PQE - both underwater at present but that could change very quickly - better do, lol
PETROTEQ ANNOUNCES CLOSING OF FINANCING, PRODUCTION INCREASES AT THE EXISTING FACILITY TO REACH PROFITABILITY
That's good -but need a full update on production - Sealock said by 31/12/2019 they would be on 24/7 production - market needs some detail.
Good to hear also that more interest in Licensing.
Slowly but surely.
no chance of that, lol
"Attis will provide further updates in due course and is seeking to complete the Proposed Transaction on an accelerated timescale."
As I said it sounds like the deal is all but done.
"A detailed transaction structure has been agreed in outline with the Target. The MOU includes a number of material conditions, including mutual due diligence, regulatory and shareholder approvals, where required, and Attis having sufficient cash resources to use towards the Proposed Transaction"
It sounds like the deal is pretty much done - wonder how much cash do Attis need to raise (some at least from non core asset sales)
that would be good....
Happy new year all longs!
going on today - well lets hope it is the bottom!
Happy Xmas to all suffering longs - let's try and make a few quid back in 2020.........famous last words.
First cross border licensing deal please:
"Ms. Goldin has a wide range of experience in corporate and legal matters, with an expertise in cross border transactions. She is currently a lecturer at the USC Gould School of Law, Counsel at Nolan Heimann LLP, and provides consulting services to public and private companies as well as investment managers. During the period of 2009-2017 Ms. Goldin was Vice Chair of Redline Capital, a US$350 million investment fund, where she was also a member of the investment committee. From 2007 to 2014, Ms. Goldin also held the position of Vice President and General Counsel at SISTEMA, a London Stock Exchange listed holding company with US$40 billion in assets under management"
Alex Blyumkin, Chairman of Petroteq, stated, “We are excited that Ms. Goldin is joining us at this critical juncture for Petroteq. Her skill set and relationships will be invaluable as we look at new opportunities to grow the company.”
https://ir.petroteq.energy/press-releases/detail/341/petroteq-announces-results-of-agm-and-expands-board-of
I won't be around either to listen live but you can listen to the recorded version - free to dial in