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https://www.londonstockexchange.com/news-article/TOM/placing-jv-agreement-with-valkor-options-grant/14580328

Turbo shale is on the back burner. - see below from RNS.

This is all now about Valkor and Petroteq technology right now. The question which remains unanswered - and the market is waiting to hear - is what were the results of those Valkor tests and will the JV go ahead? The Tomco acreage Valkor has been testing is adjacent to Petroteq field (which are commercial) so imo we should hear some good news hear very soon. Note Petroteq are planning to sell their product as Bunker fuel to the Shipping industry - which was heavily regulated in January 2020 - so only ultra low oil can now be used for Shipping. Important bit, bunker fuel commands a $20 per barrel premium to WTI. So selling price expected to be around $60 per barrel. I expect Tomco will follow suit if the results are good.

TurboShale Update

With the global effects of the COVID-19 virus still developing, the Company has taken the decision to postpone the next test of the Turboshale RF technology. The Company will continue to explore its potential with laboratory based testing until a field test can be planned.

Leaky ship - guessing but news on JV is expected anytime

I was invested here many years ago but bailed out at small loss after very slow progress, false dawns etc.

I have since invested in a US company called Petroteq Energy - (PQE) = listed on TMX (Canada) and Pink Sheets (US) - they have developed a patented low cost extraction process for production of heavy oil from Utah sands - with very low suphur content -so ideal for new IMO2020 diesel shipping environment.

https://petroteq.energy

I also see in QFI 6 monthly report issued 30/3/2020:

" An MoU has been signed with Valkor Technologies, to investigate the potential deployment of MSAR® technology in Utah, USA."

Valkor are heavily involved with Petroteq in Utah having signed a Licence Agreement. I expect the above comment involves Petroteq. No one else has the technology to do extract oil from oil sands.

Small world. Fingers crossed QFI can get things moving with the help of Valkor.

Anyone interested take a look at the Petroteq process - a world first:

https://www.youtube.com/watch?v=gdDb22i2Dz8

https://shipandbunker.com/news/world/759855-two-major-shipping-companies-show-interest-in-quadrises-emulsion-bunker-fuel

Petroteq - imo there is no chance Valkor will take over Petroteq - well not unless Valkor make a massive move with big bucks. So very unlikely, certainly in this climate. Valkor will continue do deals like the one with Tomco and line up Petroteq with a licence. They have other interests in oil sands worldwide. Rinse repeat with other parties.

The PQE plant is open - not for commercial production but to demonstrate the technology to multiple parties doing due diligence: the big investment bucks for PQE investors are the licence fee - like the $2M Valkor has already signed up for - so important to keep that process running.

RNS 27/3/2020

"The Company has chosen to cut hours at the plant to reduce costs in a tumultuous ?market. Management believes it is important to keep the plant operating to continue ?production, especially to demonstrate operations to the multiple parties currently ?completing due diligence on Petroteq as part of the technology licensing process.

Petroteq is scaling back to a skeleton crew and intends to store production in ?anticipation of selling product into a rebounding market in the future".

https://ir.petroteq.energy/press-releases/detail/346/petroteq-downscales-production-citing-market-conditions

See the share price of PQE has nearly doubled this past week (although still at pretty much all time lows); the DD must be going well, lol

https://oilprice.com/Energy/Energy-General/Russias-Plan-To-Bankrupt-US-Shale-Could-Send-Oil-To-60.html?utm_source=tw&utm_medium=tw_repost

https://ir.petroteq.energy/press-releases/detail/346

Well PQE are still operating - very interesting comment about multiple parties looking at the tech, not just Tomco:

" Management believes it is important to keep the plant operating to continue production, especially to demonstrate operations to the multiple parties currently completing due diligence on Petroteq as part of the technology licensing process."

https://ir.petroteq.energy/press-releases/detail/346

Well PQE still operating - very interesting comment about multiple parties looking at the tech:one day rodders

" Management believes it is important to keep the plant operating to continue production, especially to demonstrate operations to the multiple parties currently completing due diligence on Petroteq as part of the technology licensing process."

Valkor has already signed their first Licensing Agreement with Petroteq last year: see this below, gives an idea of likely costs involved for the JV if the study produces the desired results

"Under the Agreement, Valkor has agreed to pay Petroteq a non-refundable license fee of US$2 million per Plant in two payments, with 50% payable upon start of construction of a Plant and 50% payable upon first production of such Plant. Valkor also agreed to invest (or secure investment) of a minimum US$20 million towards the construction of a Plant by December 2020, and to have in production a minimum of 1,000 barrels per day. The agreement further provides that Valkor will pay Petroteq a five percent (5%) royalty based on annual gross sales, excluding solvent and or water, for so long as licensed technology is covered by a valid claim in the country in which it is used.

“Technology advancement in unlocking the enormous deposits of global oil reserves has been our focus in achieving energy independence and economic expansion,” stated CEO David Sealock, “and Petroteq’s CORT (Clean Oil Recovery Technology) is a primary key to develop the tremendous surface mineable oil sands resources in the USA and internationally. Petroteq’s technology has the potential to open these resources to new development opportunities and with this should come tremendous value potential.”

“In working with Petroteq for the past year at its Asphalt Ridge facility in Utah, it is clear that the Petroteq technology is unique and highly effective. It fits our long term strategy extremely well,” stated Steve Byle, CEO of Valkor. “As Valkor is a solutions company offering a range of services and products to the energy industries we are pleased to be offering the Petroteq technology in a project based platform.”

https://ir.petroteq.energy/press-releases/detail/319/petroteq-announces-technology-licensing-agreement

Maybe but I doubt it - they have made to quite clear that after the technique is commercially proven the business model is to sell Licences and take royalties - think about, it zero costs, zero risk. That's the investor attraction. imo

eg

“While our primary focus is on completing the Asphalt Ridge facility maintenance program and planned equipment modifications to the sand separation process, fluid extraction process, and the clean sand production process, this month,” stated CEO David Sealock, “we are pleased with the advancements in potential future technology licensing opportunities for Petroteq’s CORT for QEM’s Julia Creek project and the additional Asian sands project. Petroteq’s CTO Dr. Vladimir Podlipskiy’s hard work and testing has been extremely valuable for Petroteq and the results help to quantify the technical advantages of Petroteq’s proprietary oil extraction solvent technology.”

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.....

https://ir.petroteq.energy/press-releases/detail/344/petroteq-reaches-new-production-milestone-of-300-bblsday

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.