Member Info for orslega

Plenty of bottom feeding - up 14%

Hardly surprising

The concerted scaremongering taking place across many platforms is a sign of the times and how AIM works these days. Not difficult to see - posters arriving from nowhere - making in part libellous statements - and then disappearing- causing inevitable shareholder panic with selling or stop losses being caught. I suspect the mischief making is some in fighting amongst themselves/people known to the company and possible those high net worth individuals involved with the recent placings, exerting their frustration. (understandable).

Yes we all know there have been delays, some corporate regularity aspects need addressing - but it does seem EG is on his way - that information should not have come via the backdoor (Q&A AGM) - again unnerving investors without RNS. The Board now need get a firm grip on number of fronts - after yesterday, the message i think will been clearly received.

Bottom line is the company has some excellent assets - it just needs the right team to get the production going.

For sure they are working on that as a matter of urgency. My guess is that they are already achieving breakeven - with rising WTI the 80 bopd needed will be coming down.

Looking forward to the updates on the workovers meant to be taking place this week.

Good luck all genuine investors.

up 11.5%

waiting for 115%, for recovery value, then grow from there.

A lot of noise yesterday - created buying op imo - look through it.

it looks like it - a sea of blue.

meant to add - there is a hell of a lot of mischief making going on here - not only on lse, twitter, advfn et al - imo look through the noise

royaldoulton, and others, precisely.

The assets are very much still there. Given proper management here we will be rewarded.

Have also added these last few days.

Next week will be the turnaround time, imo

Good luck all shareholders.

"The long awaited re-rate will not happen with this Board. To get a re-rate you have to attract new money into the shares"

Disagree that you have to attract new money to turn things around. Prima facie it is recognised by many that the company has the assets to do just that and more.It simply needs oil professionals to realise it. Reading between the lines of interim AGM statement that urgent action is now hand. Let's see then.

Massive buying opportunity and I'm not inside.

Good update.

https://www.networknewswire.com/petroteq-energy-inc-tsx-v-pqe-otc-pqeff-almost-ready-to-market-oil-extracted-from-utah-facility/

bouncing back now; someone wanted out - buying now

well the feedback from the adj AGM said we should expect better comms. Here's to that!

"The initial horizontal workover operations are expected to commence in the week commencing October 1."

Fingers crossed they are onto it.

This week workovers - previous RNS explaining: interesting just 2 day rig time and wells never re-entered or stimulated. Fingers crossed.

June RNS

5 Austin Chalk Wells (Working Interest 60%/ Net Revenue Interest 50.25%)

Near term workover and exploitation potential on three Austin Chalk horizontal wells and two vertical wells using low-cost techniques proven on Morris #1 well

The Company intends to use a coiled tubing rig to clean out; work-over; and, acidize Austin Chalk zone in each of the horizontal laterals with estimated potential production of 60-80 barrels per day per well

The Company estimates that the workover and acidization procedure on each well will require no more than two days rig time allowing for near term, high impact results to be realized

Longer-term potential to re-frac wells targeting zones identified with the Roke Quad Neutron log tool

None of the wells have been re-entered or stimulated in any way suggesting significant upside potential from low cost stimulation and production enhancement techniques and technologies

The Company has established a 300 bopd (Gross) target from the five well package with potential for upside if the Company achieves the higher end of its expectation range on each well

Operating cost per barrel estimated to be US$18-20 per barrel as water from these wells will be transported via truck for disposal

U.S. West Texas Intermediate crude ended Monday's session up $2.05, or 2.8 percent, at $75.30, its best closing prices since Nov. 24, 2014. WTI hit a session high of $75.48, breaking through this year's intraday peak in July.

https://uk.reuters.com/article/global-oil/brent-oil-prices-near-nov-2014-highs-ahead-of-u-s-sanctions-against-iran-idUKL4N1WI090

Which of course obviously means Mayan breakeven even point of 80 bopd continues to drop.

Austin Chalk workovers in progress this week - expecting news before the re-scheduled AGM.

"Regardless of PQE or BLOE invetsments this company needs to get its act together, regarding News flow and dealing straight with shareholders, It hasnt for the last nine months."

Yes, I think that message must have got firmly put across at the AGM. See what CW updates with.

.....think until they hit 1,000 bopd they will hold off on any grand ceremonies. Certainly hasn't happened.

But they are waiting on permit to sell so maybe that is the main reason for slow start up - insufficient storage. Less than 2 weeks capacity on current production.

Looks like they will need to get more storage to meet rising capacity in due course - although maybe they expect daily/every other day trucking to refineries which will then mean ample storage unit they ramp up production to say 3,000 bopd.

RNS

Management has completed the unification, testing, calibration and adjustment of the 14 processes that constitute Petroteq's patented extraction system. The Asphalt Ridge plant is now in commercial production, adding 200 barrels (or more) into its storage tanks daily which have a storage capacity of 3,000 barrels. Management intends to increase production at a rate of an additional 10% of total capacity in each of the coming weeks until it reaches Petroteq's goal of 1,000 bpd. Transportation of the oil off site into its chosen markets, including the nearby refineries in Salt Lake City, Utah, is subject to the Company receiving a business permit, which is anticipated in the coming weeks.

The Company is excited for its anticipated delivery of its high quality heavy crude oil into the market which is expected to meet high demand as supplies in the southern states of heavy crude have dwindled with less production coming from traditional heavy oil producers. The Company has identified multiple buyers for its product as there are multiple refiners in the Salt Lake area that need heavy crude for their desired refining mixture.

I imagine sorting out the Board in the next 10 days is another priority i.e. By 11/10 the adjourned AGM date

"The decision to adjourn the AGM follows consultation with certain of the Company's shareholders relating to potential amendments to current Board roles and a possible addition to the Board; the Company expects to conclude these changes by the time of the adjourned AGM and will update the Market once agreed."

Mayan believes production from the three horizontal wells can be significantly enhanced via the implementation of an initial low cost, low risk workover programme, involving the perforation of the Anacacho zone and the acidisation of both the Austin Chalk and Anacacho. The initial horizontal workover operations are expected to commence in the week commencing October 1. The two vertical wells will be produced over the next 30 days and assessment made as to the best technique/s to enhance longer-term stabilised production levels.

"260 BoO per day in two months from now."

Agreed.

Market cap today no way represents that.

They have the assets. All proven.

They have been very unfortunate with circs last few weeks much out of their control.

They start this week on workovers.

Their Legal Counsel say they will get Forrest Hill switched on again.

Executive Chairman says 80 bopd soon to cover break even.

----------------------------------------------------------

Imo - and others at the AGM - 80 bopd is easily achievable for starters.

For starters.

Let's see.

"Under promise over deliver"

Vanhelden was at the AGM - here's his brief post:

"Positives:

-Petroteq holding will become direct and can be shown on our balance sheet. Potentially in the next month

-80 BoPD will be achieved short term and we will be operatationally profitable

-Better communication going forwards. Under promise, over deliver

- no cash call. We are funded and cash burn is $96k a month"

"Under promise - over deliver" is the important headline imo. Pretty certain CW has put 80 bopd out as a target they can easily exceed. For sure he also doesn't want to be shot down. We'll know soon enough.