Member Info for Salinger

Institutions have been sold a sales pitch same is the rest of us. Good they are there for sure, but it doesn’t for me, increase the likelihood of commercial contracts. We’ve yet to carry out a commercial trial of our fuel in any of the three active projects, so in terms of ticked boxes we are some way off commercial deals.
Do I think we well get there? Yes, but not because institutions think we will. I prefer my own knowledge of the company and it’s staff/board.

Jason and Mike looked very relaxed. With a fair wind and perhaps a little luck, we should be commercially self-sustaining come next summer, fantastic. MSC will take a lot of organising before they burn their first litre of fuel, by then Morocco should have completed trials and signed commercial terms.

Likely a few years before you need to plan any party. Cant see the same level of hype and crazy prices we had last time, so SP more driven by results which means time to get them over the line.

We just have to land one commercial deal and its a different ball game. We`ve been stuck in a chicken and egg nightmare for years. No fuel in production as no customers, customers not keen to commit as there`s nobody using the stuff. A Morocco deal by year end and we are well set for 2022.

I’d you take Hughie with you Colins, that gets rid of at least 4 of the miserable posters here!

Don`t think Kirk has anything major in the pipeline other than updates on current active projects. Access to Morocco is likely delayed for a while yet, MSC is at planning stage so nowt there till later in Q2 and samples from Utah are hardly big news. Given he said in the OO document that efforts in the short term would focus on active projects, I doubt there`s anything waiting in the wings to pounce on us.

This stuff is no worse than standard HFO, arguably its a better product since it has higher levels of distillate equivalent content which should evaporate/ disperse easier than residue.
Shows how far the world has moved in an Eco friendly way that HFO, the standard shipping fuel, is now regarded as unwelcome.

Hi Toby. It`s important for us to keep in mind that the role of QFI is to emulsify the "Finished Product" from Asphalt Ridge, not simply a random sample at a given point in time, we know it will emulsify but its the actual recipe that matters. These samples must reflect the optimal performance the new system can achieve. It`s this area I believe they are taking more time over, creating a system that can repeatedly achieve a desired outcome. When they have that mastered I`m sure they`ll send the samples and everything should flow forward from that point. Can`t say I`m too surprised its taking more time to maximise their process, it`s essentially an engineering experiment, a pilot plant!

Thanks for that Jakito. So from that info it strongly suggests they’re still working to optimise the system, ie no rush to send samples until it has been optimised.

Sending a few samples by courier is hardly a major distraction. More likely they are still optimising the process to remove maximum condensate. They want QFI to have samples that accurately reflect the end product and the subsequent MSAR fuel. No point sending samples that are not indicative of what they want to sell to market.

Extracting oil from sand has been going on for decades, Canada being a good example. However it takes a lot of energy in the form of heat to separate the oil from sand and leaves an environmental disaster in its wake. Pools of oily “tails” and sand which has no useful purpose due to contamination with oil.

PQE developed a different process using solvent (condensate) and modest heating to remove the oil from the sand much more effectively. They also developed a process whereby the condensate, or most of it, was recovered and reused thereby reducing processing costs substantially. However the bitumen produced was too viscous for transportation to refinery so to that end condensate was used to let it flow better and bring the bitumen up to a spec the refinery would accept. This of course made the costs per barrel much higher than the plain bitumen.
This is where QFI fit in nicely. We use the finished low sulphur bitumen product (without condensate) and create an msar fuel directly from it without going near a refinery. Minimum inputs for maximum value, creating a low sulphur high value marine/power and industrial fuel which is pumpable and transportable in the usual way.
We are told that the sand left behind is so clean that it can be used in other industries without further cleaning so has a positive residual value and not simply a waste product. Also, and probably much more important, the environmental impact of this process is minimal compared to others like Canada so you can be sure that when/if the technology is commercially proven, big oil will want in on the party!

“ The process that Tomco is using has been around for a while,...”

Not sure PQE would agree with that comment. They’ve spent a long time trying to develop this technology and it’s only now with Valkor investment it has a chance of proving itself commercially. Nobody other than PQE has developed and tested such a system so it’s hardly “been around for a while”.

Exactly indigo, the first decent raise he will be out and reverting to type in one of his various guises. Tw*t!

lol , oh dear he’s back as Lionel now. How’s “Skipper” doing these days? Not heard from him for a while.

Not a very well informed journo is he? Gave up for “some reason”. The reason was well publicised, they opted for VLSFO and NOT scrubbers when the IMO decided on 2020 for new sulphur regs as opposed to the widely expected 2025.
Time has already proven them wrong in so far as they took a very long term market view to ignore scrubbers, however others in the market didn’t follow their lead so they’ve had to rewrite their strategy on the hoof and spend big on retro-fitting scrubbers to many of their larger vessels.
This is without mentioning the disaster caused by some poor quality low sulphur fuels currently supplied at bunker hubs!

Not that long ago I’d have taken 6p, MSC changed that!

Why is this good for you Hugh? Find it hard to believe it’s your altruistic side.

“Potential bunker fuel for Quadrise is just one of many sales products the plant will be capable of producing with the Petroteq technology.”

Not so. Petroteq technology produces 1 product and that’s bitumen. It takes QFI technology to turn that bitumen into fuel for various markets.

Maybe using consistent language might help Colins. You said “A failed sale is a failed test at whatever level”. This description is patently untrue. Any testing of MSAR fuel has to date been successful in terms of operating efficacy and implied economic benefits. So the test succeeded.
They have failed to convert these successes into commercial sales but that, I hope you agree, is distinct from and not connected to the “testing” of the fuel.
These points matter as new investors to this board can easily get the wrong end of the stick when words like “test” and “failure” are put together in such a way which misleads as your statement clearly does.

QFI have never had a “failed test” Colins, not sure what you mean by that. Many projects haven’t happened but that’s not a failed test.