Valkor and petroteq, technology license agreement26 Jun 2021 14:50
Valkor and Petroteq have entered into a technology license agreement.
Leveraging CORT: Opportunities beyond Asphalt Ridge
Petroteq has recognized further CORT growth and value potential beyond oil sands production by Petroteq
Valkor and Petroteq have entered into a technology license agreement, which provides for Valkor to pay Petroteq a license fee of US$2,000,000 per oil sands plant in two payments with 50% payable at the start of construction of a plant and the balance payable upon first production. Valkor shall also pay Petroteq an amount equal to five percent (5%) of net sales from production at a plant.
Valkor, together with its joint venture partner, Tomco Energy plc, have upgraded Petroteq’s existing oil sands plant to increase plant capacity and reliability for continuous operations at up to 500 barrels per day as part of a larger FEED study for a proposed commercial scale 5,000 barrel per day plant design. This design could be utilized for an expansion of Petroteq’s existing oil sands plant to potentially up to 5,000 barrels per day and for other similar plants worldwide.
TomCo is a UK listed company that, together with Valkor, has established Greenfield Energy LLC to seek investment opportunities in the oil sands sector. Greenfield is funding the current upgrades to Petroteq’s existing oil sands plant. Upon successful completion of the testing of the upgraded plant and FEED study, it is Greenfield’s intention to offset upgrade costs against the US$2,000,000 fee that will become payable by Valkor to Petroteq pursuant to the License Agreement as described above.
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