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Mayan Energy Limited - Petroteq Energy Inc. Update

Fri, 29th Mar 2019 13:00

RNS Number : 5223U
Mayan Energy Limited
29 March 2019
 

Mayan Energy Ltd / Index: AIM / Epic: MYN/ ISIN: VGG6622A1057 / Sector: Oil and Gas

29 March 2019

Mayan Energy Ltd ('Mayan' or 'the Company')

Update on investee company: Petroteq Energy Inc.

 

Mayan Energy Ltd (AIM: MYN), the AIM listed oil and gas company, is pleased to note the following update from TSX listed Petroteq Energy Inc ('Petroteq') (TSXVE: PQE OTC: PQEFF) regarding the Asphalt Ridge heavy oil sands project, Utah.  Mayan currently holds 1,035,233 shares in Petroteq Energy Inc. with an associated 1,035,233 3-year warrants at USD $0.90. 

 

Full Text of Petroteq's Release

 

Petroteq Energy Inc. ("Petroteq" or the "Company") (TSXV: PQE; OTC: PQEFF; FSE: PQCF), a fully integrated oil and gas company, is proud to announce that it is has been continuously producing in excess of 500 barrels a day for the last two weeks.

 

This is a significant milestone as the Company demonstrates the commercial viability of its first in kind technology that has the potential to be a disruptive technology giving the Company a competitive advantage and licensing opportunity in the clean extraction of oil sands. Petroteq is one of the first companies to produce oil from the multi-billion barrel surface bitumen oil sands resource in Utah and is has the potential to be a leader in the oil sands play in coming years. Petroteq's technology has produced 10,000 barrels from its Asphalt Ridge facility to date.

 

The Asphalt Ridge oil sands processing facility is designed to produce 1,000 bpd and the Company anticipates achieving new rated production capacity near term. Management is ramping production in a deliberate and step wise approach to ensure that the quality of the end product meets the high standards expected by the Company and its customers. The ability to demonstrate consistent production at this critical phase will ultimately benefit the Company as it seeks to pursue licensing opportunities in coming years.

 

Commenting on Petroteq's recent milestone, David Sealock, CEO, stated, "I am exceedingly pleased with our performance, it took us a couple of weeks longer than expected due to delays in delivery of equipment by third party vendors."

 

With operations ramping up, the Company believes that it is now in a position to achieve the previously announced goals of 700 bpd in the next couple of weeks and 1,000 bpd within 8 weeks.

The Company anticipates that cash flow associated with these production milestones will be transformative for Petroteq and will allow Petroteq to minimize dilutive share financings to maximize the upside for our shareholders.

 

For more information please refer to the Company's website for a recently posted updated corporate presentation.

 

About Petroteq Energy Inc.

Petroteq is a fully integrated oil and gas company focused on the development and implementation of a new proprietary technology for oil extraction. The Company has an environmentally safe and sustainable technology for the extraction of heavy oils from oil sands, oil shale deposits and shallow oil deposits. Petroteq is engaged in the development and implementation of its patented environmentally friendly heavy oil processing and extraction technologies. Our proprietary process produces zero greenhouse gas, zero waste and requires no high temperatures. Petroteq is currently focused on developing its oil sands resources and expanding production capacity at its Asphalt Ridge heavy oil extraction and processing facility located near Vernal, Utah.

 

**ENDS**

 

For further information visit www.mayanenergy.co.uk or contact the following:

 

Charlie Wood

Mayan Energy Ltd

+44 20 7236 1177

Roland Cornish

Beaumont Cornish Ltd

+44 20 7628 3396

James Biddle

Beaumont Cornish Ltd

+44 20 7628 3396

Frank Buhagiar

St Brides Partners Limited

+44 20 7236 1177

Gaby Jenner

St Brides Partners Limited

+44 20 7236 1177

Colin Rowbury

Novum Securities Limited

+44 20 7399 9400

 

Notes:

Mayan Energy Limited is an AIM listed (London Stock Exchange) North American based energy company.  It is actively pursuing a primary recovery oil strategy focused on re-stimulating wells within mature producing basins with immediate cash flow leveraging commercially available technologies and projects that are shallow, low risk with low levels of capex and infrastructure already in place.  It also remains interested in creating shareholder value by strategic investments in similar projects with high cash generative potential and by forming beneficial development partnerships that enable the use of pioneering and leading extraction technologies.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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