Mayan Energy Limited Update on Heavy Oil Sands Project, Utah (1557U)
July 10 2018 - 4:00AM
UK Regulatory
TIDMMYN
RNS Number : 1557U
Mayan Energy Limited
10 July 2018
Mayan Energy Ltd / Index: AIM / Epic: MYN/ ISIN: VGG6622A1057 /
Sector: Oil and Gas
10 July 2018
Mayan Energy Ltd ('Mayan' or 'the Company')
Update on Heavy Oil Sands Project, Utah
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 has a 17.3%
interest in Deloro Energy LLC ('Deloro') which is invested in the
Asphalt Ridge heavy oil sands project ('the project').
Full Text of Petroteq's Release
Petroteq Energy Inc. ("Petroteq" or the "Company") (TSXV: PQE;
OTC: PQEFF; Frankfurt: A2DYWC), a company focused on the
development and implementation of proprietary technologies for the
energy industry, is pleased to update investors on the progress at
its Oil Extraction.
Second quarter activities secured the completion of construction
at the Asphalt Ridge facility, which is designed to produce 1,000
barrels per day (bod). The Company's recent news for the first half
of 2018 has been very exciting:
-- New capital approximately US$3.86 million to date in 2018
-- The placement of key technical advisors to Petroteq's advisory board
-- Initial production
News in July is what our current and future investors will be
most interested in, we are on track to initiate "full on"
operations at the end of July and ramp up our production to what we
expect will be 1,000 bod.
On June 14th, Petroteq commenced its process train commissioning
and start up with the successful completion of "first commissioning
oil production" at our operations of the Phase 2 - expansion at the
Asphalt Ridge heavy oil extraction facility located near Vernal,
Utah, designed to produce 1,000 bod.
These operational developments have driven multiple initiatives
at the Company that are anticipated to help the Company grow from
its current position:
1. New research and development projects are underway which
should further increase the efficiency and applicability of
Petroteq's patented extraction technology.
2. Petroteq has staffed up its internal team and advisory board
to handle multiple business development initiatives related to
domestic and international opportunities.
"The Asphalt Ridge project has surpassed expectations. The
facility process trains are coming fully online safely, the
production ramp-up plan is on schedule, and the commissioning and
start-up activities are set to produce a high-quality heavy oil. We
are especially appreciative of the dedication and careful planning
and execution that our team and partners have demonstrated in
achieving this remarkable result," said David Sealock, Chief
Executive Officer. "Our investors and stakeholders can be proud of
advances being made initiating the ramp-up of our production."
"The successful completion of construction and commissioning at
the Asphalt Ridge project is the direct result of a well-developed
and executed strategy to complete construction and accelerate
commissioning using synergies between our technical team and
Asphalt Ridge operations staff", said Alex Blyumkin, Founder and
Executive Chairman, "the progressive hand off from construction to
operations, is expected to see a staged ramp-up of production over
time. The project was built during a period of low oil prices and
has come online just as oil prices have strengthened."
Following the June 14, 2018 "first commissioning oil production"
of Asphalt Ridge's first train, Petroteq anticipates operating the
plant at a "ramp up capacity" by the end of July, which would prove
the design capacity of 1,000 bod. At this time, the Company will be
completing a two-week reliability test of the plant running in
excess of 80% capacity.
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
facility located near Vernal, Utah. The Company also owns a
minority stake in an exploration and production play located in
southwest Texas held by Accord GR Energy Inc. In addition, the
Company, through its wholly-owned subsidiary PetroBLOQ, LLC, is
seeking to develop the first blockchain based platform created
exclusively for the supply chain needs of the oil & gas sector.
For more information, visit www.Petroteq.energy and
PetroBLOQ.com.
**ENDS**
For further information visit www.Mayan energy.com or contact
the following:
Eddie Gonzalez Mayan Energy Ltd + 1 469 394 2008
Charlie Wood Mayan Energy Ltd +44 7971 444 326
Roland Cornish Beaumont Cornish Ltd +44 20 7628 3396
James Biddle Beaumont Cornish Ltd +44 20 7628 3396
Nick Bealer Cornhill Capital Limited +44 20 7710 9612
Frank Buhagiar St Brides Partners Limited +44 20 7236 1177
Gaby Jenner St Brides Partners Limited +44 20 7236 1177
Notes:
Mayan Energy Limited is an AIM listed (London Stock Exchange)
North American based energy Company. The Company 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. The Company is currently primarily
focussed on building out production at its Stockdale and Forest
Hill oil fields in Texas.
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.
END
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