Mayan Energy Limited Petroteq Energy Inc. Update (7820Q)
February 21 2019 - 8:57AM
UK Regulatory
TIDMMYN
RNS Number : 7820Q
Mayan Energy Limited
21 February 2019
Mayan Energy Ltd / Index: AIM / Epic: MYN/ ISIN: VGG6622A1057 /
Sector: Oil and Gas
21 February 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. (the "Company") (TSXV:PQE; OTC:PQEFF; FSE:
PQCF), a fully integrated oil and gas company, is pleased to
announce that it has completed its first maintenance turnaround at
its oil sands processing facility (the "Plant") located near
Vernal, Utah, and has recommenced the production of oil from the
Plant at 300-350 barrels/day. During the recent maintenance
turnaround, the Company focused primarily on upgrading the
front-end and recovery processes at the Plant, which we believe
will ensure year-round production capability. The oil currently
being produced at the Plant is more consistent than previous oil
produced and represents a higher quality heavy oil than our initial
production during the second half of calendar 2018. The Company
anticipates increasing production to 700 barrels/day by the end of
February and reaching 1,000 barrels/day by the end of March.
Working with Crosstrails Engineering, a subsidiary of Valkor,
LLC, the Company recently completed a series of operations
maintenance, enhancements and upgrades at the Plant as part of a
US$2.5 million expansion. These process and enhancement upgrades
are intended to facilitate a more seamless integration with a
proposed 3,000 barrel/day expansion at the Plant as we continue to
expand production capacity. This in turn should facilitate our
ability to process and produce, on a more consistent basis, a
higher quality heavy oil for regional refineries located in
Utah.
"Petroteq executed its first maintenance turnaround during the
Christmas break, during which our analysis of Q4 2018 operations
confirmed that there were process efficiencies needed to increase
the integrity of the older pilot plant equipment," said David
Sealock, CEO. "Our main focus during the recent turnaround was on
the Plant's solvent recovery processes, distillation processes, and
our front-end feedstock mixing operations that have been brought
online. The maintenance and upgrades that we completed in these
areas will allow us to run at higher production levels."
The Company intends to continue its efforts to maximize the
production of high-quality heavy oil at the Plant over the next
several months. Production sales will be reported in upcoming news
releases and quarterly financials as the Company brings on line the
second processing train at the Plant and has fully commissioned the
new recovery process equipment. For more information please refer
to the website where the Company has recently posted an 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. For more
information, visit www.Petroteq.energy and on Twitter
@petroteqenergy.
**ENDS**
For further information visit www.mayanenergy.co.uk or contact
the following:
Charlie +44 20 7236
Wood Mayan Energy Ltd 1177
Roland +44 20 7628
Cornish Beaumont Cornish Ltd 3396
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+44 20 7628
James Biddle Beaumont Cornish Ltd 3396
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St Brides Partners +44 20 7236
Frank Buhagiar Limited 1177
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St Brides Partners +44 20 7236
Gaby Jenner Limited 1177
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+44 20 7399
Colin Rowbury Novum Securities Limited 9400
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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.
END
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