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').
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:
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:
“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.