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Update on Investee Company: Petroteq

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RNS Number : 4320L
Attis Oil and Gas Ltd
06 September 2019
 

Attis Oil and Gas Ltd / Index: AIM / Epic: AOGL/ ISIN: VGG0620A1003 / Sector: Oil and Gas

 

5 September 2019

Attis Oil and Gas Ltd ("Attis" or "the Company")

Update on Investee Company: Petroteq Update

 

Attis Oil and Gas Ltd (AIM: AOGL), the AIM listed oil and gas company, is pleased to announce that Thom Board, Executive Director, Chief Operating Officer and CEO of US operations, will be visiting the Asphalt Ridge heavy oil sands project, operated by investee company TSX listed Petroteq Energy Inc ('Petroteq') (TSXVE: PQE OTC: PQEFF) on 11 September 2019.   Mr Board shall be meeting with David Sealock, CEO of Petroteq, to receive an update on the operational progress made by, and the Company's investment in, Petroteq.

 

The Company also notes the following update from TSX listed Petroteq Energy Inc 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 ANNOUNCES POSITIVE PROGRESS FOR ITS VERNAL, UTAH PLANT RE-ENGINEERING

 

Petroteq Energy Inc. ("Petroteq" or the "Company") (TSXV:PQE; OTC:PQEFF; FSE: PQCF), a fully integrated surface oil sands mining oil company with patented - proprietary technology‎, is pleased to announce further progress resulting from the recent plant re-engineering project designed to bring production back online.

 

The facility maintenance program and equipment re-engineering modifications have been completed for the sand separation, clean sand production processes and the fluid and sediment extraction equipment. All the equipment is now on-site, and the commissioning of these units is expected to start immediately.

 

Petroteq wishes to thank its shareholders for the extreme patience and long term support offered to date as Petroteq looks forward to the project delivering its potential in the weeks ahead.

 

Below is a graphic of Petroteq new plant design. Stage 3 and 4 includes the addition of new vibrating separation units that are designed to virtually eliminate the need of introducing abrasive sand into the centrifuges. Stage 5 is the new clean sand equipment, and stage 6 is the new sediment extraction equipment. Petroteq believes that these upgrades will reduce maintenance costs over the long term.

 

We invite investors to watch the "Follow the Molecule" video for a more detailed look.

https://www.youtube.com/watch?v=5nwywpYEEu0&t=163s

 

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 and bitumen 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 uses no process water, produces nearly zero greenhouse gas and 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.‎

 

 

**ENDS**

 

For further information visit www.attisog.com or contact the following:

Charlie Wood

Attis Oil and Gas 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:

Attis Oil and Gas Ltd is an AIM-traded (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 from projects that are shallow, low risk with low levels of capex and infrastructure already in place.   Attis is also seeking to develop new drill opportunities within both existing & new acreage.

 


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 [email protected] or visit www.rns.com.
 
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Price: 0.055

Market: AIM
Market Cap: £2.13 m
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