Integrated oil company, Petroteq Energy (OTCMKTS:PQEFF), on July 28,2021 announced completion of the Front End Engineering and Design study for 5,000 barrels of oil a day production facility by Crosstrails Engineering LLC and will be delivered to the company later in the week.
Focused on the development and implementation of its proprietary oil-extraction technologies, the company’s study encompasses production train that is able to process 5,000 bopd from mined oil sands ore.
The firm is anticipating that it can become the starting point for such designs in Utah and alsopotentially by additional licensees in Utah as well as other locations globally.
The design may need customisation for local conditions but the differences may be minor. Third party certification of this process will also be done shortly.
George Stapleton, Petroteq COO, said that the cost of $22 per produced barrel of oil is way below the $20-25 range estimated earlier for the commercial plant. Stapleton added that it does not take into consideration the reduction in net operating costs per barrel.
The COO expressed contentment with the study results and hopes to look forward on moving with the funding for 5,000 bopd plant besides moving forward with licensing efforts with third parties.
On Thursday, PQEFF stock fell 8 at $0.1281 with more than 2.55 million shares, compared to its average volume of 3.99 million shares. The stock has moved within a range of $0.1280 – 0.1465 after opening the trade at $0.1459. Over the past 52-week, the stock has been trading within a range of $0.0330 – 0.2500.