Tomco Energy Share Discussion Threads

[talais] 04/7/2021 17:05

Petroteq Energy Group had to submit a new notice of intent by July 01 2021, as they used tar sands from off site which was not allowed under the old one, that's way the operation where stoped in may, this will now hopefully be updated, That's my take on it, hope this helps.

[goulding1215] 04/7/2021 16:43

What does all this mean then?

Damac, can you decipher, please.

[busamitch] 04/7/2021 12:48

From Reddit:

"r/Petroteq
•Posted byu/petromod
moderator
20 hours ago

DOGM Permit No. M/047/0089 - Updated Notice of Intent, July 01, 2021
📰 News
1 July 2021

Reference: PQE-DOGM-2021-0701



Mr. Paul Baker Environmental Manager

Utah Division of Oil, Gas and Mining Minerals Program

1594 West North Temple, Suite 1210

Box 145801

Salt Lake City, UT 84114-5801



RE: Petroteq Energy Inc. Temple Mountain Mine

DOGM Permit No. M/047/0089 Updated Notice of Intent



Dear Mr. Baker,



Per your Division Findings regarding Cessation Order MC-2021-60-01, dated May 25, 2021, consider this an update to Petroteq Energy Inc.’s (Petroteq) Temple Mountain Mine (TMM) Notice of Intention for permit M/047/0089 approved October 24, 2017 (2017 NOI).



Attached please find a complete replacement of the 2017 NOI. I have attached a track change redline strikeout version of the 2017 NOI as well as a clean version for ease of review. Since the 2017 NOI is not paginated, we have left pages and figures that do not require revision with their original approved DOGM stamp dated October 24, 2017. Please note that text and sections have been deleted/removed due to the fact that demolition and reclamation have occurred, related to the Vivakor mobile plant, since 2017. The revised/updated figures and text depict the minor modifications to the process equipment and ancillary facilities, including reclaimed areas and removed process equipment.



The physical mine disturbance boundary depicted on Figure 1 and approved in October 2017 has not changed. The TMM ore used for the commissioning and demonstration plant runs came from existing stockpiles and within the active pit. The plant underwent minor part replacements and additions during commissioning. There are currently no additional planned plant modifications.



The Petroteq Oil Sands Plant (POSP) at Temple Mountain is a demonstration plant developed to prove up Petroteq’s Clean Oil Recovery Technology (CORT) extraction process. Petroteq’s CORT process is unique in that it integrates clean technology with oil sands production. Unlike the Clark Hot Water Separation Process used in Alberta’s tar sands, no water is used in the extraction of bitumen from mined oil sands ore. CORT uses a hydrocarbon-based solvent within a closed loop system, which greatly reduces greenhouse gases when compared to other extraction methods and generates no water waste and no associated tailings ponds. CORT is designed to produce bitumen and a clean, dry sand (meeting EPA Tier 1 standards) as the only process outputs. Ninety-five percent (95%) of solvent used will be recovered and recycled within the closed-loop system.



Valkor together with Greenfield and PetroTeq is nearing the completion of a Front End Engineering Design (FEED) for a commercial 5,000 BPD production train. The first 5,000 BPD commercial plant may be developed by Greenfield and be located at the northern end of Asphalt Ridge. The group now controls over 16,000 acres of oil sands leases in Asphalt Ridge and is evaluating additional leasing in other prospective areas of Utah. An airborne electromagnetic survey of Asphalt Ridge is planned for this summer. The Asphalt Ridge area is estimated to hold over 2 billion barrels of oil-in-place within the main reservoir units of the Upper Eocene Rimrock and Asphalt Ridge sandstone members. Laboratory tests show that the oil sands ores from the Rimrock and Asphalt Ridge sandstones vary somewhat.



On January 11, 2021, Petroteq submitted Notice of Intention to Conduct Exploration contiguous to the existing mine pit to identify additional reserves to support continued mining. Petroteq then negotiated and selected a contract miner to initiate mining of the oil sands ore to feed the demonstration. The mining contractor was mobilized to the existing pit on January 4, 2021 and within a few days discovered that the forecasted volume and quality of oil sands ore was not available in the existing pit.



Petroteq has since initiated two types of geophysical investigations in the mining area to identify potential reserves in and adjacent to the existing pit. Neither was successful in identifying mineable reserves with minimal overburden suitable for the demonstration run of the plant. As advised in our Letter PQE-DOGM-2021-01 of 25th February, Petroteq subsequently contracted with Scamp Excavation to haul previously mined, stockpiled ore from the Tar Sands II site north of Vernal to initiate the commissioning of the demonstration plant. This provided the added benefit of running the Rimrock ore through the plant, highlighting differences from the Asphalt Ridge ore and lessons learned from processing of this ore have now been incorporated into the FEED for the 5,000 BPD production train. This should provide for a design capable of processing the range of ores encountered across Asphalt Ridge.



Petroteq transferred 3,600 tons of Tar Sands II ore to the Temple Mountain site in early 2021. After processing roughly 1,200 tons, it was determined that the bitumen content was low in the transferred ore, probably as a result of weathering of the stockpile over roughly 6 years. Testing of previously mined ore at the Temple Mountain site that had been used to construct various berms showed this ore to be of higher quality and the plant processed previously mined Temple Mountain ore from 7th May 2021 until operations were suspended as a result of the Cessation Order. The available quantity of previously mined Temple Mountain ore will be insufficient to operate the demonstration plant to the point where the extraction process can be certified by the third party engaged to evaluate the CORT process.



The table below shows ore processed and its source since the restart of the demonstration plant following resolution of the CO.



Table Chart



As can be seen in the approved bond SUR60000383 revision dated July 2015, there is approximately $75,000 in demolition bond that can be applied to the current plant. The current plant demolition is also covered under bond 2149828 approved in December 2017. We will not currently be looking to increase the disturbed area beyond the 22 acres covered by the current bond. It appears the new process will allow for the sale of the post processed sand as frac sand or as a concrete aggregate and not require the elaborate backfilling and monitoring articulated in the previous NOI’s. Due to the above, we feel that the current bond reflects a demolition estimate that is higher than the true cost of demolition.



Petroteq requests that these two bonds be reviewed by DOGM and be considered more than adequate for demolition cost related to the minor changes to the present demonstration plant as depicted on Figures 1b and Ic.



If you have any questions concerning this request, please contact George Stapleton [phone] or

John Gefferth [phone].



Sincerely yours,



George Stapleton

Chief Operating Officer





Cc: April Abate"

[wilson2] 03/7/2021 21:33

4-0 I reckon

[wilson2] 03/7/2021 19:14

Pizza ordered, bets put on , red wine and a few whiskeys already down, come on England ???????

[lopodop] 03/7/2021 16:28

WILSON2
Investors could lose some horrific sums if their investments are as great as they boast.
JP probably does not see the risks BUT MG must surely realise and he must act now to mitigate the losses. It will be highly irresponsible to let this roll on. His prime duty is to shareholders and he could be personally liable if he does not take the right actions.
It will not be acceptable to allow JP to take the blame alone. As a Chartered accountant if he believes this business is likely to fail, he must act decisively. The buck rests with him and if he allows the business to carry on with yet another placing bailout and it fails, he must face up to the personal consequences.
The chairman must go over and have IT out with SB and GS to decide out how secure or otherwise TOM's future really is in GREENFIELD.

[wilson2] 03/7/2021 16:03

Tomco = finished

[lopodop] 03/7/2021 08:59

The main issue re Chairman - Does he really have any faith in TOM OR JP's expertise for that matter. He has many irons in the fire and may not have faith in a successful outcome for TOM which may explain his lack of communication with investors and the ridiculous low option settings. So on the one hand there are many positive investors wholly confident in a prosperous future and on the other a chairman who may be wholly sceptical. Therefore he should be honest with investors and if he has little confidence in TOM he should go and let investors elect someone with the right experience and confidence in the project.

[lopodop] 03/7/2021 08:44

WILSON 2, RMART
HOT NEWS
THE CHAIRMAN Malcolm Groat is PRESENTING on SHARE MAGAZINE RE TEKCAPITAL - some investors may wish to listen in and perhaps ask WHY he doesn't wish to do same for poor old TOM!

[shaunx] 02/7/2021 21:31

Busy day today Andrew

[lopodop] 02/7/2021 20:15

Goulding1125
Another week of pay for the board and their additional payoffs accruing.

[goulding1215] 02/7/2021 17:41

Look at Lekoil today up 60% on director change.

[goulding1215] 02/7/2021 16:15

A lot of them are there AJJ.

[ajj2003] 02/7/2021 12:33

Largest petroleum refineries in the United StatesRank Refinery Barrels/Day Owner State1 Port Arthur Refinery 607,000 Motiva Enterprises TX2 Galveston Bay Refinery 585,000 Marathon Petroleum TX3 Baytown Refinery 560,500 Exxon Mobil TX4 Garyville Refinery 564,000 Marathon Petroleum LA5 Baton Rouge Refinery 540,000 Exxon Mobil LA6 Whiting Refinery 430,000 BP IN7 Lake Charles Refinery 418,000 CITGO LA8 Beaumont Refinery 369,024 Exxon Mobil TX9 Tesoro Refinery Carson 363,000 Tesoro Refining & Marketing Co CA10 Pascagoula Refinery 356,440 Chevron MSTotal operable atmospheric crude oil distillation capacity as of 1 January 2019. Source:[7]

[ajj2003] 02/7/2021 12:29

Any thoughts on who the major US oil company is?

A sample of produced oil is being shipped to a large oil refinery owned by a major US oil company for their evaluation later this week.

[lopodop] 02/7/2021 12:11

If SB and HIS team are doing all the work, why is TOM paying JP and the part time others - what is there for them to do or be paid for?

Corporate governance - if so where is the evidence? How much is this quartet costing investors each month plus the accruing pay offs in due course?

[lopodop] 02/7/2021 11:48

Valkor has a top notch reputation. How is the business relationship with TOM?
Is Valkor taking advantage of TOM's lack of technical expertise and purposefully slowing down progress in order to weaken Tom's position in the so called 50/50 venture. TOM has been very helpful up to a point - does SB want to sideline TOM. IT's business after all and he could get on without TOM. WHY NOT?

Has the Board been cleverly outwitted by SB. He is a smart operator and can he be blamed. Is this why MG is so reticent to speak?

[hotfinance14] 02/7/2021 11:03

At the POSP with the new team running it I would assume.

[busamitch] 02/7/2021 10:53

If Greenfield are done at the POSP for now, where will the QFI kit be fitted?

[palace pete] 02/7/2021 10:39

No news for?????????? the tomco way.

[palace pete] 02/7/2021 10:38

This needs to discover some viagra in it's oil as it seems it can't raise a smile. Happy to be proved wrong.

[ducky fuzz] 02/7/2021 10:36

G .. I think that a certain someone read the RNS this morning and saw that the FEED results will not be out this week as expected but at the end of the month so he/she sold up probably rightly anticipating that the share price would fall as no news is anticipated for 3-4 weeks. Am I right ...

[freedom97] 02/7/2021 10:30

www.proactiveinvestors.co.uk/companies/news/953982/tomco-energy-jv-completes-utah-plant-trial-work-953982.html

[goulding1215] 02/7/2021 10:21

5,000,000 sell. Strange as everything is as expected, except the introduction of a major oil company. I find it strange why people are selling at this stage, why did they buy in the first place?