19th Aug 2019 16:34
(Alliance News) - Attis Oil & Gas Ltd said Monday its Sydney-listed investee Petroteq Energy Inc said Monday the laboratory testing on the oil sand samples from the company's Asphalt Ridge heavy oil sands project in Utah, US has been completed.
Shares in Attis were 11% lower in afternoon trade in London at 0.1024 pence each.
Attis holds 1.0 million shares in Petroteq, equivalent to a 2.3% stake in the 43.9 million shares outstanding. Attis also has 1.0 million warrants exercisable at USD0.90 each for the firm.
The first stage of testing was to determine the geophysical characteristics of the oil, such as viscosity, API, porosity and permeability, Petroteq said.
Petroteq said it was able to recover a maximum oil content of approximately 20% saturation, with results approaching greater than 90% yield of heavy oil from the supplied surface minable heavy oil project samples.
"Due to the reservoir characteristics and the shallow, mining related geophysical structures, there is a degree of uncertainty in the potential oil in place and recoverable calculations. However, mining production may be deemed to be the most efficient process to produce this heavy oil. These efforts underscore the potential demand of deploying Petroteq's technology worldwide," Petroteq added.
Preliminary Stage 2 testing showed Petroteq was able to recover up to 65% of the contained oil from the Julia Creek project samples.
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