17th Sep 2019 17:28
(Alliance News) - Attis Oil & Gas Ltd said on Tuesday investee Petroteq Energy Inc has initiated commissioning of the Asphalt Ridge facility, in Utah, US.?
Petroteq said field operations and engineering staff have started the commissioning processes and ?sequences for the new equipment as final connections to the new heated augers, and mixer tank material ?tie-ins to the pre-oil tank on the sand separation equipment have been completed.
Petroteq will issue a ?press release once commissioning has been completed and the facility starts processing oil sands ore to ?achieve sales of oil production at its Asphalt Ridge facility.?
In addition, Petroteq intends to issue 1.3 million shares to satisfy USD461,000 of debt currently owed to "seven arm's length parties". The company has also announced a private placement of up to USD3.0 million.
Shares in Attis closed down 8.3% at 0.11 pence in London on Tuesday.
Related Shares:
AOGL.L