21st Feb 2019 15:35
LONDON (Alliance News) - Mayan Energy Ltd on Thursday said its investee Petroteq Energy Inc has completed its first maintenance turnaround at its oil sands processing facility located near Vernal, Utah.
The AIM-listed oil & gas company said Petroteq has also recommenced the production of oil from this plant at 300 barrels to 350 barrels a day.
During the recent maintenance turnaround, Petroteq focused primarily on upgrading the front-end and recovery processes at the plant, which it believes will ensure year-round production capability.
Looking ahead, Petroteq said it intends to continue its efforts to maximize the production of high-quality heavy oil at the plant over the next several months. It anticipates increasing production to 700 barrels per day by the end of February and reaching 1,000 barrels a day by the end of March.
"Our main focus during the recent turnaround was on the Plant's solvent recovery processes, distillation processes, and our front-end feedstock mixing operations that have been brought online," said Petroteq Chief Executive David Sealock.
"The maintenance and upgrades that we completed in these areas will allow us to run at higher production levels," added Sealock.
Mayan shares were trading 4.0% higher on Thursday at 0.13 pence each.
Related Shares:
MYN.L