29th Mar 2019 15:18
LONDON (Alliance News) - Mayan Energy Ltd said Friday an investee firm has been producing in excess of 500 barrels of oil a day for the last two weeks at its Utah heavy oil sands project.
Shares in Mayan Energy were up 17% Friday afternoon at 0.13 pence each.
Toronto-listed Petroteq Energy Inc reached the "significant milestone" at Asphalt Ridge, said Mayan, as it continues to "demonstrate commercial viability".
Mayan holds 1.0 million shares in Petroteq, equivalent to a 2.3% stake in the 43.9 million shares outstanding. Mayan also has 1.0 million warrants exercisable at USD0.90 each for the firm.
Mayan said: "Petroteq is one of the first companies to produce oil from the multi-billion barrel surface bitumen oil sands resource in Utah and is has the potential to be a leader in the oil sands play in coming years. Petroteq's technology has produced 10,000 barrels from its Asphalt Ridge facility to date."
The Asphalt Ridge facility is designed to produce 1,000 barrels of oil per day and Petroteq anticipates reaching that capacity in the "near term".