Mayan Energy Notes Asphalt Ridge Oil Sands Ideal For Making Diesel

8th Mar 2018 15:01

LONDON (Alliance News) - Oil & gas company Mayan Energy Ltd said on Thursday that Toronto-listed Petroleq Energy Inc reported that oil from the Asphalt Ridge heavy oil sands project in Utah is ideal in quality for diesel, and has attributes attractive to oil refineries.

The Asphalt Ridge oil is said to contain a high percentage of hydrocarbons that are diesel range organics, with a very low sulphur content at 0.5% and less, making it ideal to manufacture diesel, or more specifically, ultra low sulphur diesel.

The low sulphur also solves economic issues, as extra cash will not be needed for the removal of the sulphur before it can be refined into a finished petroleum product.

This follow Mayan Energy's announcement on Wednesday that Petroteq signed a six-month distribution and transportation deal with Firebird Logistics LLC for all production from the heavy oil extraction facility at Asphalt Ridge.

Following the six-month term, the contract will run on a month-by-month basis.

Mayan's 18% investee Deloro Energy LLC recently completed the first tranche of its USD10.0 million acquisition of a 49% interest in the Asphalt Ridge project.

Shares in Mayan Energy were down 1.1% at 0.875 pence on Thursday

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