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  • Petroteq Energy ‎‎(PQE) has signed a binding letter of intent with Netoil Inc
  • Netoil had contacted Petroteq to inquire about its oil extraction and recovery technology
  • Upon the negotiation and execution of definitive ‎licence agreements, Netoil will be granted two licences for Petroteq’s CORT for use in Iraq and ‎Libya
  • The consideration for each licence has been agreed to US$6,000,000 and a five ‎per cent royalty fee of the net production revenue
  • Petroteq Energy Inc is a fully integrated oil and gas company
  • Petroteq Energy Inc. was up 14.286 per cent, trading at C$0.24 as at 1:19 PM ET

Petroteq Energy ‎‎(PQE) has signed a binding letter of intent with Netoil Inc.

Netoil is an oil company led by Roger Tamraz, an experienced ‎hands-on operator and investor in the oil & gas industry.‎

Netoil and its team have more than 50 years of experience in creating, ‎structuring and implementing major international projects in the fields of ‎energy, such as oil and gas fields and blocks, oil and gas pipelines, oil refineries, ‎gas stations and petrochemical plants.‎

Netoil had reached out to Petroteq to inquire about its innovative, cost-‎effective and efficient oil extraction and recovery technology.

“The developments in energy ‎policy, the search for alternative sources of oil, its extraction, less risky ‎transportation routes, and the realization by many countries of the need to ‎become energy independent of certain regions, have created the conditions for ‎an economically viable and environmentally friendly technology such as ‎Petroteq’s Clean Oil Recovery Technology (CORT),” stated Tamraz, Chairman of Netoil.

Netoil is working on establishing a special purpose investment vehicle focusing on alternative production methods within the oil and gas industry, alongside carbon offsetting technologies.

Upon the negotiation and execution of definitive ‎licence agreements, Netoil will be granted two licences for Petroteq’s CORT for use in Iraq and ‎Libya.

The amount for each licence has been agreed to US$6,000,000 and a five ‎per cent royalty fee of the net production revenue. Also, a minimum annual fee has been agreed to $1,000,000 until the region is producing.

Petroteq is a clean technology company focused on developing, implementing, and licensing a ‎patented, environmentally safe and sustainable technology for extracting and recreating heavy oil and ‎bitumen from oil sands and mineable oil deposits.

Petroteq Energy Inc. was up 14.286 per cent, trading at C$0.24 as at 1:19 PM ET.


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