There are many points and deals....Oil just hit $80 on a huge drop in US inventories. International and state oil companies are flush with cash and produce 3 barrels of water for every barrel of oil.
...TOR has $19 million in cash, worth about $0.40 per share
...The PURE acquisition will add $30 million in sales, be highly synergistic and open new markets
.........TCI is currently discussing a potential long term contract for the supply of RPA cartridges and services with KOC. This is to ensure proper “phase in” of the units when handed from SKEC to KOC.
·... There are other new Gathering Centers in Kuwait Oil Company: a major contract has been recently awarded to SKEC for one such new Gathering Center and TORR has the best technology solution provider for another potential contract.
The potential size of the project is for treating 240,000 BPD. TORR has built an excellent relationship with KOC and SKEC by delivering high quality on time.
...........the most promising activities have taken place in the Middle East sector with a number of successful trials completed with national producers. Based on the successes of these trials and receipt of official technology approval by the national producer TOR have received firm commitments from three (3) other foreign lease holders for trials in the next few months.
...At the same time, there are commercial discussions currently underway with the national producer. The projects in this market are driven by a combination of factors. After years of neglect by foreign
lease operators many fields have been nationalized and there is a heightened awareness of the damage the OIW has done to the aquifers. As national operators they are addressing this issue by
taking the leading role in developing the technology to address their specific needs and subsequently be in a position to impose similar solutions on the foreign lease operators.
·... In Qatar TOR have been very active with onshore and offshore trials at Qatar Petroleum and Total facilities, and soon, at MAERSK. Some of the facilities have great difficulty treating water in Qatar. First trials have been very successful and TOR have discovered opportunities to address new problems. In Qatar, 660 MBPD of produced water are produced.
..· TCI submitted a proposal to ADCO in the United Emirates. Another competitive technology failed, thus creating an opportunity for TCI.
...· In Saudi Arabia, SAUDI ARAMCO invited TCI to present its technology, and TOR have now been advised that they intend to test TOR's technology. Both parties are in the process of deciding the best site for a trial. The objective of the trial is to have TORR technology approved and qualified as a future supplier.
·... BP Pakistan has selected TORR as one of the most promising new technologies for treatment of produced water, as disclosed at the most recent PW club meeting in Houston. BP has approved a budget specifically to test TORR in Pakistan. The trial is planned for this fall.
·.. In the Gulf of Mexico, TORR has appointed a specialist with 12-years experience in the trade. TOR have also begun to work with TOTAL and Kvaerner at different sites.
· In ASIA, TORR has appointed an agent to continue to follow up on the SHELL gas platform project and we have achieved representation before the PETRONAS set up.
·... TCI is also working with partners on projects destined to Iraq.
·.... In the Adriatic Sea, TCI (in association with its partner Fores Engineering of Italy) has built a unit for ENI AGIP which was shipped about a year ago. The commissioning and start up had been delayed but it is now scheduled for this fall and we are changing
cartridges to equip the units with latest versions. This is a small unit but it could lead to more than 25 platforms (our initial interest).
....In Western Canada, the company has recently reviewed its product positioning. A few key potential customers were consulted in that context and the findings were very constructive. It appears that validating TCI’s technology on site and with the customer’s input is the right and proper first step.
....As well, major O&G producers have clearly indicated that they manage the numerous risks of their business, including new technology risks, by relying on large and reputable service providers. (As an example, the company’s technology is generally seen as a component of much larger systems dedicated to achieving an overall goal, like restoring water to an acceptable quality within the SAGD operation.) It was concluded that in the conventional oil
production industry, TCI’s technology was successfully tested and it was found that potential customers prefer to pursue trials and commercial discussions with a supplier that is known to
them.
As a result, the company has now increased its focus towards working with reputable firms that already have an important presence in Western Canada. In fact, some of those firms are already
partners of TCI and the other large and reputable firms have already been contacted and discussions are underway. Even though the company will nurture this type of relationship with large service suppliers, it will continue to maintain direct contact with the end users.
.. TCI is also actively pursuing discussions with industry associations in order to better understand the specific needs of this market and to create ongoing awareness of the TORR™ technology.
This overall initiative is in line with the Company’s mission of providing value-added custom solutions to customers as opposed to limiting itself to selling only a product.
.. There is also a secondary need for TORR Technology in this region driven by productivity enhancements as a result of increased water cuts, tight seismic formations, and the acute awareness that the practice of discarding PW into disposal wells is not a long term solution.
...Opportunities still exist for smaller multistage systems in the Gas Sector of the UK North Sea and our commissioning of TORR technology on the ENI platform in a gas field in the Adriatic
scheduled for this fall will give us the reference site for this sector. In fact our commercial partner in the Mediterranean region, Fores Engineering (formerly TECSOL), has expanded their
efforts in promoting our technology. In addition to the full time commercial and technical manager they assigned to our product last year, they made the TORR Technology the center
piece during a recent exhibition; they prepared a product brochure specifically for TORR Technology and are in the planning stage to build their own mobile test unit.
... TOR now have active representatives in Algeria, Egypt, Iraq, Malaysia, Saudi Arabia, and United Arab Emirates, in addition to Kuwait and our global partners EXPRO, Siemens Water Technologies (formerly US Filter), Schlumberger, and Weatherford.PURE will add more strategic locations.
...TOR now have our own presence in Houston with the appointment of a twelve year PW veteran.
...Schlumberger has been particularly active in the past few months. They are about to take delivery of their third Well Testing Unit and it should be put into service later this year. Talks on a five (5) year renewal on the licensee agreement are progressing well.
This is the " quiet" period , so buy these cheap shares for the resumption of news flow when PURE closes on Sept 30.