TomCo Energy PLC TECHNICAL APPOINTMENT ADVISERS & FIELD TEST UPDATE (1315J)
December 03 2018 - 1:00AM
UK Regulatory
TIDMTOM
RNS Number : 1315J
TomCo Energy PLC
03 December 2018
3 December 2018
TomCo Energy plc
("TomCo" or the "Company")
APPOINTMENT OF TECHNICAL ADVISERS AND FIELD TEST UPDATE
TomCo Energy plc (AIM: TOM), the oil shale exploration,
development and technology group focused on using innovative
technology to unlock unconventional hydrocarbon resources, provides
the following update.
Appointment of Technical Advisers
The Company is pleased to announce that it has strengthened its
technical capabilities with the engagement of IGES Inc. ("IGES") as
its Geotechnical Engineering adviser and Matt Himes as its Field
Operations Engineering adviser.
The engagement of IGES not only provides access to a broad range
of resources, but also an in-depth knowledge of the Uintah basin in
which TomCo's oil shale leases, including its Holliday Block,
reside. IGES also has a good working relationship with Himes
Drilling Company Inc. ("Himes Drilling"), the Company's drilling
contractor of which Matt Himes is the principal.
Matt Himes has over 20 years' experience in the oil and gas
sector, having previously been a drilling supervisor with Shell and
for the last four years the principal of Himes Drilling. He will be
a major asset to the Company and, already, his knowledge and
support during the recent field test on the Company's Holliday
Block was invaluable. Himes Drilling itself has extensive
experience of operating in the Uintah basin and with oil shale.
Field Test Update
The Company is also pleased to provide an update from the
initial phases of TurboShale Inc.'s ("TurboShale", in which TomCo
has an 80% interest) Field Test on the Company's Holliday Block
(the "Field Test"). Although the 'live' part of the Field Test has
been deferred, we have been able to gather a large amount of
valuable information together with on-site experience of operating
the RF system from the work completed to date.
Tests on the RF transmitters were all successful, proving the
delivery of RF energy into the wells through the designed system.
In addition, the team also tested the antenna design, which was
proven and operated at the correct frequency. The design of the
wellhead was also shown to be effective, holding the RF antenna in
place and delivering RF power to it.
The Company was also able to assemble and run the whole system
on site, together with the supporting services, providing the
Company with key information as to the system's operating
parameters as well as enabling the Company to calculate a cost
breakdown and identify the levels of labour needed to operate a
commercial scale facility.
Development of the artificial lift system to address the
presence of water also had to consider several criteria, unique to
the RF system. These included the need to separate the antenna from
the lift system to ensure the frequency the antenna was designed to
transmit at was not affected and to ensure that it could also
continue to operate in a high temperature environment of up to
350degC. Whilst we were able to achieve these design requirements
and demonstrate that that artificial lift system was able to reduce
the level of water in the well, we were not able to run an extended
test as part of the 'live' Field Test.
The Company and TurboShale, together with Brian Considine (Site
Manager for Raytheon during the BART program), Bob Higgins (Lead
Engineer in Brian's team at Raytheon), Himes Drilling, PROS (3
phase separator supplier), Continental Electronics (Transmitter
supplier) and our technical advisers, are continuing to review and
consider the results of the Field Test and we are progressing the
following work streams:
-- Ongoing analysis of the source of water encountered during
the Field Test and the solution to reduce its impact on the RF
system;
-- Reviewing the design and cost data obtained during the Field Test;
-- Progressing a strategy towards a scaled production; and
-- Developing a financial model for the pre-commercial program; and
-- Considering the optimum next steps for the for the
development and advancement of TurboShale's RF technology.
John Potter, TomCo's CEO, commented: "I am delighted to announce
IGES's appointment. They bring an in-depth knowledge of the Uintah
basin in which TomCo's oil shale leases reside and will be integral
in the work currently being undertaken, in particular relating to
water influence on the Company's Holliday Block.
Matt Himes' appointment gives us a wealth of engineering
knowledge and experience already proven with his help during the
recent Field Test.
Our activities during 2018, including the Field Test, produced a
significant amount of encouraging data which we continue to analyse
and consider to determine the optimum next steps for TomCo and we
look forward to updating shareholders in this regard."
Enquiries:
TomCo Energy plc
Andrew Jones (Chairman) / John Potter (CEO) +44 (0)20 3823 3635
Strand Hanson Limited (Nominated Adviser)
James Harris / Richard Tulloch / James Dance +44 (0)20 7409 3494
Turner Pope (Broker)
Andy Thacker +44 (0)20 3621 4120
For further information, please visit www.tomcoenergy.com.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No 596/2014.
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END
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