TomCo Energy PLC Greenfield Update (1949H)
December 02 2020 - 1:00AM
UK Regulatory
TIDMTOM
RNS Number : 1949H
TomCo Energy PLC
02 December 2020
2 December 2020
TOMCO ENERGY PLC
("TomCo" or the "Company")
Greenfield Update
TomCo Energy plc (AIM: TOM), the US operating oil development
group focused on using innovative technology to unlock
unconventional hydrocarbon resources, is pleased to provide an
update in respect of Greenfield Energy LLC ("Greenfield"), the
Company's 50/50 joint venture with Valkor LLC ("Valkor"), and the
upgrades being undertaken by Greenfield to Petroteq Energy Inc's
("Petroteq") existing oil sands plant at Asphalt Ridge, Utah (the
"POSP") pursuant to the work order to seek to demonstrate the
commerciality of the processes used in Petroteq's closed loop
system for use in the recovery of oil from oil sands (the "Oil
Sands Technology").
The Company is pleased to confirm that work to upgrade the
capacity and improve the reliability of the POSP has been completed
and that the restart of the plant is now underway as scheduled. The
full restart process will take up to two weeks, following which the
POSP will be initially operated on a single day shift and, assuming
no issues, it is planned that production will be ramped up in early
January 2021.
As previously announced, oil samples produced by the POSP will
be sent to the Quadrise test facility from the first days of
production to enable them to undertake test work in the UK. Further
sampling will also be undertaken to enable detailed testing of the
oil and sands produced by the POSP.
The third-party engineering analysis of the Oil Sands Technology
is expected to commence in the first week of January 2021,
alongside the continuation of the FEED study. The FEED is expected
to be completed by the end of February 2021.
Commenting, John Potter, CEO of TomCo, said : "We are very
pleased that the upgrades to the POSP have been completed and that
the restart of the plant has begun.
"With the funds from the recent placing and the other recent
developments, I believe we are very well positioned as we enter
2021 and I look forward to providing further updates on our
progress."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
Enquiries:
TomCo Energy plc
Malcolm Groat (Chairman) / John Potter (CEO) +44 (0)20 3823 3635
Strand Hanson Limited (Nominated Adviser)
James Harris / Richard Tulloch / Jack Botros +44 (0)20 7409 3494
Novum Securities Limited (Broker)
Charlie Brook-Partridge +44 (0)20 7399 9402
IFC Advisory Limited (Financial PR)
Tim Metcalfe / Graham Herring +44 (0)20 3934 6630
For further information, please visit www.tomcoenergy.com .
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END
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