TomCo Energy PLC Update re Greenfield and Director Disclosure (2190U)
April 01 2021 - 01:00AM
UK Regulatory
TIDMTOM
RNS Number : 2190U
TomCo Energy PLC
01 April 2021
1 April 2021
TOMCO ENERGY PLC
("TomCo" or the "Company")
Update re Greenfield and Director Disclosure
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 a
further update in respect of the work being undertaken by
Greenfield Energy LLC ("Greenfield"), the Company's 50/50 joint
venture with Valkor LLC ("Valkor"), with respect to Petroteq Energy
Inc's ("Petroteq") existing oil sands plant at Asphalt Ridge, Utah
(the "POSP").
As previously announced, Greenfield has been established with
the principal initial aim of developing a FEED (Front-End
Engineering and Design) study for a potential 10,000 barrels of oil
per day ("bopd") plant consisting of two 5,000 bopd trains
utilising the design improvements and knowledge gained from
utilising the POSP's closed loop system for the recovery of oil
from oil sands (the "Oil Sands Technology"). A potential site on
which to build Greenfield's first 10,000 bopd plant has also been
identified (the "Potential Site") which remains under
assessment.
In order to better inform the FEED study, the joint venture has
recently decided to start processing ore from the Potential Site,
which has different physical characteristics to the ore previously
processed by the POSP. Accordingly, Greenfield has identified
certain additional enhancements that are required to be made to the
POSP in order to allow for a more efficient and optimised
operation, in particular to address issues caused during periods of
cold weather, as recently experienced in Utah. Such requirements
for additional heating within the process and the inclement weather
experienced, have prevented the test production rate of the POSP
from reaching the optimised target of 250 bopd per single shift.
The additional equipment required to address the aforementioned
issues, is now on site and being installed with completion expected
shortly after Easter. Greenfield believes that this will then
enable the POSP to produce at higher rates of production than
achieved to date, particularly during periods of cold weather, and
that the oil produced by the POSP will be of a higher overall
quality.
In light of these requisite enhancements to the POSP and the
subsequent input of the resulting operational data into the FEED
study, it is now anticipated that the FEED will take approximately
a further six weeks to be completed. The planned third-party
verification work will commence upon completion of the FEED.
Commenting, John Potter, CEO of TomCo, said : "We took the
decision to process ore from the Potential Site we have identified
for the proposed 10,000 bopd plant in order to ensure that the FEED
is more meaningful for our future plans. In doing so, during the
period of cold weather that has been experienced recently in Utah,
we have identified the requirement for further enhancements and
therefore additional equipment which is now on site. This is all
part of the learning process for a test operation of this nature
and we are confident that once the identified solution has been
implemented Greenfield will be better informed and prepared to
pursue construction of its first commercial scale plant once
funding has been secured. We look forward to providing a further
update in the coming weeks."
Director Disclosure Update
The Company provides the following updated disclosure in
relation to John Potter, CEO of TomCo, pursuant to Rule 17 and
Schedule Two, paragraph (g) of the AIM Rules for Companies. On 14
January 2021, Reform Energy plc, a company of which John Potter is
a director, appointed a voluntary liquidator.
Enquiries:
TomCo Energy plc
Malcolm Groat (Chairman) / John Potter (CEO) +44 (0)20 3823 3635
Strand Hanson Limited (Nominated Adviser)
James Harris / Matthew Chandler +44 (0)20 7409 3494
Novum Securities Limited (Broker)
Charlie Brook-Partridge/Jon Belliss +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 .
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018.
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