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TomCo Energy PLC - unconventional hydrocarbon development in US - Says oil sands plant at Asphalt Ridge, Utah, is operating and producing oil at the anticipated volumes and quality, with no issues to date.
At January 19, the plant had produced over 100 barrels of oil and the intention is to increase test production to about 250 barrels of oil per 12-hour shift over the next few weeks, following the completion of the current optimisation work.
Chief Executive John Potter says: "We are very pleased with the POSP operations and initial oil production. The planned test work and third-party engineering analysis is also underway as we work on further optimising the POSP and increasing production. We look forward to reporting on our continuing progress in the coming weeks."
Asphalt Ridge is run by Greenfield Energy LLC, a 50-50 joint venture with Valkor LLC.
Current stock price: 0.51 pence
Year-to-date change: up 8.0%
By Paul McGowan; paulmcgowan@alliancenews.com
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