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(Alliance News) - TomCo Energy PLC on Thursday said it has completed a field test programme at its Holliday A block in the US state of Utah but some areas will need more optimisation.
Shares in TomCo were down 31% at 2.30 pence in London in morning trade.
The test was intended to prove the applicability of TurboShale Inc's radio frequency technology in recovering oil from the block. Data collected in the test will be analysed alongside final core samples - to be extracted later in September - and results will "be published in the coming months".
TomCo said early stage analysis showed that TurboShale's technology effectively heated the sale at the block, although some areas need "further optimisation".
Data gathered from the field test was deemed "sufficient" to allow TomCo and its partners to start planning work for pre-commercial testing, once data analysis is complete.
TomCo Chief Executive John Potter said: "I would like to thank the team for the excellent work that has taken place over the last five weeks. There has been a significant development of the understanding of the process and systems during the test and I look forward to announcing these once all the data recovered has been analysed."
