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(Alliance News) - TomCo Energy PLC is making good progress on starting work at Utah's Holliday block, it said Friday, using its TurboShale radio frequency technology.
TomCo's field test, for which it is fully funded, will assess the viability of the use of the technology to recover hydrocarbons. TomCo is funded until October, it added, when it will need to raise fresh cash.
Chief Executive John Potter said: "The main objective of the field test is to recover oil using TurboShale's RF technology by heating kerogen in-situ."
"With the extensive survey work undertaken in the period and the expansion of the project team our confidence in meeting our objective is very high."
TomCo reported interim results Friday, for the six months to March, showing a pretax loss of GBP524,000, from GBP209,000 the year before, solely to do administrative expenses. It produces no revenue, as none of its assets are in production.
TomCo shares were 1.4% lower midday Friday at 2.76 pence each.