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Pin to quick picksTomco Energy Share News (TOM)

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TomCo Energy gearing up for slightly delayed field test at Holliday A

Tue, 25th Jun 2019 12:00

(Sharecast News) - Oil shale exploration and development company TomCo Energy updated the market on the field test programme at its Holliday A Block in Utah on Tuesday, announcing that the project was advancing well, with much of the preparatory work for the field test having now been completed.The AIM-traded firm said that, following its recent site visit, the company, along with Himes Drilling Company and IGES, had now determined the location of the three new wells for the field test, as well as the layout of the drill pad and site services.Road improvement works and pad construction had been completed at the new site, and the core sample from one of the recently-drilled monitor wells, along with the cores from the nearby HB002 well drilled in 2010, had been studied and analysed by IGES with input from Mike Vanden Berg of the Utah Geological Society, which reaffirmed the location for the field test wells.All services and equipment providers had been engaged for the field test, and the exploration permit variation application had been submitted, with approval expected shortly.TomCo said it had been informed that there would be a slight delay to the arrival of the bespoke ceramic parts required for the field test, which was likely to push back the start of the field test by two to three weeks.As a result, the drilling of the three new wells for the field test had now been scheduled for mid July.The upgraded RF transmitters and remaining equipment were expected to be on site by mid-to-late July, ahead of the field test team - including engineers from Continental - arriving on site in late July, with the start of the field test in early August.TomCo said it anticipated that the field test would then run for up to four weeks, though that could be extended if needed.The water levels in the three monitor wells had continued to reduce to the extent that only one of them now had water in it.It said the shallowest well MW3 had approximately five feet of water in it."I am delighted with the progress achieved on our project thus far, and would like to thank John and the team for their continuing efforts," said executive chairman Andrew Jones."I am grateful to Michael Vanden Berg of the Utah Geological Society, who has been very generous with his time and resources."Michael has extensive knowledge of the Uinta basin, including our Holliday Block, and his support and input has been invaluable."Jones said that during the firm's recent trip to the United States, it attended the Governor of Utah's Energy Summit, where it was announced that a cooperation agreement had been entered into by Drexel Hamilton and Union Pacific Railroad to develop a rail link from the Uinta basin to the main rail lines outside Salt Lake City."The rail link has been championed by Mike McKee of Seven County Infrastructure Coalition, who we also met during our time in Salt Lake City."Mike showed great interest in our project and I look forward to working more closely with him as our project moves forward."
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6 Apr 2023 14:28

IN BRIEF: TomCo Energy shares resume as posts narrowed annual loss

TomCo Energy PLC - oil development group operating in US - Shares start trading again on AIM and posts results for financial year ended September 30. Pretax loss in financial 2022 is GBP690,000, narrowed from GBP10.3 million a year prior. Posts no revenue, unchanged. Reports no impairment loss compared to GBP8.7 million in financial 2021. Looking ahead, Chair Malcolm Groat says: "The company acknowledges and greatly appreciates the ongoing support and patience of our shareholders as we seek to progress the Greenfield development project as well as exploit TomCo's other significant potential despite the current global economic headwinds." Greenfield Energy LLC was the company's focus in financial 2022, and Greenfield's plans to pursue the construction of two oil sand separation plants in Utah, US.

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3 Apr 2023 15:03

TRADING UPDATES: Tracsis profit jumps; Elixirr 2022 earnings improve

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

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30 Mar 2023 20:31

TRADING UPDATE: Aquis Exchange profit jumps, TomCo obtains funding

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday not separately reported by Alliance News:

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6 Mar 2023 11:48

TomCo agrees option exercise period extension for Tar Sands purchase

(Alliance News) - TomCo Energy PLC on Monday said it agreed to extend its 100%-owned subsidiary Greenfield Energy LLC's purchase option exercise period to acquire Tar Sands Holdings II LLC until March 31.

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2 Mar 2023 19:57

TRADING UPDATES: Downing Renewables acquires two hydropower plants

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

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30 Dec 2022 15:11

TomCo extends option exercise period for acquisition of Tar Sands

(Alliance News) - TomCo Energy PLC on Friday said it has extended its option exercise period relating to the potential acquisition of the remaining interest in Tar Sands Holdings II LLC.

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2 Dec 2022 20:39

TRADING UPDATES: Sunrise secures funds; Bango launches e-distribution

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

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4 Nov 2022 20:58

TRADING UPDATES: DeepVerge raises GBP815,000; Rambler defaults payment

(Alliance News) - The following is a round-up of updates by London-listed companies, not separately reported by Alliance News:

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1 Nov 2022 16:44

TomCo agrees another extension to its loan from Valkor

(Sharecast News) - Oil developer TomCo announced a further extension to its unsecured loan from Valkor Oil on Tuesday, with the remaining outstanding principal totalling $1m.

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24 Oct 2022 21:18

TRADING UPDATES: Silverwood finishes acquisition; Hardide names chair

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

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18 Oct 2022 17:07

TRADING UPDATES: Chaarat enters takeover discussions with Shanta Gold

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

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14 Oct 2022 13:43

CORRECT: TomCo Energy shares down after loan repayment and extension

TomCo Energy PLC - London-based oil explorer in the US state of Utah - Repays USD250,000 of its unsecured loan from Valkor Oil & Gas LLC to its wholly-owned subsidiary Greenfield Energy LLC. Also extends repayment date for remaining USD1.0 million of the loan to October 31. The loan was used for the acquisition of an initial 10% of the membership interest in Tar Sands Holdings II LLC.

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14 Oct 2022 13:41

IN BRIEF: TomCo Energy shares up on loan repayment and extension

TomCo Energy PLC - London-based oil explorer in the US state of Utah - Repays USD250,000 of its unsecured loan from Valkor Oil & Gas LLC to its wholly-owned subsidiary Greenfield Energy LLC. Also extends repayment date for remaining USD1.0 million of the loan to October 31. The loan was used for the acquisition of an initial 10% of the membership interest in Tar Sands Holdings II LLC.

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14 Oct 2022 13:02

TomCo partially repays, extends Valkor loan further

(Sharecast News) - US-focussed oil developer TomCo Energy announced a repayment of $0.25m and a further extension to the repayment date for the remaining $1m outstanding principal amount of the unsecured loan from Valkor Oil & Gas on Friday.

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13 Oct 2022 17:55

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