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(Sharecast News) - US oil development company TomCo Energy announced on Friday that its 50-50 joint venture with Valkor, Greenfield Energy, had successfully completed all planned trial work using Petroteq Energy's existing oil sands plant at Asphalt Ridge in Utah.
The AIM-traded firm said all data required for the front-end engineering and design (FEED) study had now been obtained.
It said the FEED study and third-party verification process would be finalised by the end of July, adding that Greenfield was now focussed on completing the requisite due diligence on the Tar Sands II site.
"I am delighted that Greenfield has now concluded their work at the Petroteq oil sands project, and that all the data and information required to inform the FEED study has been obtained," said chief executive officer John Potter.
"Whilst there have undoubtedly been some challenges along the way, our primary objectives have been achieved.
"I believe that Greenfield is now very well positioned to seek to utilise the design improvements and knowledge gained from operating the oil sands project in commercial scale plants."
Potter said Greenfield's focus now shifted to completing the due diligence exercise on the Tar Sands II site, and progressing the required funding package, in order to pursue construction of the first 10,000 barrels of oil per day facility.
"These are very exciting times for TomCo as we look to realise Greenfield's significant potential."
At 1337 BST, shares in TomCo Energy were down 2.71% at 0.54p.
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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