TomCo Energy PLC - unconventional hydrocarbon development in US - Notes that Greenfield Energy LLC, TomCo's 50/50 joint venture with Valkor LLC has decided to start processing ore from a site marked for potential to build its first 10,000 barrels of oil per day plant.
The ore has different characteristics to the ore previously processed by Petroteq Energy Inc's existing oil sands plant at Asphalt Ridge, Utah.
As a result of this, due to additional enhancements being required for the existing plant to allow for higher rates of production, the front end engineering and design study for a potential plant is expected to take a further six weeks to be completed.
Current stock price: 0.44 pence, down 6.2% on Thursday
Year-to-date change: down 6.4%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Tomco Energy (TOM)