LONDON (Alliance News) - Oil share exploration and development company TomCo Energy PLC on Friday said the Utah Division of Water Quality has approved TomCo's extension request on its construction permit for the Holliday project.
The permit, which was awarded a year ago, has been extended to July 15, 2020. TomCo has been waiting for its technology partner Red Leaf Resources Inc to finish developing its early production system before commencing full-scale development.
The early production system is a capsule-using technology that allows companies to produce high-quality liquid transportation fuels from oil shale more economically and in more environmentally friendly ways.
"This long-term extension is excellent news for TomCo. The company is well-placed to monitor progress and await further developments from its technology partner Red Leaf including its joint venture with TOTAL and Red Leaf's Early Production Stage Capsule, whilst we develop our new palm oil division and concentrate on producing cash flows in the near-term. We thank the DWQ for their continued support," Chairman Andrew Jones said in a statement.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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Tomco Energy (TOM)