(Alliance News) - TomCo Energy PLC on Tuesday said its Holliday A block in the US state of Utah is advancing well, with much of the preparatory work for the field test having now been completed.
The stock was trading 12% higher on Tuesday morning at 2.80 pence a share.
The oil shale exploration and development firm said it has now determined the location of the three new wells for the field test, along with the layout of the drill pad and site services.
TomCo, along with its partners, Himes Drilling Co Inc and IGES Inc, have submitted exploration permit variation application and expect approval "shortly". In the meantime, the core sample from one of the recently drilled monitor wells, along with the cores from the nearby HB002 well, have been studied and analysed by IGES.
TomCo, however, noted that it has been informed that there will be a slight delay to the arrival of the bespoke ceramic parts required for the field test, which is likely to push back the commencement of the field test by two to three weeks. As a result, the drilling of the three new wells for the field test has now been scheduled for mid-July. TomCo anticipates that the field test will then run for up to four weeks.
"I am delighted with the progress achieved on our project thus far," said Executive Chair Andrew Jones. "With the timetable now set, we look forward to providing the updates of the team's work on site in August."
Tomco Energy (TOM)