Valkor11 Mar 2025 07:35
From the Tomco results announced today :
On the ground, our partners Valkor began to drill for oil on neighbouring state lands, having secured permits from the Utah regulators for them to operate on those areas and on our AC Oil lease. Valkor experienced practical difficulties in the first few months of drilling, including a problem with heating the tar underground so that oil could readily be pumped to surface. They have ended up using a different heater in December 2024 that appears to be yielding much better results. We hope to finalise terms for Valkor to commence drilling on our adjacent AC Oil lease, subject to finance, in the first half of 2025. All being well, this should generate revenue for the Group.