Tomco31 Mar 2026 07:48
From Tomco's final results announced this morning :
It became clear to the Board that progressing our plans for Greenfield Energy, LLC ("Greenfield") in Uintah County, Utah, USA, would best be achieved via a renewed closer collaboration with Valkor who are advancing their neighbouring Asphalt Ridge project ("Asphalt Ridge"). We therefore engaged in detailed discussions and protracted negotiations with them with respect to re-shaping and building on our existing relationship for the common good. At the same time, Valkor was earnestly engaged in progressing Asphalt Ridge and has recently announced that it will shortly commence construction of a fully funded, full-scale, asphalt plant on its acreage, aiming to be in production by the end of 2026. Valkor is also trialing various techniques to drill for oil below the oil-sands layer with a view to optimising a commercially viable methodology during 2026.
Alongside our focus on Greenfield and discussions with Valkor, we have also continued to identify and evaluate several other new project opportunities in the energy and mining sectors, none of which have so far proved to be suitably attractive or feasible.
Most recently, in February 2026, we were delighted to announce details of a renewed and closer partnership with Valkor. The new arrangements resulted in us reinstating Valkor as a joint 50% owner of our previously wholly owned subsidiary, Greenfield, and Valkor's founder and CEO, Steven Byle, joining our Board as a Non-Executive Director, with a view to jointly exploiting Greenfield's subsidiary's, AC Oil, LLC ("AC Oil"), existing leased oil-sands acreage (the "Lease Area") in Uintah County and the Group's intellectual and technological expertise.
Accordingly, TomCo now has the prospect, subject to additional funding being procured, of participating in the drilling of one or more well's on AC Oil's acreage (both the currently permitted six wells and any future wells), alongside Valkor and other potential investors, by the end of 2026 (if Valkor is successful in finalising an economically viable drilling methodology).
I thought Valkor had finalised it's drilling methodology and thus the samples being sent to Quadrise.
Sign In
Follow the stocks
