Last checked at 5 Sep 2019 07:00
5 September 2019
TOMCO ENERGY PLC
("TOMCO" OR THE "COMPANY")
Field Test Update
TomCo Energy plc (AIM: TOM), the US operating oil shale exploration and development group focused on using innovative technology to unlock unconventional hydrocarbon resources, is pleased to announce that it has completed the field test programme at the Company's Holliday A Block in Utah ("Holliday Block") (the "Field Test").
The Field Test was designed to demonstrate the applicability of TurboShale Inc.'s ("TurboShale") RF technology in the recovery of oil from the Holliday Block and a significant amount of data has been collected in this regard. The data collected during the Field Test, together with the final core samples that are being extracted later this month, will be analysed with the results to be published in the coming months.
At this early stage of the analysis, the Company can confirm that the RF technology was effective in the heating of shale at the Holiday Block, though the data collected showed areas which require further optimisation. It has been determined that sufficient data was recovered during the Field Test to enable the Company, in collaboration with its partners, to begin the planning work for the larger, pre-commercial testing phase, once the data analysis work has been completed.
Whilst the Field Test was concluded before oil was recovered to surface, condensed oil was present within the production well and melted bitumen on the ceramics of one of the RF antenna, demonstrating that oil generation had occurred in the heated formation.
John Potter, CEO, commented: "I would like to thank the team for the excellent work that has taken place over the last five weeks. There has been a significant development of the understanding of the process and systems during the test and I look forward to announcing these once all the data recovered has been analysed."
Enquiries:
TomCo Energy plc
Andrew Jones (Chairman) / John Potter (CEO) +44 (0)20 3823 3635
Strand Hanson Limited (Nominated Adviser)
James Harris / Richard Tulloch / James Dance +44 (0)20 7409 3494
Turner Pope (Broker)
Andy Thacker / Zoë Alexander +44 (0)20 3657 0050
For further information, please visit www.tomcoenergy.com.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014.