Last checked at 2 Dec 2020 07:00
2 December 2020
TOMCO ENERGY PLC
("TomCo" or the "Company")
Greenfield Update
TomCo Energy plc (AIM: TOM), the US operating oil development group focused on using innovative technology to unlock unconventional hydrocarbon resources, is pleased to provide an update in respect of Greenfield Energy LLC ("Greenfield"), the Company's 50/50 joint venture with Valkor LLC ("Valkor"), and the upgrades being undertaken by Greenfield to Petroteq Energy Inc's ("Petroteq") existing oil sands plant at Asphalt Ridge, Utah (the "POSP") pursuant to the work order to seek to demonstrate the commerciality of the processes used in Petroteq's closed loop system for use in the recovery of oil from oil sands (the "Oil Sands Technology").
The Company is pleased to confirm that work to upgrade the capacity and improve the reliability of the POSP has been completed and that the restart of the plant is now underway as scheduled. The full restart process will take up to two weeks, following which the POSP will be initially operated on a single day shift and, assuming no issues, it is planned that production will be ramped up in early January 2021.
As previously announced, oil samples produced by the POSP will be sent to the Quadrise test facility from the first days of production to enable them to undertake test work in the UK. Further sampling will also be undertaken to enable detailed testing of the oil and sands produced by the POSP.
The third-party engineering analysis of the Oil Sands Technology is expected to commence in the first week of January 2021, alongside the continuation of the FEED study. The FEED is expected to be completed by the end of February 2021.
Commenting, John Potter, CEO of TomCo, said: "We are very pleased that the upgrades to the POSP have been completed and that the restart of the plant has begun.
"With the funds from the recent placing and the other recent developments, I believe we are very well positioned as we enter 2021 and I look forward to providing further updates on our progress."
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
Enquiries:
TomCo Energy plc
Malcolm Groat (Chairman) / John Potter (CEO) +44 (0)20 3823 3635
Strand Hanson Limited (Nominated Adviser)
James Harris / Richard Tulloch / Jack Botros +44 (0)20 7409 3494
Novum Securities Limited (Broker)
Charlie Brook-Partridge +44 (0)20 7399 9402
IFC Advisory Limited (Financial PR)
Tim Metcalfe / Graham Herring +44 (0)20 3934 6630
For further information, please visit www.tomcoenergy.com.