Last checked at 26 May 2021 07:00
26 May 2021
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, provides the following update in respect of the work being undertaken by Greenfield Energy LLC ("Greenfield"), the Company's 50/50 joint venture with Valkor LLC ("Valkor"), with respect to Petroteq Energy Inc's ("Petroteq") existing oil sands plant at Asphalt Ridge, Utah (the "POSP").
As announced on 18 May 2021, Utah's Division of Oil, Gas and Mining ("DOGM") issued a Cessation Order (the "CO") on 14 May 2021 in respect of the POSP's operations at the Temple Mountain Mine being operated by Greenfield. Greenfield is pleased to report that following a conference with the DOGM on 21 May 2021, Petroteq received notice from the DOGM on 25 May 2021 that it was modifying the CO so that operations could immediately recommence at the site. The modified CO will allow processing and testing operations at the POSP to take place until 30 June 2021. Operation of the POSP after that date will be subject to Petroteq submitting a complete Notice of Intent before 1 July 2021, satisfactory to DOGM, covering, inter alia, mineral processing methods and facilities, waste handling and management and reclamation plan. Greenfield intends to work with Petroteq with a view to ensuring that this requirement is met.
Further updates will be made as and when appropriate.
Enquiries:
TomCo Energy plc
Malcolm Groat (Chairman) / John Potter (CEO) +44 (0)20 3823 3635
Strand Hanson Limited (Nominated Adviser)
James Harris / Matthew Chandler +44 (0)20 7409 3494
Novum Securities Limited (Broker)
Charlie Brook-Partridge/Jon Belliss +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.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018.