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Greenfield Update

2 Jul 2021 07:00

RNS Number : 9335D
TomCo Energy PLC
02 July 2021
 

2 July 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, is pleased to announce that Greenfield Energy LLC ("Greenfield"), the Company's 50/50 joint venture with Valkor LLC ("Valkor"), has now successfully completed all of its planned trial work utilising Petroteq Energy Inc's ("Petroteq") existing oil sands plant at Asphalt Ridge, Utah (the "POSP").

 

Highlights

 

· Greenfield's operation of the POSP now complete

· All data required for the FEED (Front-End Engineering and Design) study has been obtained

· FEED study and third party verification process to be finalised by the end of July 2021

· Greenfield now focused on completing the requisite due diligence on the Tar Sands II site as announced on 9 June 2021

 

FEED Study

 

The work undertaken by Greenfield in operating and modifying the equipment used in the POSP has provided sufficient information for the FEED study (as previously outlined), to be completed, together with the third-party verification exercise. A small number of amendments to the FEED are currently being reviewed and a draft of the third-party verification work has now been received. It is therefore anticipated that the FEED study will be finalised, together with the accompanying third party verification, by the end of July 2021.

 

POSP Operations

 

The primary objective for TomCo's investment into Greenfield and its subsequent operation of the POSP was to provide the operational data to support and inform the FEED for the commercial scale 10,000 barrels of oil per day ("bopd") plant design. The POSP has broadly met our objectives over the six month of operations to the extent that the oil processed and produced has exceeded expectations in both warm and cold conditions from a wide array of saturated ores. In addition, the separation process has also identified a profitable sand product. Greenfield had set a target of achieving a continuous production rate of 250 bopd per 12-hour shift. Due to numerous technical constraints, the POSP only managed to achieve the equivalent of approximately 180 bopd during this trial period of operation. However, the operational data from such production has been incorporated into the process modelling performed by Valkor and verified by a third-party engineering company with the results and recommendations being incorporated into the FEED study and economics. Additionally, ore processed by the POSP from the Tar Sands II site, which is subject to the membership interest purchase agreement announced on 9 June 2021, has identified that it is of significantly higher oil saturation than originally thought.

 

Analysis of the produced oil has shown that the Basic Sediment and Water ("BS&W") was consistently less than 0.5%, the sulphur level was very low, at less than 0.5%, and the total hydrocarbon content of the processed sand was on average 1.8%. A sample of produced oil is being shipped to a large oil refinery owned by a major US oil company for their evaluation later this week. A three-barrel sample of produced oil from the POSP is also being shipped to Quadrise Fuels International plc in the UK, to enable them to assess the suitability of the heavy sweet oil produced by the POSP for their emulsion process.

 

Tar Sands II

 

Following the ending of Greenfield's trial operation of the POSP, the Valkor team concerned is in the process of switching over to conduct a detailed engineering analysis of the Tar Sands II site, including a full survey of the existing equipment and utilities at the site. This forms part of the due diligence exercise being undertaken by Greenfield in respect of its potential acquisition of up to 100% of the ownership and membership rights and interests in Tar Sands II for the potential future mining of oil sands and construction of a commercial scale processing plant utilising the findings of the abovementioned FEED, as outlined in the Company's announcement of 9 June 2021.

 

Commenting, John Potter, CEO of TomCo, said: "I am delighted that Greenfield have now concluded their work at the POSP and that all the data and information required to inform the FEED study has been obtained. Whilst there have undoubtedly been some challenges along the way, our primary objectives have been achieved. I believe that Greenfield is now very well positioned to seek to utilise the design improvements and knowledge gained from operating the POSP in commercial scale plants.

 

"Greenfield's focus therefore now shifts to completing the due diligence exercise on the Tar Sands II site and progressing the required funding package in order to pursue construction of the first 10,000 bopd facility. These are very exciting times for TomCo as we look to realise Greenfield's significant potential."

 

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)

Jon Belliss / Colin Rowbury +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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
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