Last checked at 6 Jan 2021 07:00
6 January 2021
TOMCO ENERGY PLC
("TomCo" or the "Company")
POSP Restart
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 a further update in respect of Greenfield Energy LLC ("Greenfield"), the Company's 50/50 joint venture with Valkor LLC ("Valkor"), and the work being undertaken by Greenfield with respect to Petroteq Energy Inc's ("Petroteq") existing oil sands plant at Asphalt Ridge, Utah (the "POSP").
As announced on 18 December 2020, the planned restart of the POSP suffered an interruption due to Covid-19 related restrictions placed on the mining permitting authority. As a result, Greenfield decided to delay the restart of the POSP until 4 January 2021 to enable an efficient start up. The Company is pleased to confirm that the mining programme started on 4 January 2021 as planned and that the ore will start to be processed through the POSP by the end of this week.
It is planned that production at the POSP will be ramped-up during January and February 2021. All other elements of the project remain as previously announced and the Company looks forward to providing further updates as matters progress.
Commenting, John Potter, CEO of TomCo, said: "We are very pleased that the restart of operations at the POSP commenced, enabling us to move towards the planned test work and third-party engineering analysis. We look forward to reporting on our progress in the coming weeks."
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 / Matthew Chandler / 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.