Last checked at 21 Jan 2021 07:00
21 January 2021
TOMCO ENERGY PLC
("TomCo" or the "Company")
POSP 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 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").
Further to the announcement on 6 January 2021, the Company is pleased to confirm that the POSP is operating and producing oil at the anticipated volumes and quality, with no issues to date. As at the close of business on 19 January 2021 the POSP had produced over 100 barrels of oil and the intention is to increase test production to approximately 250 barrels of oil per 12-hour shift over the next few weeks, following the completion of the current optimisation work.
All other elements of the project remain as previously announced, including progressing the planned test work and third party engineering analysis, and the Company looks forward to providing further updates as matters progress.
Commenting, John Potter, CEO of TomCo, said: "We are very pleased with the POSP operations and initial oil production. The planned test work and third-party engineering analysis is also underway as we work on further optimising the POSP and increasing production. We look forward to reporting on our continuing 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.