Last checked at 23 Sep 2021 07:30
23 September 2021
TOMCO ENERGY PLC
("TomCo" or the "Company")
Quadrise Testing 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 note the announcement made earlier today by Quadrise Fuels International plc ("Quadrise") providing an update on its testing of a produced oil sample supplied by TomCo's 100% owned subsidiary Greenfield Energy LLC ("Greenfield") taken from the Petroteq Oil Sands Plant ("POSP") during Greenfield's operation of the POSP.
Quadrise has reported that an extensive programme of testing on the Greenfield oil sample was completed at the Quadrise Research Facility ("QRF") in Essex on schedule, and a report has now been issued to Greenfield.
Quadrise noted that the ability to produce commercial MSAR® and bioMSAR™ fuels from the produced oil has been confirmed from its testing. Simulations of storage and handling of both fuels were also completed during the programme. The testing at the QRF confirmed the suitability of the heavy sweet oil for the commercial production of MSAR® and bioMSAR™ fuels in Utah for potential power and marine end-user applications domestically and internationally.
Quadrise further noted that this testing concludes the proof-of-concept work that was scheduled in Phase 1 of the Commercial Trial Agreement between Greenfield and Quadrise announced on 18 August 2020. TomCo will now review the report and it is expected that Greenfield and Quadrise will enter into discussions regarding potential future trials and deployment of the technology to produce MSAR® and/or bioMSAR™ fuel at a commercial scale.
Commenting, John Potter, CEO of TomCo, said: "We are delighted that Quadrise has now completed its testing programme. We are encouraged by the positive confirmations issued by Quadrise today and we look forward to continuing to work with Quadrise as we progress our plans for Greenfield."
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 / Florence Chandler +44 (0)20 3934 6630
For further information, please visit www.tomcoenergy.com.