Last checked at 12 Oct 2018 07:00
12 October 2018
TOMCO ENERGY PLC
(AIM: TOM) ("TOMCO" OR THE "COMPANY")
TurboShale Update on Field Test
TomCo Energy plc, the oil shale exploration and development company focused on using innovative technology to unlock unconventional hydrocarbon resources, is pleased to provide an update in respect of TurboShale Inc. ("TurboShale"), in which the Company has an 80% interest, and its current field test programme being conducted on the Company's Holliday Block in Utah (the "Field Test").
Further to the Company's announcement of 10 September 2018, TomCo is pleased to announce that the drilling of the wells and installation of the well heads for the Field Test has been successfully completed on time and to budget.
Core samples were collected from the wells and sent for analysis by Shale Tech International Services, LLC. The analysis has now been completed and the results have been reviewed by the Company's competent person, Bruce McConachie of SRK Consulting (Australasia) Pty Ltd ("SRK") and who provides the following statement:
"The assayed core data indicates a good Mahogany oil shale section to test with Fischer assays in the test zone of about 15 to 40 GPT (US gallons per 2000 lbs ton) and 0.8 to 3 GPT moisture.
It is anticipated that the pilot test work will define an estimated practical recovery based on the antenna distances and assessment of the rock volume stimulated."
The team were also joined on-site by engineers from Continental Electronics Corporation, the manufacturers of the RF transmitters, which have been installed, calibrated and tested and are now ready for the 'live' phase of the Field Test.
The wells were drilled to a depth of 90ft (27.4 metres). Following their completion, a greater influx of water into the wells has been experienced than was anticipated. The water has settled at around 75ft (around 23 meters) from the surface. As a result, we have taken the decision to upgrade the RF antennae to include an artificial lift in order to reduce the amount of water presenting in the wells and to preserve the test environment. The upgrade to the RF antennae is expected to be completed and the 'live' testing part of the Field Test is expected to commence shortly.
We look forward to keeping shareholders updated on the progress and results of the Field Test.
Enquiries:
TomCo Energy plc
Andrew Jones (Chairman) / John Potter (CEO) +44 (0)20 3823 3635
Strand Hanson Limited (Nominated Adviser)
James Harris / Richard Tulloch / James Dance +44 (0)20 7409 3494
SVS Securities plc (Broker)
Tom Curran / Ben Tadd +44 (0)20 3700 0093
Lionsgate Communications (Financial PR)
Jonathan Charles +44 (0)20 3697 1209
For further information, please visit www.tomcoenergy.uk.com
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014.