Last checked at 4 Jun 2018 07:00
4 June 2018
TomCo Energy plc
("TomCo" or the "Company")
Update on TurboShale and the Field Test
Radio Frequency Generator Order Placed
TomCo Energy plc (AIM: TOM), 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 the forthcoming field test programme on the Company's Holliday Block in Utah (the "Field Test").
TurboShale has completed the engineering designs for the radio frequency ("RF") generators, which are central to TurboShale's RF technology and the Field Test. It has also finalised negotiations, agreed terms and placed an order with its chosen supplier, Continental Electronics Corporation ("CEC"), for the supply of two RF generators, built to TurboShale's specifications.
The Field Test will seek to build upon the successful BART Programme completed in the early 1980's and to demonstrate the commerciality of TurboShale's technology and its ability to produce high quality oil at a low cost of production from the oil shale at the Holliday Block. Data will also be collected to enable a more accurate economic model for full-scale commercial roll-out using the TurboShale technology.
Tests will include:
· Estimating commercial oil production flow rates
· Reconfirmation of the quality of oil produced (including low sulphur, high API, low pour point)
· Gas recovery and its quality
· Produced water, volume and its composition
As announced on 31 May 2018, site preparation work, including the drilling of the bore holes, is expected to commence in August 2018. The RF generators are expected to be available in early September and will then undergo testing. Delivery of the generators is scheduled before the end of September 2018. Following delivery and commissioning of the generators, the actual 'live' testing part of the Field Test is expected to last approximately six weeks.
TomCo Energy's CEO, John Potter, said: "We are particularly pleased to have made this important order with CEC, as the generators represent the key piece of equipment needed to undertake the field test. CEC is a leading manufacturer of high power, high frequency RF broadcast transmission equipment and they have made a major commitment to our field test with the support they have provided."
Enquiries:
TomCo Energy plc
Andrew Jones (Chairman) +44 (0) 20 3823 3635
John Potter (CEO)
Strand Hanson (Nominated Adviser)
James Harris / Richard Tulloch +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
About TomCo Energy
TomCo's major assets are its Holliday Block oil shale leases covering 2,919 acres in Uintah County, Utah, USA. Its largest lease has a JORC Measured Resource of 126 million barrels of recoverable oil, with an estimated 12 million barrels on its second lease*.
Incorporated in 2017, TurboShale Inc. is the Group's technology development company in which the Company has an 80% interest. TurboShale holds two key patents regarding the use of radio frequency ("RF") in the extraction of oil & gas from oil shale. The Company believes that this relatively low-cost and environmentally benign disruptive technology has the potential to unlock TomCo's oil shale assets.
The objective of the proposed field test on its Holliday Block is to build upon the successful BART Test Programme and provide the data for a more accurate economic model for full-scale commercial work. This will include:
· Estimating commercial oil production flow rates
· Reconfirmation of quality of oil produced (including low sulphur, high API, low pour point)
· Gas recovery and its quality
· Produced water, volume and its composition
For further information, please visit www.tomcoenergy.uk.com
* Whilst the JORC Measured Resource was based on the previous EcoShale™ Technology, the Directors of the Company continue to consider the Holliday Block to be prospective and are seeking alternative methods of extracting the shale oil through development of the TurboShale technologies.
About Continental Electronics Corporation
Founded in 1946, Dallas-based Continental Electronics Corporation (CEC) is a leading manufacturer and supplier of advanced radio frequency (RF) broadcast transmission equipment. CEC has significant experience in the design and manufacture of some of the highest power radio broadcast equipment, providing a full range of products for broadcasting, military and scientific applications.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.