TomCo Energy PLC Update on TurboShale and the Field Test Program (9593G)
November 09 2018 - 11:02AM
UK Regulatory
TIDMTOM
RNS Number : 9593G
TomCo Energy PLC
09 November 2018
9 November 2018
TomCo Energy plc
("TomCo" or the "Company")
Update on TurboShale and the Field Test Program
TomCo Energy plc (AIM: TOM), the oil shale exploration,
development and technology group focused on using innovative
technology to unlock unconventional hydrocarbon resources, provides
the following update on TurboShale Inc. ("TurboShale"), in which
the company has an 80% interest, and its field test program which
was being conducted on the Company's Holliday Block in Utah (the
"Field Test").
On 18 October 2018 the Company announced a delay to the Field
Test, whilst an artificial lift system was installed to address the
greater than anticipated water influx into the wells as announced
on12 October 2018. Having upgraded the antenna to incorporate the
artificial lift system, the Company announced on 1 November 2018
that there had been an unexpected failure in one of the couplings
between the RF antenna and the artificial lift system and that
further work was required, including the replacement and fitting of
the broken coupling.
Work commenced as planned on replacing the coupling. However,
the Company was advised yesterday by the site engineering team
that, in order to ensure a successful 'live' test, a more robust
coupling was needed and that in order to accommodate the improved
coupling, further drilling would be required to extend the existing
wells.
A drilling rig is therefore required to compete the necessary
drilling and TurboShale's drilling contractor, Himes Drilling
Company Inc., has indicated that due to snow now being forecast at
site for early next week, it will not be possible to transport a
rig to the Field Test.
As a result of the above and together with the colder than
expected temperatures being experienced at site which would affect
the ability to complete the Field Test, the TomCo Board has today
resolved to postpone the remaining part of the Field Test,
including the 'live' testing stage, until early Q2 2019, or sooner
if the winter ends earlier and the necessary drilling can be
completed ahead of that schedule.
In the interim, the Board will undertake a review of the work
completed and analysis of the data collected during the Field Test
to date and will also use the time to further refine the overall
process.
We will update shareholders on the timetable of the restart of
the test when it is confirmed.
John Potter, TomCo's CEO commented: "Whilst this delay is
obviously very disappointing for all involved with the Company, we
have been able to collect a significant amount of data from the
Field Test to date. We will use this time to analysis this data and
to continue to refine the overall process based on the data and
information gathered from the Field Test to date."
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
For further information, please visit www.tomcoenergy.com.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No 596/2014.
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END
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