TomCo Energy PLC Greenfield Update (0818J)
December 18 2020 - 2:00AM
UK Regulatory
TIDMTOM
RNS Number : 0818J
TomCo Energy PLC
18 December 2020
18 December 2020
TOMCO ENERGY PLC
("TomCo" or the "Company")
Greenfield 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 an
update in respect of Greenfield Energy LLC ("Greenfield"), the
Company's 50/50 joint venture with Valkor LLC ("Valkor"), and the
upgrades being undertaken by Greenfield to Petroteq Energy Inc's
("Petroteq") existing oil sands plant at Asphalt Ridge, Utah (the
"POSP") pursuant to the work order to seek to demonstrate the
commerciality of the processes used in Petroteq's closed loop
system for use in the recovery of oil from oil sands (the "Oil
Sands Technology").
As announced on 2 December 2020 the work to upgrade the capacity
and improve the reliability of the POSP has been completed with all
systems tested and operational resources delivered to the site. The
full restart process, which was due to be completed this week, has
suffered an interruption due to Covid-19 related restrictions
placed on the mining permitting authority. As a result, the Mine
Safety and Health Administration ("MSHA") operating plan won't be
released before 21 December 2020, so Greenfield has now decided to
delay the full restart of the POSP until 4 January 2021 to enable
an efficient start up, avoiding the need for an almost immediate
Christmas / New Year holiday period shut down.
It remains the intention that the POSP will be initially
operated on a single day shift and, assuming no issues, it is
planned that production will be ramped up later in January 2021.
All other elements of the project remain as previously announced,
including that oil samples produced by the POSP will be sent to the
Quadrise test facility from the first days of production to enable
them to undertake test work in the UK. Further sampling will also
be undertaken to enable detailed testing of the oil and sands
produced by the POSP. Additionally, and as previously announced,
the third-party engineering analysis of the Oil Sands Technology is
expected to commence in January 2021, alongside the continuation of
the FEED study. The FEED is expected to be completed by the end of
February 2021.
Commenting, John Potter, CEO of TomCo, said : "After achieving
so much on the project this year, it is unfortunate that the impact
of Covid-19 has caused disruption to our plans for the POSP at this
late stage, but everything is in place for the full restart at the
beginning of January and we look forward to reporting on our
progress in the New Year."
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 / 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 .
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