TomCo Energy PLC Greenfield Update (9183Y)
May 18 2021 - 2:00AM
UK Regulatory
TIDMTOM
RNS Number : 9183Y
TomCo Energy PLC
18 May 2021
18 May 2021
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, provides the following update
in respect of the work being undertaken by Greenfield Energy LLC
("Greenfield"), the Company's 50/50 joint venture with Valkor LLC
("Valkor"), with respect to Petroteq Energy Inc's ("Petroteq")
existing oil sands plant at Asphalt Ridge, Utah (the "POSP").
Utah's Division of Oil, Gas and Mining ("DOGM") issued a
Cessation Order (the "CO") on 14 May 2021 in respect of the POSP's
operations at the Temple Mountain Mine on Permit Number M/47/0089
being operated by Greenfield. The CO alleges that the previously
approved operational mining plan is not being followed,
specifically stating that the facility is processing material from
an off-site source and staging waste products from off-site
sources. Greenfield strongly refutes the basis for the issuance of
the CO and believes that it has been conducting operations in line
with the site's existing permit held by Petroteq and the approved
operational plan. Accordingly, Greenfield's legal adviser has
formally responded to DOGM requesting they withdraw the CO with
immediate effect. As is customary in such situations, a site
meeting has been arranged between Greenfield and members of DOGM
for today to seek to resolve the matter with a follow-up conference
to be held by Friday 21 May 2021 as necessary.
Until such time as the CO is withdrawn, processing and testing
operations at the POSP will remain suspended.
A further update will be made as and when appropriate.
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)
Charlie Brook-Partridge/Jon Belliss +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 .
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
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(Withdrawal) Act 2018.
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END
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