TomCo Energy PLC Greenfield Update (7188B)
June 14 2021 - 2:00AM
UK Regulatory
TIDMTOM
RNS Number : 7188B
TomCo Energy PLC
14 June 2021
14 June 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, is pleased to provide a
further 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").
Further to the lifting of the Cessation Order on 25 May 2021 and
resumption of operations at the POSP, the rate of production has
been increasing and has now reached the equivalent of 180 barrels
of oil a day. It remains Greenfield's expectation that it will
shortly reach the targeted production level of 250 barrels of oil
per day, aided by the intention to process ore with an expected
higher concentration of oil, mined from the Tar Sands II site,
which is subject to the membership interest purchase agreement
announced on 9 June 2021. Further shipments of oil are anticipated
in due course at similar prices to the first shipment, being circa
US$55 per barrel, with any change in price reflective of the
prevailing oil price at the time of shipment.
A sample of produced oil is also being prepared to be shipped to
Quadrise Fuels International plc in the UK, for the purpose of
assessing the suitability of the heavy sweet oil produced by the
POSP for their emulsion process. It is expected that this sample
will leave the US before the end of June 2021, with testing taking
place over the coming months.
Additionally, as previously announced, Greenfield and Petroteq
are working with a local specialist firm to identify potential
customers for the processed sand. The firm has, to date, taken an
initial 40 tonnes and it is anticipated that they will take the
further circa 700 tonnes of processed sand currently available,
together with further sand as it is produced, over the coming
weeks. The proceeds from the sale of sand are approximately
US$15-20 per tonne.
Further updates will be made as operations progress.
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)
Jon Belliss / Colin Rowbury +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
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDSFIEFDEFSEIM
(END) Dow Jones Newswires
June 14, 2021 02:00 ET (06:00 GMT)
Tomco Energy (LSE:TOM)
Historical Stock Chart
From May 2024 to Jun 2024
Tomco Energy (LSE:TOM)
Historical Stock Chart
From Jun 2023 to Jun 2024