TomCo Energy PLC Field Test Update (2617D)
June 25 2019 - 2:00AM
UK Regulatory
TIDMTOM
RNS Number : 2617D
TomCo Energy PLC
25 June 2019
25 June 2019
TOMCO ENERGY PLC
("TOMCO" OR THE "COMPANY")
Field Test Update
TomCo Energy plc (AIM: TOM), the US operating oil shale
exploration and development group focused on using innovative
technology to unlock unconventional hydrocarbon resources, provides
the following update regarding the field test programme at the
Company's Holliday A Block in Utah (the "Field Test").
Further to Company's announcement of 8 May 2019, the Company is
pleased to announce that the project is advancing well, with much
of the preparatory work for the Field Test having now been
completed, including:
-- Following our recent site visit, we, together with Himes
Drilling Company Inc. and IGES Inc. ("IGES"), have now determined
the location of the three new wells for the Field Test, along with
the layout of the drill pad and site services
-- Road improvement works and pad construction completed at the new site
-- The core sample from one of the recently drilled Monitor
Wells, along with the cores from the nearby HB002 well (drilled in
2010), have been studied and analysed by IGES, with input from Mike
Vanden Berg of Utah Geological Society, which reaffirmed the
location for the Field Test wells
-- All services and equipment providers engaged for the Field Test
-- Exploration permit variation application has been submitted and approval expected shortly
The Company has though been informed that there will be a slight
delay to the arrival of the bespoke ceramic parts required for the
Field Test, which is likely to push back the commencement of the
Field Test by 2 to 3 weeks. As a result, the drilling of the three
new wells for the Field Test has now been scheduled for mid July.
The upgraded RF Transmitters and remaining equipment are expected
to be on site by mid/late July, ahead of the Field Test team,
including engineers from Continental, arriving on site in late July
with the commencement of the Field Test in early August. The Board
anticipates that the Field Test will then run for up to 4 weeks,
though this can be extended if needed.
The water levels in the three Monitor Wells have continued to
reduce to the extent that only one of them now has water in it. The
shallowest well MW3 has approximately 5ft of water in it.
We look forward to keeping shareholders updated as we move
towards the commencement of the Field Test.
Andrew Jones, Executive Chairman, commented: "I am delighted
with the progress achieved on our project thus far, and would like
to thank John and the team for their continuing efforts. I am
grateful to Michael Vanden Berg of the Utah Geological Society, who
has been very generous with his time and resources. Michael has
extensive knowledge of the Uinta basin, including our Holliday
Block, and his support and input has been invaluable.
With the timetable now set, we look forward to providing the
updates of the team's work on site in August.
During our recent trip to the US, we attended the governor of
Utah's Energy Summit, where it was announced that a cooperation
agreement had been entered into by Drexel Hamilton and Union
Pacific Railroad to develop a rail link from the Uinta basin to the
main rail lines outside Salt Lake City. The rail link has been
championed by Mike McKee of Seven County Infrastructure Coalition,
who we also met during our time in Salt Lake City. Mike showed
great interest in our project and I look forward to working more
closely with him as our project moves forward.
I would like to, again, personally thank the Utah's Office of
Energy Development, Utah's Department of Oil, Gas & Mining
(DOGM) and our landlord SITLA for their continued support."
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
Turner Pope (Broker)
Andy Thacker +44 (0)20 3621 4120
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.
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.
END
DRLLLFVARRISFIA
(END) Dow Jones Newswires
June 25, 2019 02:00 ET (06:00 GMT)
Tomco Energy (LSE:TOM)
Historical Stock Chart
From Aug 2024 to Sep 2024
Tomco Energy (LSE:TOM)
Historical Stock Chart
From Sep 2023 to Sep 2024