TomCo Energy PLC POSP Update (3806M)
January 21 2021 - 2:00AM
UK Regulatory
TIDMTOM
RNS Number : 3806M
TomCo Energy PLC
21 January 2021
21 January 2021
TOMCO ENERGY PLC
("TomCo" or the "Company")
POSP 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 Greenfield Energy LLC ("Greenfield"),
the Company's 50/50 joint venture with Valkor LLC ("Valkor"), and
the work being undertaken by Greenfield with respect to Petroteq
Energy Inc's ("Petroteq") existing oil sands plant at Asphalt
Ridge, Utah (the "POSP").
Further to the announcement on 6 January 2021, the Company is
pleased to confirm that the POSP is operating and producing oil at
the anticipated volumes and quality, with no issues to date. As at
the close of business on 19 January 2021 the POSP had produced over
100 barrels of oil and the intention is to increase test production
to approximately 250 barrels of oil per 12-hour shift over the next
few weeks, following the completion of the current optimisation
work.
All other elements of the project remain as previously
announced, including progressing the planned test work and third
party engineering analysis, and the Company looks forward to
providing further updates as matters progress.
Commenting, John Potter, CEO of TomCo, said : "We are very
pleased with the POSP operations and initial oil production. The
planned test work and third-party engineering analysis is also
underway as we work on further optimising the POSP and increasing
production. We look forward to reporting on our continuing progress
in the coming weeks."
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 / Matthew Chandler / 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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END
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