TomCo Energy PLC Greenfield Update (9352Z)
24 September 2020 - 4:00PM
UK Regulatory
TIDMTOM
RNS Number : 9352Z
TomCo Energy PLC
24 September 2020
24 September 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 recently formed 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 POSP's commerciality.
The Company is pleased to confirm that work to upgrade the
capacity and improve the reliability of the POSP is well underway,
with the restart of the plant now planned for November 2020. Recent
and ongoing developments include:
-- Plant evaluation, verification and debottlenecking support by
Valkor for the POSP, including the design of upgrades needed
to:
- increase reliability towards 24/7 operations;
- decrease the incremental cost per barrel of oil produced;
and
- increase the POSP's capacity to 400 barrels per day average,
with a target of 500 barrels per day, processing oil sands ore
having an oil saturation of 7%.
-- All equipment needed for the upgrade of the POSP has been
defined, sourced and purchased with deliveries to the site
scheduled over the course of the next few weeks;
-- Control system components and instrumentation are now on
order, with the longest lead time items scheduled for delivery
during October 2020;
-- Construction work at the POSP to make it ready to receive and
incorporate the additional equipment and control systems is
proceeding, with pads for new equipment prepared and piping system
modifications ongoing; and
-- Modifications to the POSP to connect MSAR (R) commercial
production equipment and MSAR (R) test equipment from Quadrise
Fuels International plc ("Quadrise") for post processing of
produced oil are in progress, with the intention to undertake
testing before the year end in cooperation with Greenfield and
Quadrise.
In accordance with the work order and the Greenfield JV
agreement, Valkor personnel will remain on site during the start-up
of the POSP and, once operational, will continue to manage the
plant in favour of Petroteq .
Commenting, John Potter, CEO of TomCo, said : "Having just
returned from a productive site visit to the POSP, I am delighted
with the progress that has been made in such a short time and
against the backdrop of COVID-19. The POSP has been made ready to
receive the outstanding equipment and control system components to
complete the planned upgrade. With our partners we are targeting
the restart of production at the POSP in November 2020 as we then
seek to demonstrate its commerciality. I look forward to providing
further updates as we progress."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
Enquiries:
TomCo Energy plc
Stephen West (Chairman) / John Potter (CEO) +44 (0)20 3823 3635
Strand Hanson Limited (Nominated Adviser)
James Harris / Richard Tulloch / Jack Botros +44 (0)20 7409 3494
Turner Pope Investments (TPI) Limited (Joint Broker)
Andy Thacker / Zoe Alexander +44 (0)20 3657 0050
Novum Securities Limited (Joint 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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