07:00 Wed 02 Dec 2020
TomCo Energy PLC - Greenfield Update
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 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
The Company is pleased to confirm that work to upgrade the capacity and improve the reliability of the POSP has been completed and that the restart of the plant is now underway as scheduled. The full restart process will take up to two weeks, following which the POSP will be initially operated on a single day shift and, assuming no issues, it is planned that production will be ramped up in early
As previously announced, oil samples produced by the POSP will be sent to the Quadrise test facility from the first days of production to enable them to undertake test work in the
The third-party engineering analysis of the Oil Sands Technology is expected to commence in the first week of
Commenting,
"With the funds from the recent placing and the other recent developments, I believe we are very well positioned as we enter 2021 and I look forward to providing further updates on our progress."
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
Enquiries:
TomCo Energy plc
Strand Hanson Limited (Nominated Adviser)
James Harris /
Novum Securities Limited (Broker)
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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