Company
TomCo Energy PLC
LON:TOM
TomCo Energy PLC has an interest in the Tar Sands II (TSHII) project in Utah via its 100%-owned subsidiary Greenfield Energy. Greenfield is aiming to develop the project to mine oil sands and to construct a 5,000 barrels of oil per day processing plant.
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TomCo Energy announces £750,000 bridge financing
"These are very exciting times for TomCo and I look forward to making further announcements in due course," John Potter said
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Talks and a due diligence process are presently underway with a potential funder of the venture in Utah
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Vivakor will "develop and enhance" an existing facility it owns on the Tar Sands Holdings II property
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"We continue to make significant progress with our plans for the TSHII site and we look forward to the drilling of the exploration wells in March," John Potter said.
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“The report serves to confirm our view that the TSHII site contains substantial economic resources," said chief executive John Potter
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“The acquisition provides Greenfield with a base from which to accelerate its plans," said TomCo chief executive John Potter.
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Chief executive John Potter said the site appears ideally suited for the planned commercial-scale plant
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"The focus of everyone at TomCo remains firmly on completing the remaining due diligence on TSHII and the site," Malcolm Groat said ahead of today's AGM
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The company said its focus is on securing funding to seal the acquisition and start the development of the initial commercial-scale plant.
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"We are very excited by the future potential of Greenfield,” TomCo chief executive John Potter said
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The study helps define the project's scale and economics and precedes the engineering, procurement and construction (EPC) phases of the project.
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