TomCo Energy: Oil sands project moving forward
TomCo (LON:TOM) is an oil & gas exploration and production company which, operates in the Uinta basin in Utah. The company has announced a joint venture (JV) to unlock the potential for oil sands development within the area using an innovative new production technology.
The Uinta basin and adjacent formations hold some of North America’s largest deposits of oils sands. In December 2019 TomCo announced a project in conjunction with the global EPCI company Valkor LLC, to examine a scalable modular production plant that could be used to extract oil from the sands with cost efficiency and low environmental impact. The JV announced on June 19th aims to take this project to its next stages and to establish a production facility that could be operational before the end of 2021 in our view.
Quick facts: TomCo Energy PLC
Price: 0.495 GBX
Market Cap: £7.18 m
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