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TomCo Energy confirms good progress in Utah

The Greenfield venture moved to a key milestone last week.

TomCo Energy plc - TomCo Energy confirms good progress in Utah

TomCo Energy plc (LON:TOM), in a stock market statement, confirmed that good progress is being made with proposed upgrades to Petroteq's oil sands plant (POSP) at Asphalt Ridge, in Utah.

It notes an announcement from Petroteq Energy Inc communicated details released last week by TomCo and Quadrise respectively.

Greenfield Energy LLC, a joint venture between TomCo and Valkor, last week announced it is  advancing into Phase 1 with its project at POSP.

READ: TomCo boosted as Greenfield moves to Phase 1

“The company confirms that good progress is being made in respect of the proposed upgrades to the POSP, which included finalising the commercial trial agreement with Quadrise Fuels International PLC announced on 18 August 2020, and the company looks forward to providing an update to shareholders on such progress in the coming weeks,”

It additionally noted Petroteq’s recent appointment of George Stapleton as Petroteq's new chief operating officer.

Last week, Greenfield entered into a commercial trial agreement for the POSP project.

The agreement envisages proof of concept work to be undertaken at the Quadrise Research Facility using oil samples supplied by Greenfield.

Additionally, Quadrise will loan a range of MSAR equipment to Greenfield, along with specialist services to assist Greenfield in completing a proposed commercial-scale demonstration. The demo operation will aim to produce over 600 barrels (100 tonnes) of power grade MSAR fuel.

Quick facts: TomCo Energy plc

Price: 0.601 GBX

AIM:TOM
Market: AIM
Market Cap: £4.05 m
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