leadf
logo-loader
viewTomCo Energy PLC

TomCo Energy says its delighted with Greenfield progress in Utah

“With our partners we are targeting the restart of production at the POSP in November 2020 as we then seek to demonstrate its commerciality,” chief executive John Potter said

TomCo Energy plc - TomCo Energy says its delighted with Greenfield progress in Utah

TomCo Energy plc (LON:TOM) has updated on the Greenfield Energy LLC venture in Utah, where upgrades are underway on the Petroteq Energy oil sands plant (POSP) at Asphalt Ridge.

The project aims to demonstrate POSP’s commerciality and to establish a 10,000 barrel per day production facility. It is currently planned that the plant will restart in November.

READ: TomCo reveals ‘high confidence’ thanks to Valkor’s pre-FEED report

Following a management visit to POSP, Tomco noted recent and ongoing developments, with work underway for plant evaluation, verification and debottlenecking.

Equipment needed to upgrade POSP has been defined, sourced and purchased, and deliveries to site are expected over the next two weeks, TomCo added. Control system equipment is on order, with longest lead items due during October.

It also noted that modifications are underway on POSP to enable the connection of Quadrise Fuels’ MSAR technology for the post-processing of produced oil. It is intended that testing of the MSAR technology at POSP will happen before the end of 2020.

Greenfield is a venture, between Valkor and TomCo. Valkor personnel will remain on-site during the start-up of the POSP and, once operational, will continue to manage the plant for Petroteq.

"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,” John Potter, TomCo chief executive said in the update.

“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,” he added.

Quick facts: TomCo Energy PLC

Price: 0.51 GBX

AIM:TOM
Market: AIM
Market Cap: £3.44 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of TomCo Energy PLC named herein, including the promotion by the Company of TomCo Energy PLC in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

TomCo Energy: Oil sands opportunity is 'alluring'

Proactive analyst Ed Stacey talks to Katie Pilbeam about TomCo (LON:TOM) an oil & gas exploration and production company which operates in the Uinta Basin in Utah. In June 2020 the company announced the formation of a joint venture (JV) called Greenfield Energy LLC to unlock the potential...

on 12/10/20

2 min read