TomCo Energy - Oil sands opportunity is alluring
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TomCo (LON:TOM) is 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 for oil sands development within the area using an innovative new production technology. This project took a further step forward in September 2020 with the release of a pre-FEED (front end engineering design) study detailing the economics of a production plant based on the new system. In this report, we examine the implications of the pre-FEED report. The Uinta Basin and adjacent formations hold some of North America’s largest deposits of oils sands with potential to yield some 10 billion barrels of oil. The Greenfield JV was formed to examine a scalable modular production plant that could be used to extract oil from the sands with cost efficiency and low environmental impact.
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Quick facts: TomCo Energy PLC
Price: 0.45 GBX
Market: AIM
Market Cap: £6.53 m
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