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TomCo Energy says Greenfield upgrade programme is complete

“We are very pleased that the upgrades to the POSP have been completed and that the restart of the plant has begun,” said chief executive John Potter

TomCo Energy PLC - TomCo Energy says Greenfield upgrade programme is complete
The pilot programme aims to to produce over 600 barrels (about 100 tonnes) of fuel

TomCo Energy PLC (LON:TOM) has confirmed the completion of work programmes to upgrade the capacity of the Petroteq oil sands plant (POSP) at Asphalt Ridge in Utah, USA.

The work, conducted under the Greenfield Energy venture, is part of a project to demonstrate the commerciality of processes to recover oil from oil sands.

Operations to restart the plant is now underway as scheduled, the company added. This programme will take up to two weeks to complete.

At that point, the POSP will initially be operated on a single day shift and, assuming no issues, it is planned that production will be ramped up in early January 2021, Tomco noted. The plan is to send oil samples produced by the POSP to the Quadrise Fuels International test facility in the UK.

READ: TomCo raises £3.5mln to fund Greenfield venture

Further sampling will also take place to enable detailed testing of the oil and sands produced by the POSP, the company added.

Third-party engineering analysis is slated to start in early January alongside ongoing front end engineering design (FEED) work, with the FEED due for completion in February.

“We are very pleased that the upgrades to the POSP have been completed and that the restart of the plant has begun,” said John Potter, TomCo chief executive in a statement.

"With the funds from the recent placing and the other recent developments, I believe we are very well positioned as we enter 2021 and I look forward to providing further updates on our progress."

Greenfield Energy LLC is a joint venture between TomCo and Valkor LLC.

Valkor previously agreed a licence agreement under which Greenfield is able to use Quadrise Fuels International’s MSAR technology, which creates an emulsified synthetic fuel oil converted from heavy and paraffinic oil.

Quick facts: TomCo Energy PLC

Price: 0.458 GBX

AIM:TOM
Market: AIM
Market Cap: £6.65 m
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TomCo Energy updates on status of POSP operations and initial oil production...

TomCo Energy PLC (LON:TOM) CEO John Potter updated investors on operations and initial production at Greenfield Energy’s POSP project in Utah. Potter, along with Valkor LLC's CEO and CTO Steven Byle and Coby Crawford confirmed that the Petroteq oil sands plant (POSP) at Asphalt Ridge is...

on 27/1/21

2 min read