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TomCo Energy says mining operation is underway for POSP project

"We are very pleased that the restart of operations at the POSP commenced," said chief executive John Potter

TomCo Energy PLC - TomCo Energy PLC says mining operation is underway for POSP project
The plan is to to establish a 10,000 barrel per day production facility

TomCo Energy PLC (LON:TOM) has told investors that operations are now underway for the Greenfield Energy venture’s POSP restart project.

The company confirmed that the mining operation started on January 4, 2021, and oil sand baring ore will start being processed at the POSP facility by the end of this week.

It noted that the POSP will be ramped-up during January and February, meanwhile, all other elements of the project remain as previously announced.

"We are very pleased that the restart of operations at the POSP commenced, enabling us to move towards the planned test work and third-party engineering analysis,” said John Potter, TomCo chief executive in a statement. “We look forward to reporting on our progress in the coming weeks."

Greenfield Energy is a joint venture between TomCo and Valkor LLC. It has licenced technology from Quadrise Fuels International PLC (LON:QFI) for a test project which aims to create an emulsified synthetic fuel oil, converted from heavy and paraffinic oil extracted from oil sand sources.

In December, the project encountered a slight delay due to coronavirus related restrictions placed on the mining permitting authority.

Quick facts: TomCo Energy PLC

Price: 0.5 GBX

Market: AIM
Market Cap: £7.26 m

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on 27/1/21

2 min read