TomCo Energy PLC (AIM:TOM, FRA:NI41) executive chairman Malcolm Groat said these are “very exciting times” as it works to realise the full potential of its Greenfield venture.
In a statement ahead of today’s AGM, Groat highlighted Greenfield's recent progress - striking a deal to acquire a site for a commercial operation in Utah and concurrently TomCo moving to take full ownership of what had been a joint investment.
It follows a successful pilot test of the envisaged oil sands processing operation, and, the plan is now to scale up to build a 5,000 barrels per day facility – that can be expanded up to 10,000 bopd – on the new site, being acquired from Tar Sands Holdings II LLC (TSHII).
"The focus of everyone at TomCo remains firmly on completing the remaining due diligence on TSHII and the site, and progressing the necessary funding package in order to, secure the initial 10% membership interests and further progress the detailed planning to pursue construction of an initial 5,000 bopd facility at the earliest opportunity,” Groat said.
Through the TSHII deal, the company is set to acquire 760 acres of land and certain non-producing assets. The site has existing infrastructure, plant and equipment, together with an existing large mine permit, which promise to expedite Greenfield’s plans.
Greenfield is advancing talks for potential off-take deals.
Groat, meanwhile, said that the ongoing due-diligence process is substantially complete its findings have so far been positive.