TomCo Energy PLC (AIM:TOM) told investors it has entered into an agreement with Heavy Sweet Oil LLC which will see the AIM-quoted firm assist with permitting and government relations.
The agreement comes ahead of a planned drill programme in an area adjacent to TomCo’s TSHII (Tar Sands Holdings II) site, in Utah.
If Heavy Sweet Oil progress to producing oil it is anticipated that some of the supporting infrastructure will be located on the TSHII site, TomCo noted.
The neighbour and new partner will pay TomCo US$10,000 per month for its services, with a backdated start of January 1.