TomCo Energy PLC (AIM:TOM) has signed an outline agreement with a California-based group that hopes to re-commission a tar sands processing plant on acreage in Utah’s Uinta Basin.
Vivakor (NASDAQ:VIVK) Inc will "develop and enhance" an existing facility it owns on the Tar Sands Holdings II (TSHII) property, TomCo said in a statement.
The plant would be designed to produce at least 1,000 barrels of oil per day or equivalent tonnage of asphalt cement.
TomCo owns 10% of TSHII via its Greenfield Energy subsidiary and has an exclusive option valid to the end of the year to acquire the remainder.
The memorandum of understanding (MoU) between Vivakor (NASDAQ:VIVK) and TomCo’s Greenfield arm covers professional services, including sand treatment and oil upscaling.