Company
LON:TOM
TomCo Energy PLC has an interest in the Tar Sands II (TSHII) project in Utah via its 100%-owned subsidiary Greenfield Energy. Greenfield is aiming to develop the project to mine oil sands and to construct a 5,000 barrels of oil per day processing plant.
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“Energy Independence has never been more important to the nation, and we are proud to support this venture," said Utah Office of Economic Opportunity's executive director Dan Hemmert.
Talks and a due diligence process are presently underway with a potential funder of the venture in Utah
An update to the reserve report is expected to be made in the coming months, based on the assessment of the new wells
Vivakor will "develop and enhance" an existing facility it owns on the Tar Sands Holdings II property
"We continue to make significant progress with our plans for the TSHII site and we look forward to the drilling of the exploration wells in March," John Potter said.
Heavy Sweet Oil plans to drill near TomCo's project in Utah.
The funds will support a programme of well drilling along with covering corporate expenses.
“The report serves to confirm our view that the TSHII site contains substantial economic resources," said chief executive John Potter
“The acquisition provides Greenfield with a base from which to accelerate its plans," said TomCo chief executive John Potter.
Chief executive John Potter said the site appears ideally suited for the planned commercial-scale plant
“We are encouraged by the positive confirmations issued by Quadrise today and we look forward to continuing to work with Quadrise as we progress our plans for Greenfield," said TomCo's John Potter
"The focus of everyone at TomCo remains firmly on completing the remaining due diligence on TSHII and the site," Malcolm Groat said ahead of today's AGM
The company said its focus is on securing funding to seal the acquisition and start the development of the initial commercial-scale plant.
"We are very excited by the future potential of Greenfield,” TomCo chief executive John Potter said
The Greenfield venture completed a trial production operation earlier this summer in Utah
The study helps define the project's scale and economics and precedes the engineering, procurement and construction (EPC) phases of the project.
The price of bunker fuel has not gone below $30/bbl at any point in the recent market turbulence.
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