TomCo Energy PLC Greenfield Update (0818J)

TIDMTOM

RNS Number : 0818J

TomCo Energy PLC

18 December 2020

18 December 2020

TOMCO ENERGY PLC

("TomCo" or the "Company")

Greenfield Update

TomCo Energy plc (AIM: TOM), the US operating oil development group focused on using innovative technology to unlock unconventional hydrocarbon resources, is pleased to provide an update in respect of Greenfield Energy LLC ("Greenfield"), the Company's 50/50 joint venture with Valkor LLC ("Valkor"), and the upgrades being undertaken by Greenfield to Petroteq Energy Inc's ("Petroteq") existing oil sands plant at Asphalt Ridge, Utah (the "POSP") pursuant to the work order to seek to demonstrate the commerciality of the processes used in Petroteq's closed loop system for use in the recovery of oil from oil sands (the "Oil Sands Technology").

As announced on 2 December 2020 the work to upgrade the capacity and improve the reliability of the POSP has been completed with all systems tested and operational resources delivered to the site. The full restart process, which was due to be completed this week, has suffered an interruption due to Covid-19 related restrictions placed on the mining permitting authority. As a result, the Mine Safety and Health Administration ("MSHA") operating plan won't be released before 21 December 2020, so Greenfield has now decided to delay the full restart of the POSP until 4 January 2021 to enable an efficient start up, avoiding the need for an almost immediate Christmas / New Year holiday period shut down.

It remains the intention that the POSP will be initially operated on a single day shift and, assuming no issues, it is planned that production will be ramped up later in January 2021. All other elements of the project remain as previously announced, including that oil samples produced by the POSP will be sent to the Quadrise test facility from the first days of production to enable them to undertake test work in the UK. Further sampling will also be undertaken to enable detailed testing of the oil and sands produced by the POSP. Additionally, and as previously announced, the third-party engineering analysis of the Oil Sands Technology is expected to commence in January 2021, alongside the continuation of the FEED study. The FEED is expected to be completed by the end of February 2021.

Commenting, John Potter, CEO of TomCo, said : "After achieving so much on the project this year, it is unfortunate that the impact of Covid-19 has caused disruption to our plans for the POSP at this late stage, but everything is in place for the full restart at the beginning of January and we look forward to reporting on our progress in the New Year."

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

Enquiries:

TomCo Energy plc

   Malcolm Groat (Chairman) / John Potter (CEO)                        [phone] 

Strand Hanson Limited (Nominated Adviser)

James Harris / Jack Botros [phone]

Novum Securities Limited (Broker)

Charlie Brook-Partridge [phone]

IFC Advisory Limited (Financial PR)

Tim Metcalfe / Graham Herring [phone]

For further information, please visit www.tomcoenergy.com .

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

UPDFFWFWWESSELE

(END) Dow Jones Newswires

December 18, 2020 02:00 ET (07:00 GMT)