Business
Update re Greenfield and Director Disclosure
Update re Greenfield and Director Disclosure.
About this update from Tomco Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2190U\n TomCo Energy PLC\n 01 April 2021\n \n \n \n \n 1 April 2021\n \n \n \n \n \n TOMCO ENERGY PLC \n \n \n (\"TomCo\" or the \"Company\") \n \n \n \n \n \n Update re Greenfield and Director Disclosure\n \n \n \n \n \n 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 a further update in respect of the work \n being undertaken by \n Greenfield Energy LLC (\"Greenfield\"), the Company's 50/50 joint venture with Valkor LLC (\"Valkor\"),\n with respect to Petroteq Energy Inc's (\"Petroteq\") existing oil sands plant at Asphalt Ridge, Utah (the \"POSP\").\n \n \n \n \n \n As previously announced, Greenfield has been established with the principal initial aim of developing a FEED (Front-End Engineering and Design) study for a potential 10,000 barrels of oil per day (\"bopd\") plant consisting of two 5,000 bopd trains utilising the design improvements and knowledge gained from utilising the POSP's closed loop system for the recovery of oil from oil sands (the \"Oil Sands Technology\"). A potential site on which to build Greenfield's first 10,000 bopd plant has also been identified (the \"Potential Site\") which remains under assessment.\n \n \n \n \n \n In order to better inform the FEED study, the joint venture has recently decided to start processing ore from the Potential Site, which has different physical characteristics to the ore previously processed by the POSP. Accordingly, Greenfield has identified certain additional enhancements that are required to be made to the POSP in order to allow for a more efficient and optimised operation, in particular to address issues caused during periods of cold weather, as recently experienced in Utah. Such requirements for additional heating within the process and the inclement weather experienced, have prevented the test production rate of the POSP from reaching the optimised target of 250 bopd per single shift. The additional equipment required to address the aforementioned issues, is now on site and being installed with completion expected shortly after Easter. Greenfield believes that this will then enable the POSP to produce at higher rates of production than...