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Valkor JV and TurboShale Update
Valkor JV and TurboShale Update.
About this update from Tomco Energy Plc
[{"type":"text","content":"\n \n \n RNS Number : 7976G\n TomCo Energy PLC\n 19 March 2020\n \n \n \n \n \n \n \n \n \n \n 19 March 2020\n \n \n \n \n \n TOMCO ENERGY PLC \n \n \n (\"TomCo\" or the \"Company\") \n \n \n \n \n \n Valkor JV and TurboShale Update\n \n \n \n \n \n TomCo Energy plc (AIM: TOM), the oil shale exploration, development and technology group focused on using innovative technology to unlock unconventional hydrocarbon resources, announces that, further to its announcement of 4 December 2019, it has entered into a binding exclusivity agreement (\"Exclusivity Agreement\") with Valkor Technology LLC (\"Valkor\"), under which the parties have agreed an exclusivity period up to 30 June 2020 (\"Exclusivity Period\") to negotiate a legally binding agreement which will set out how the parties will explore the oil sands potential across TomCo's leases and nearby leases. During the Exclusivity Period, the parties will undertake a Pre-FEED study.\n \n \n \n \n \n Valkor Joint Venture\n \n \n On 4 December 2019 the Company announced the signing of a non-binding memorandum of understanding (\"MoU\") with Valkor to explore the oil sands potential across the Group's oil shale leases \n within the Uintah Basin, Utah, USA (\"Leases\"). Valkor is an international Engineering, Procurement, Construction and Installation and field operations company, with operations in the US, South America and Africa both on and offshore and the owner and operator of gas and oil fields in Trinidad, USA, Turkey and the Ukraine. Through their subsidiary, Valkor Energy Services, they have assisted with the design improvements of Petroteq Energy Inc's (\"Petroteq\") closed loop system for use in the recovery of oil from oil sands (the \"\n Oil Sands Technology\") \n and has a licence from Petroteq to utilise the \n Oil Sands Technology\n in the USA.\n \n \n \n \n \n Based on the results of the preliminary work undertaken to date in accordance with the MoU, TomCo is pleased to announce that it is has now entered into the Exclusivity Agreement with Valkor, pursuant to which the Company and Valkor have agreed to:\n \n \n · \n study the potential to deploy the Oil Sands Technology at a suitable location. The desktop study of the Group's Leases determined that, while oil sands were present at depth, more suita...