29th Mar 2019 10:56
LONDON (Alliance News) - TomCo Energy PLC on Friday said its loss widened in its last financial year as it continues the development of the Holliday block in the US state of Utah.
The exploration company's pretax loss widened in the year to the end of September 2018 to GBP869,000 from GBP428,000 a year earlier.
During the year, TomCo pressed on with a field test programme for Holliday, which will continue during its financial year ending April.
The field test programme began in 2018, but was suspended in November as, with the onset of winter, an operator of the bloc was unable to complete necessary upgrades to the equipment at site to address the influx of water being experienced within the wells.
The work programme in 2019 is hoping to ascertain the suitability and subsequent commerciality of radio frequency technology to recover oil from Holliday.
"The primary objective for the field test in 2019 is the recovery of oil from the group's Holliday A block through the application of radio frequency technology. Assuming a successful test, the group will have recovered sufficient oil to undertake analysis to confirm the quality and potential recovery rates," said Chair Andrew Jones.
TomCo shares were trading 4.3% higher on Friday at 2.50 pence each.
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