TomCo Energy JV at Asphalt Ridge pushes back completion of FEED study having identified 'further enhancements' at site

Thu, 1st Apr 2021

Drilling technology group TomCo Energy has said that the front-end engineering and design (FEED) study being developed by its Greenfield Energy oil sands joint venture in Utah will take approximately a further six weeks to be completed after it started processing ore from the potential site. Greenfield Energy, its joint venture with Valkor with respect to Petroteq Energy's existing oil sands plant at Asphalt Ridge in Utah, was established with the principal initial aim of developing a FEED study for a potential 10,000 barrels of oil per day (bopd) plant. TomCo chief executive John Potter said: 'We took the decision to process ore from the potential site we have identified for the proposed 10,000 bopd plant in order to ensure that the FEED is more meaningful for our future plans. 'In doing so, during the period of cold weather that has been experienced recently in Utah, we have identified the requirement for further enhancements and therefore additional equipment which is now on site.' The company said that in light of the requisite enhancements to the POSP and the subsequent input of the resulting operational data into the FEED study, it is now anticipated that the FEED will take approximately a further six weeks to be completed. Potter added: 'This is all part of the learning process for a test operation of this nature and we are confident that once the identified solution has been implemented Greenfield will be better informed and prepared to pursue construction of its first commercial scale plant once funding has been secured.' At 9:31am: (LON:TOM) TomCo Energy PLC share price was 0p at 0.63p Story provided by StockMarketWire.com

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