TomCo Energy JV completes Utah oil sands plant upgrade

Wed, 2nd Dec 2020

Drilling technology group TomCo Energy said upgrade work had been completed at Petroteq Energy's oil sands plant at Asphalt Ridge, Utah. The work had been conducted by Greenfield Energy, a joint venture between TomCo and Valkor. A full restart process at the plant would take up to two weeks, after which it would be initially operated on a single day shift with production ramped up in early January. Oil samples produced by the the the plant would 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 would also be undertaken to enable detailed testing of the oil and sands produced by the Utah plant. 'We are very pleased that the upgrades to the [plant] have been completed and that the restart of the plant has begun,' chief executive John Potter said. 'With the funds from the recent placing and the other recent developments, I believe we are very well positioned as we enter 2021 and I look forward to providing further updates on our progress.' At 9:31am: (LON:TOM) TomCo Energy PLC share price was 0p at 0.63p Story provided by StockMarketWire.com

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