12th Oct 2018 09:54
LONDON (Alliance News) - TomCo Energy PLC said on Friday that TurboShale Inc, in which TomCo holds an 80% interest, has completed the drilling of wells and installation of well heads for the Holliday Block field test in Utah on time and within budget.
The wells were drilled to a depth of 27.4 metres. However the influx of water was greater than expected and has settled at around 23 metres from the surface.
As a result, TomCo will upgrade the radio frequency antennae to include an artificial lift to reduce the amount of water presenting in the wells and preserve the test environment.
Core samples were recovered from the wells, and have indicated a Mahogany oil shale section to test with Fischer assays in the test zone of 15 to 40 gallons per 2,000 pounds tonne and 0.8 to 3 GPT moisture.
Shares in TomCo were down 5.4% at 8.28 pence on Friday.
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