Tomco Energy (TOM)

Sector:

Energy Producers

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FTSE AIM All-Share

0.59p
   
  • Change Today:
    -0.025p
  • 52 Week High: 0.93
  • 52 Week Low: 0.42
  • Currency: UK Pounds
  • Shares Issued: 1,451.41m
  • Volume: 26,649,516
  • Market Cap: £8.49m
  • RiskGrade: 70

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TomCo Energy confirms delay to Greenfield Energy project

By Josh White

Date: Friday 18 Dec 2020

LONDON (ShareCast) - (Sharecast News) - US-focussed oil development company TomCo Energy updated the market on its Greenfield Energy 50-50 joint venture with Valkor on Thursday, and the upgrades being undertaken by Greenfield to Petroteq Energy's existing oil sands plant at Asphalt Ridge in Utah.
The AIM-traded firm said the upgrades were taking place under the work order to seek to demonstrate the commerciality of the processes used in Petroteq's closed-loop system for the recovery of oil from oil sands.

As it had announced on 2 December, TomCo said the work to upgrade the capacity and improve the reliability of the Petroteq oil sand plant had been completed, with all systems tested and operational resources delivered to the site.

The full restart process, which was due to be completed this week, had suffered an interruption due to Covid-19-related restrictions placed on the mining permitting authority.

As a result, TomCo said the Mine Safety and Health Administration (MSHA) operating plan would not be released before 21 December, so Greenfield had now decided to delay the full restart of the oil sands project until 4 January.

It said that would enable an "efficient" start-up, avoiding the need for an almost immediate Christmas and New Year holiday period shut down.

It said it still intended that the oil sands project would be initially operated on a single day shift and, assuming no issues, it was planned that production would be ramped up later in January.

All other elements of the project remained as previously announced, including that oil samples produced by the project 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 project.

Additionally, and as it had previously announced, the company said the third-party engineering analysis of the oil sands technology was expected to begin in January, alongside the continuation of the front-end engineering and design (FEED) study.

That study was expected to be completed by the end of February.

"After achieving so much on the project this year, it is unfortunate that the impact of Covid-19 has caused disruption to our plans for the Petroteq oil sands project at this late stage, but everything is in place for the full restart at the beginning of January and we look forward to reporting on our progress in the New Year," said chief executive officer John Potter.

At 1038 GMT, shares in TomCo Energy were down 2.3% at 0.42p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Tomco Energy Market Data

Currency UK Pounds
Share Price 0.59p
Change Today -0.025p
% Change -4.10 %
52 Week High 0.93
52 Week Low 0.42
Volume 26,649,516
Shares Issued 1,451.41m
Market Cap £8.49m
RiskGrade 70

Tomco Energy Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
29.68% above the market average29.68% above the market average29.68% above the market average29.68% above the market average29.68% above the market average
18.52% above the sector average18.52% above the sector average18.52% above the sector average18.52% above the sector average18.52% above the sector average
Price Trend
59.16% below the market average59.16% below the market average59.16% below the market average59.16% below the market average59.16% below the market average
41.3% below the sector average41.3% below the sector average41.3% below the sector average41.3% below the sector average41.3% below the sector average
Income Not Available
Growth Not Available

Tomco Energy Dividends

No dividends found

Trades for 05-Aug-2021

Time Volume / Share Price
15:21 48,139 @ 0.57p
15:00 96,100 @ 0.57p
14:57 426,278 @ 0.58p
14:00 337,552 @ 0.59p
13:52 45,264 @ 0.58p

Tomco Energy Key Personnel

CEO John Potter

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