TomCo Energy says its pleased with POSP as initial production meets expectations

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TomCo Energy PLC (LON:TOM) has told investors it is very pleased with operations and initial production at Greenfield Energy’s POSP project in Utah.

The company confirmed that the Petroteq oil sands plant (POSP) at Asphalt Ridge is operating and producing oil at the anticipated volumes and quality, with no issues to date.

As of January 19, 2021, the plant had produced over 100 barrels of oil.

TomCo noted that the intention is to increase test production to approximately 250 barrels of oil per 12-hour shift over the next few weeks.

The trial project kicked off earlier this month and presently the operations are being optimised.

“We are very pleased with the POSP operations and initial oil production,” said John Potter, TomCo chief executive in a statement.

“The planned test work and third-party engineering analysis is also underway as we work on further optimising the POSP and increasing production. We look forward to reporting on our continuing progress in the coming weeks.”

Greenfield Energy is a joint venture between TomCo and Valkor LLC. It has licenced technology from Quadrise Fuels International PLC (LON:QFI) for a test project which aims to create an emulsified synthetic fuel oil, converted from heavy and paraffinic oil extracted from oil sand sources.

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