The oil shale explorer said it is currently working with JV partner Valkor to finalise planned upgrades to the Petroteq Energy existing oil sands plant in Utah
The oil shale explorer said it believes it will take around three months to complete the upgrade works to the POSP, with the test programme expected to take a further four to six weeks, with third party verification of the process to then be undertaken following the testing.
WATCH: TomCo Energy: Analyst highlights attractive economics of a new oil sands separation technology
TomCo added that it has received notice of exercise of warrants by Novum Securities Ltd, the company’s joint broker, to subscribe for a total of 18.37mln new ordinary shares that will be issued at a price of 0.4p each and relate to warrants issued as part of a placing on July 2.
The firm’s shares were 17.2% higher at 0.85p in late-afternoon trading on Friday.
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is…
In exchange for publishing services rendered by the Company on behalf of TomCo Energy plc named herein, including the promotion by the Company of TomCo Energy plc in any Content on the Site, the Company receives from…
Read More: TomCo Energy PLC says it is not aware of any reason for recent share price rise