TomCo Energy updates on production in Utah

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TomCo Energy PLC (LON:TOM) told investors the Greenfield Energy joint venture is now producing around 180 bopd at the Petroteq oil sands plant (POSP) at Asphalt Ridge, in Utah.

It added Greenfield expects to shortly reach the targeted production level of 250 bopd, as it processes material with expected higher concentration of oil.

The company said that further shipments of oil are anticipated at similar prices to the first shipment, at around US$55 per barrel, though any change would reflect the prevailing oil price at the time.

Greenfield is working with a local specialist firm to identify potential customers for the processed sand, and, it has taken an initial 40 tonnes ahead of an anticipated 700 tonnes of sand that’s currently available. It was sold at a price between US$15 and US$20 per tonne.

Meanwhile, TomCo noted that a sample of produced oil will be shipped to Quadrise Fuels International, in UK, for an assessed the suitability of the heavy sweet oil produced by the POSP for its emulsion process. The sample is due to be shipped by the end of June, and testing will follow in the subsequent months.

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