LONDON (Alliance News) - TomCo Energy PLC on Monday said it has appointed technical advisors to its team at the Holiday block in the US state of Colorado, as it progresses on its field study.
The stock was up 7.8% on Monday at 4.85 pence per share.
The oil shale exploration company said it has strengthened its technical capabilities with the engagement of IGES Inc as geotechnical engineering adviser and Matt Himes as field operations engineering adviser.
TomCo said IGES provides access to a broad range of resources and an in-depth knowledge of the Uintah basin in which TomCo's oil shale leases, including the Holliday block, reside.
Meanwhile, it said, Himes has over 20 years' experience in the oil and gas sector, having previously been a drilling supervisor with Royal Dutch Shell PLC and for the last four years the principal of Himes Drilling Co Inc.
In addition, TomCo said TurboShale Inc is progressing on the initial phase of field test on the Holiday block.
TomCo holds 80% holding in TurboShale.
TomCo said tests on the radio frequency transmitters were successful. In addition, the team has also tested the antenna design, which was proven and operated at the correct frequency.
The company was able to assemble and run the whole system on site, together with the supporting services, it said. TomCo said this data will enable it to calculate a cost breakdown and identify the levels of labour needed to operate a commercial scale facility.
Looking forward, TomCo said its team continues to review and consider the results of the field test.
"Our activities during 2018, including the field test, produced a significant amount of encouraging data which we continue to analyse and consider to determine the optimum next steps for TomCo and we look forward to updating shareholders in this regard," said Chief Executive John Potter.
Tomco Energy (TOM)