TomCo Energy PLC - Greenfield Commercial Trial Agreement
TOMCO ENERGY PLC
("TomCo" or the "Company")
Greenfield Commercial Trial Agreement
TomCo, together with its JV partner Valkor, and
· a commercial trial of MSAR® technology at the Petroteq Oil
· the development of commercial MSAR® plants of up to 10,000 barrels oil per day ("Phase 2") located at
The Agreement covers Phase 1 and comprises the following activities that are planned to be completed during the remainder of 2020, subject to completion of preparatory works at the POSP facility by Greenfield:
· proof of concept formulation and test work at
· the loan of Quadrise MSAR® commercial production equipment and MSAR® test equipment and supply of MSAR® additives; and
· the supply of specialist services to assist Greenfield in completing the commercial scale demonstration trial to produce over 600 barrels (100 tonnes) of power grade MSAR®.
The parties intend to continue to cooperate in good faith to agree the commercial terms of a conditional MSAR® licence and commercial supply agreement for the production of MSAR® fuel under Phase 2. Such a conditional licence, which is now envisaged would be provided directly to Greenfield (rather than to Valkor and assignable to Greenfield as had been previously envisaged) will only be finalised upon, and following, inter alia, satisfactory results of Phase 1, the agreement between the parties as to Phase 2 commercial terms and the entry of binding agreements.
Further updates will be provided in due course as appropriate.
Strand Hanson Limited (Nominated Adviser)
James Harris /
Turner Pope Investments (
TPI) Limited (Joint Broker)
Novum Securities Limited (Joint Broker)
Charlie Brook-Partridge +44 (0)20 7399 9402
IFC Advisory Limited (Financial PR)
Tim Metcalfe / Graham Herring +44 (0)20 3934 6630
For further information, please visit www.tomcoenergy.com.
This information is provided by RNS, the news service of the
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