TomCo Energy PLC (AIM:TOM) is analysed by Proactive Research analyst Ryan Long.
As he explains the firm has kicked off drilling of three exploration wells at the Tar Sands Holdings II (TSHII) site, located Uinta Basin, Utah.
TomCo currently owns a 10% interest in TSHII with an exclusive option to acquire the remaining 90% for additional cash consideration of US$16.25 million before the 31 December 2022.
He says these wells are targeting the oil sands at depth to demonstrate the continuity of the deeper formation. Initial results from the drilling completed to date have conformed with the Company's expectations.