TomCo Energy plc, the US operating oil development group focused on using innovative technology to unlock unconventional hydrocarbon resources, is pleased to note the announcement earlier by Petroteq Energy Inc ("Petroteq"), which provides an update to Petroteq's shareholders in respect of information that has already been announced by the Company in respect of Greenfield Energy LLC ("Greenfield"), the Company's recently formed 50/50 joint venture with Valkor LLC ("Valkor"), and the proposed upgrades to be made by Greenfield to Petroteq's existing oil sands plant at Asphalt Ridge, Utah (the "POSP") pursuant to the work order.
The Company confirms that good progress is being made in respect of the proposed upgrades to the POSP, which included finalising the commercial trial agreement with Quadrise Fuels International plc announced on 18 August 2020, and the Company looks forward to providing an update to shareholders on such progress in the coming weeks.
In addition, the Company also notes the recent appointment of George Stapleton as Petroteq's new Chief Operating Officer and we very much look forward to working with him going forward. George brings over 40 years' experience in all aspects of design, construction, fabrication and project management for onshore and offshore plant and energy infrastructure related projects. He spent over 20 years of his career with McDermott, Inc., a premier international engineering, construction and procurement firm and was a director of E-T Energy Ltd from 2003-2017, where he was responsible for the definition and development of a pilot programme to prove the application of patented environmental remediation technology to the production of bitumen from shallow Athabasca oil sands and managed the design and construction of surface production facilities.