Update re: Valkor, drilling plans and Greenfield

TomCo Energy PLC

24 September 2026

 

24 September 2026

TOMCO ENERGY PLC
(“TomCo” or the “Company”)

Update re: Valkor LLC’s Asphalt Ridge Project, drilling plans
and Greenfield, Utah, USA

TomCo (AIM: TOM), the US operating oil development group focused on using innovative technology to unlock unconventional hydrocarbon resources, is pleased to provide an update on progress made by Valkor LLC (“Valkor”), its technical contractor and 50:50 partner in Greenfield Energy, LLC (“Greenfield”), with respect to its neighbouring Asphalt Ridge Project including installation of its planned demonstration plant and wider area drilling plans. Greenfield is expected to be afforded the opportunity to participate in one or more wells, subject to funding, with such activity deemed of strategic importance to the USA as a current net importer of heavy oil.

Valkor’s Asphalt Ridge Project

Valkor has informed the Company that a re-entry and production start programme is commencing on the original vertical pilot wells on its Asphalt Ridge acreage, incorporating the findings from a recent comprehensive study by Core Laboratories Inc. that confirmed the technical viability of Valkor’s modified enhanced oil recovery methodology to exploit the resource. Production is anticipated to be at a low rate of 20 to 40 barrels of oil per day (“bopd”). Subject to such pilot wells being successful, Valkor then expects to commence an initial eight-well horizontal drilling programme on both its own and Greenfield’s subsidiary, AC Oil, LLC’s (“AC Oil”), leased acreage targeting production of approximately 250 to 300 bopd of heavy oil per well at a cost of approximately $6m per well.  

Pursuant to its existing agreement and partnership with Valkor, and subject to the Company raising the requisite funding, TomCo anticipates participating in one or more of the abovementioned wells in return for a proportionate production/revenue share based on the funding amount contributed.

Site installation works for Valkor’s 500 bopd demonstration mined oil-sands separation plant are also underway, with asphalt production expected to commence in Q1 2027. Once commercially proven, TomCo will then have the opportunity, as previously announced, to pursue the potential financing, construction and commissioning of a similar, but much larger 5,000 bopd mined oil-sands separation plant, on tract D of AC Oil’s lease area which would be operated by Greenfield and subject to certain profit sharing and royalty arrangements between the parties.

FocusIR Interview

Steven Byle, a Non-Executive Director of the Company and the founder and Chief Executive Officer of Valkor, has recently recorded an online interview with FocusIR with respect to Valkor’s plans and drilling activities at Asphalt Ridge including an outline of expected timings and implications for TomCo should the Company be able to fund its planned participation in due course. This recording is available at https://media.focusir.com/Valkor-TomCo and will shortly be made available on the Company’s website at www.tomcoenergy.com.

Appointment of Greenfield’s CEO

Further to the Company’s announcement of 29 June 2026, the Company and Valkor have now formally agreed terms for the appointment of Mavriky Kalugin, who has directly relevant technical expertise and practical experience of operating projects of a similar nature, to serve as Chief Executive Officer of Greenfield. He is expected to commence work at Greenfield in October 2026, initially working alongside the team constructing Valkor’s pilot demonstration plant and advising on the optimisation of Valkor’s drilling programme.

Enquiries:

TomCo Energy plc
Malcolm Groat (Executive Chairman)	[phone]

For further information, please visit www.tomcoenergy.com.

 

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