TomCo Energy PLC Suspension and Update re JV Agreement and Placing (3484Q)
18 Giugno 2020 - 8:15AM
UK Regulatory
TIDMTOM
RNS Number : 3484Q
TomCo Energy PLC
18 June 2020
18 June 2020
TOMCO ENERGY PLC
("TomCo" or the "Company")
Suspension and Update re JV Agreement and Placing
TomCo Energy plc (AIM: TOM) announces that, further to the
announcement published by the London Stock Exchange at 2.52 p.m. on
17 June 2020, the Company's Ordinary Shares have been suspended
from trading on AIM under AIM Rule 40 (the "Suspension").
The Company requested the Suspension pending clarification in
respect of the status of Valkor's agreement with Quadrise Fuels
International plc ("Quadrise") and in relation to Valkor's rights
to use and sub-licence to Greenfield, the JV company formed
pursuant to the JV Agreement and in which TomCo has a 50% interest,
the Quadrise MSAR(R) technology (the " MSAR(R) Technology").
TomCo announced on 17 June 2020 (the "Announcement"), details of
the Placing and JV Agreement with Valkor, pursuant to which it
detailed that Valkor had granted to Greenfield a licence to the
MSAR(R) Technology, for the use on all future plants that are
majority owned and operated by Greenfield in Utah. Whilst Valkor
does have a binding memorandum of understanding (the "MoU") with
Quadrise, which, inter alia, sets out the steps to be taken by
Valkor and Quadrise respectively to put a licence in place for the
use of the MSAR(R) Technology, Valkor does not however, have the
ability to grant such a licence to Greenfield at the current
time.
Further to the Announcement, the Company is able to confirm
that, as set out in the announcement released by Quadrise this
morning, Quadrise and Valkor Technologies LLC, a wholly owned
subsidiary of Valkor, are continuing discussions concerning:
-- a commercial trial of the MSAR(R) Technology at Petroteq's
existing oil sands plant at Asphalt Ridge, Utah, which is subject
to the Work Order ("Phase 1"); and
-- the development of commercial MSAR(R) plants of up to 10,000 bopd ("Phase 2").
The Company has been informed that Quadrise and Valkor continue
to believe that the use of the MSAR(R) Technology can add
significant value to the development of heavy and paraffinic oil
deposits in Utah. Quadrise has confirmed that it has agreed in
principle with Valkor to the deployment of MSAR(R) trial equipment
for Phase 1 at a price of up to US$150,000, which has been taken
into account in Greenfield's budget for Phase 1. Quadrise has
confirmed that it will to continue to work in good faith to
finalise the process design and a trial agreement for Phase 1 with
Valkor, including the terms of the scope and timing of the
trial.
In parallel with Phase 1, Quadrise and Valkor will continue to
cooperate in good faith to agree the commercial terms of a
conditional MSAR(R) licence and commercial supply agreement for the
production of MSAR(R) fuel under Phase 2. Quadrise has agreed with
Valkor that any licence ultimately granted to Valkor under the
terms of the MoU will be limited to the deployment of the MSAR(R)
Technology in Utah, USA in connection with the processing of sweet
heavy or paraffinic crude oil and will be capable of being assigned
to Valkor group joint ventures, including Greenfield, in the
future.
A conditional licence will only be finalised upon, and
following, inter alia, satisfactory results of the Phase 1 trial
testing, the agreement between the parties as to Phase 2 commercial
terms, and the entry of binding agreements.
Status of the Placing
As a result of the above, the Company confirms that it is in
discussion with the Company's broker regarding the status of the
Placing and will provide a further update to shareholders as soon
as possible and confirms that, in the meantime, the Ordinary Shares
will remain suspended from trading on AIM.
Unless otherwise defined herein, capitalised terms used in this
announcement shall have the same meanings as given to them in the
Announcement.
Enquiries:
TomCo Energy plc
Stephen West (Chairman) / John Potter (CEO) +44 (0)20 3823 3635
Strand Hanson Limited (Nominated Adviser)
James Harris / Richard Tulloch / Jack Botros +44 (0)20 7409 3494
Turner Pope (Broker)
Andy Thacker / Zoe Alexander +44 (0)20 3657 0050
For further information, please visit www.tomcoenergy.com .
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No 596/2014.
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END
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