Petroteq Energy Inc V.PQE.H

Not good news

[hawkman1969]

18 May 2021 TOMCO ENERGY PLC ("TomCo" or the "Company") Greenfield Update TomCo Energy plc (AIM: TOM), the US operating oil development group focused on using innovative technology to unlock unconventional hydrocarbon resources, provides the following update in respect of the work being undertaken by Greenfield Energy LLC ("Greenfield"), the Company's 50/50 joint venture with Valkor LLC ("Valkor"), with respect to Petroteq Energy Inc's ("Petroteq") existing oil sands plant at Asphalt Ridge, Utah (the "POSP"). Utah's Division of Oil, Gas and Mining ("DOGM") issued a Cessation Order (the "CO") on 14 May 2021 in respect of the POSP's operations at the Temple Mountain Mine on Permit Number M/47/0089 being operated by Greenfield. The CO alleges that the previously approved operational mining plan is not being followed, specifically stating that the facility is processing material from an off-site source and staging waste products from off-site sources. Greenfield strongly refutes the basis for the issuance of the CO and believes that it has been conducting operations in line with the site's existing permit held by Petroteq and the approved operational plan. Accordingly, Greenfield's legal adviser has formally responded to DOGM requesting they withdraw the CO with immediate effect. As is customary in such situations, a site meeting has been arranged between Greenfield and members of DOGM for today to seek to resolve the matter with a follow-up conference to be held by Friday 21 May 2021 as necessary. Until such time as the CO is withdrawn, processing and testing operations at the POSP will remain suspended. A further update will be made as and when appropriate.