TomCo Energy plc (LON:TOM), the US operating oil development group focused on using innovative technology to unlock unconventional hydrocarbon resources, has announced that it has entered into an agreement with Heavy Sweet Oil LLC (“Heavy Sweet Oil”), a US based oil and gas company, to assist it with permitting and government relations in respect of their planned drilling programme adjacent to the D Tract of the Tar Sands Holdings II LLC (“TSHII”) site in the Uinta Basin, Utah, United States. Should Heavy Sweet Oil progress to producing oil it is anticipated that some of the supporting infrastructure for their operations will be located on the TSHII site.
The assistance being provided to Heavy Sweet Oil is being undertaken alongside the Company’s own work to progress its plans for the TSHII site. Heavy Sweet Oil have agreed to pay TomCo Energy US$10,000 per month for its services, with the agreement backdated to start from 1 January 2022.
