- Shale exploration and technology company TomCo Energy said it was not aware of any reason for a recent surge in its share price.

The company reiterated that it was now working with partner Valkor to finalise upgrades and a proposed work programme for Petroteq Energy's existing oil sands plant at Asphalt Ridge, Utah.

It added that it still believed that it would take about three months to complete the upgrade works.

A test programme was expected to then take a further four-to-six weeks, with third-party verification of the process to then be undertaken following the testing.

'The company will keep shareholders updated in respect of the proposed upgrades to and the planned work programme at the POSP and further announcements will be made as appropriate,' the company added.

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