Result of AGM and progress update (1718C)
April 26 2012 - 10:28AM
UK Regulatory
TIDMTOM
RNS Number : 1718C
TomCo Energy PLC
26 April 2012
26 April 2012
TomCo Energy Plc
("TomCo" or "the Company")
Result of Annual General Meeting
TomCo (AIM:TOM.L), is pleased to announce that all resolutions
put to shareholders at the Company's Annual General Meeting held
today were duly passed.
At the meeting Sir Nicholas Bonsor, Chairman of TomCo Energy,
commented on the significant progress that the Company has made.
TomCo's immediate focus is on continuing the progress towards
production at our Holliday Block. The Company continues to make
good progress with the pre-development work and has completed a
significant number of studies, with several more identified to
complete the pre-development programme for the Holliday Block.
TomCo also welcomes the recent progress at its licence partner Red
Leaf Resources Inc ("Red Leaf"), which has now secured the funding
required to fully develop its Seep Ridge project. The board's
intention is that TomCo will continue to follow Red Leaf in our
development work in order to benefit from the experience that will
be gained in its pioneering deployment of the EcoShale process. In
parallel to our technical and regulatory work therefore, we will
continue to consider the Company's funding options, which
inevitably include equity, debt and farm-in funding. TomCo's own
progress will remain, to a significant extent, dependent on that at
Red Leaf and therefore, whilst the timing is not entirely within
our control, we anticipate that TomCo is unlikely to require its
full Holliday Block development funding prior to 2014. In the near
term the board will continue to consider the Company's funding
position and it will look to raise equity or alternative means of
finance as it deems appropriate.
For further information please visit www.tomcoenergy.com or
contact:
Contact:
Sir Nicolas Bonsor, Chairman
Paul Rankine, Interim CEO TomCo 020 7766 0078
Nomad and Broker
Alastair Stratton / Oliver Cardigan
(Nomad)
James Black (Broker) Numis Securities 0207 260 1000
Financial PR
Newgate
Josh Royston/Richard Gotla Threadneedle 020 7653 9840
Notes to Editors:
TomCo Energy Plc owns oil shale leases covering approximately
3,000 acres in the Green River Shale Formation, Uinta County, Utah
in 4 separate tracts. SRK Consultants Ltd has declared a surface
mineable JORC compliant Indicated Resource of 123 million barrels
on the main tract of TomCo's Holliday Block lease.
TomCo has entered into a Licence with Red Leaf Resources Inc
(Red Leaf), which owns the EcoShale(TM) In-Capsule Process
(EcoShale), to use this unique and environmentally sensitive
technology to extract oil from TomCo's leases. Red Leaf is planning
a 9,500 bopd commercial operation at their Seep Ridge site, which
lies about 15 miles SW of TomCo's Holliday Block lease.
TomCo's strategy is to develop the Holliday Block lease as a
similar follow-on project to Seep Ridge using the EcoShale
In-Capsule Process, with the same targeted production of 9,500
bopd.
Glossary:
bopd: barrels of oil per day
JORC Code: The mineral resource classification code devised by
the Australasian Joint Ore Reserves Committee
This information is provided by RNS
The company news service from the London Stock Exchange
END
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