Mineral Resource Statement (1248F)
June 12 2012 - 2:00AM
UK Regulatory
TIDMTOM
RNS Number : 1248F
TomCo Energy PLC
12 June 2012
12 June 2012
TomCo Energy Plc
("TomCo" or "the Company")
Mineral Resource Statement
The Company is pleased to announce that SRK Consulting (UK)
Limited ("SRK") has reviewed recent work carried out by TomCo on
the Company's Holliday Block and has issued an updated mineral
resource statement. In doing this, SRK has upgraded the 123 million
barrels previously reported in the Indicated category to 126
million barrels in the Measured category.
SRK's Mineral Resource Estimate has been reported using the
terms and definitions defined in the Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves, (the JORC Code) and includes mineralisation in the Four
Senators, Upper and Lower Mahogany Zones and Mahogany Bed within
the Holliday Block and mineralisation in the Mahogany Zone outside
of the Holliday Block, which now has an Inferred Resource of a
further 12 million barrels.
It is based on information from 9 drillholes and 732 assays. The
drilling and assaying was coordinated and supervised by SRK and the
results are now supported by a programme of check assays completed
during 2012. The oil shale horizons are continuous across the TomCo
licence area and dip gently to the northwest.
The new mineral resource statement is as follows:
Mineral Resource Tonnage Yield Barrels
Category
(Millions of (gallons/short (Millions
Short Tons) ton) of US Barrels)
------------------------ ------------- --------------- ----------------
Measured Mineral
Resource
------------------------ ------------- --------------- ----------------
Four Senators 11 21.3 5
Upper Mahogany 93 18.2 41
Mahogany Bed 9 62.9 13
Lower Mahogany 139 20.1 67
Total Measured 252 21.0 126
------------------------ ------------- --------------- ----------------
Indicated Mineral
Resource
------------------------ ------------- --------------- ----------------
Total Indicated 0 0.0 0
------------------------ ------------- --------------- ----------------
Inferred Mineral
Resource
------------------------ ------------- --------------- ----------------
Mahogany Zone (Outside
Holliday Block) 23 23.1 12
Total Inferred 23 23.1 12
------------------------ ------------- --------------- ----------------
Total Mineral Resource
------------------------ ------------- --------------- ----------------
Four Senators 11 21.3 5
Upper Mahogany 93 18.2 41
Mahogany Bed 9 62.9 13
Lower Mahogany 139 20.1 67
Mahogany Zone (Outside
Holliday Block) 23 23.1 12
Total Mineral Resource 275 21.1 138
------------------------ ------------- --------------- ----------------
The key differences between this new mineral resource statement
and the mineral resource statement issued with the Company's AIM
admission document are:-
-- Improved topographic and survey information which has enabled
SRK to create a more accurate geological model.
-- Additional assay data for intervals previously unsampled
throughout which has brought more material into the resource but
reduced the grade slightly.
-- Check assay data which has provided confidence in the quality
of the assays and, along with the more accurate modelling, enabled
SRK to report the bulk of the material in the measured
category.
-- Feedback from TomCo on likely mining scenarios which has
helped SRK to constrain the resource to material with potential to
be mined.
In considering the economic potential of this resource SRK has
excluded the "Big Three" horizon from the resource figure as the
average thickness of this is 2 feet and the minimum mining width
currently envisaged is 3 feet.
Paul Rankine, CEO of TomCo, commented: "The SRK revised mineral
resource statement not only gives us increased confidence in the
oil contained within our Holliday Block lease up to a JORC
compliant Measured Resource, but also increases the resource
magnitude from 123 to 126 million barrels. We are now working on
providing SRK with the required technical reports to enable this
JORC compliant Resource to be upgraded to a JORC compliant Ore
Reserve."
Qualified Persons
The information in this press release that relates to Mineral
Resources is based on information compiled under the direction of
Dr Mike Armitage, who is a Member of the Institute of Materials,
Minerals and Mining which is a 'Recognised Overseas Professional
Organisation' ("ROPO") as included in a list promulgated by the ASX
from time to time.
Dr Armitage is a full time employee of SRK and has sufficient
experience which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined in the 2004
Edition of the JORC Code. Dr Armitage has reviewed this press
release and consents to the inclusion in the press release of the
matters based on his information in the form and context in which
this appears.
Enquiries:
Sir Nicolas Bonsor, Chairman
Paul Rankine, CEO TomCo 020 7766 0078
Nomad and Broker
Alastair Stratton / Oliver Cardigan
(Nomad)
James Black (Broker) Numis Securities 020 7260 1000
Financial PR
Josh Royston/Richard Gotla Newgate 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, Uintah County, Utah
in 4 separate tracts. SRK Consultants Ltd has declared a surface
mineable JORC compliant Measured Resource of 126 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 9,800 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 9,800
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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