TomCo Energy PLC Company update (1121H)
July 06 2012 - 8:00AM
UK Regulatory
TIDMTOM
RNS Number : 1121H
TomCo Energy PLC
06 July 2012
6 July 2012
TomCo Energy Plc
("TomCo" or "the Company")
Company update
TomCo announced on 19 April 2012 that it had been informed by
Red Leaf Resources Inc ("Red Leaf"), that Red Leaf had already
applied for a groundwater discharge permit and was confident that
it would be issued in Q2 2012. TomCo has now been informed that Red
Leaf is undertaking additional voluntary water studies, including
some additional drilling to further support its application. TomCo
believes that this will not affect the Red Leaf timetable of first
commercial production from the Early Production System capsule
planned for early 2014.
Following its announcement on 26 April that the board was
considering the Company's funding, TomCo has decided, having met
with certain potential investors, not to pursue an equity
fundraising at the present time given the adverse market conditions
and the delay to the issue of Red Leaf's groundwater discharge
permit. The Company will continue to review its funding options,
which include the possible sale of its stake in Red Leaf, if
appropriate.
Enquiries:
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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