TomCo Energy PLC Trading Update (4398U)
December 28 2012 - 3:20AM
UK Regulatory
TIDMTOM
RNS Number : 4398U
TomCo Energy PLC
28 December 2012
28 December 2012
TomCo Energy Plc
("TomCo" or "the Company")
Trading Update
TomCo Energy Limited (AIM: TOM), the oil shale exploration and
development company focused on using innovative technology to
unlock unconventional hydrocarbon resources, today announces an
update in relation to its Holliday Block, Utah in the United
States.
TomCo has previously indicated that it was working on providing
SRK Consulting (UK) Limited ("SRK") with the required technical
reports to enable the JORC compliant Resource to be upgraded to a
JORC compliant Ore Reserve by the end of 2012. However, Red Leaf
Resources Inc ("Red Leaf") has informed TomCo that it is currently
updating all of the capital and operating costs for the
EcoShale(TM) process, incorporating all the improvements made by
the Joint Venture management team. Accordingly, after consulting
SRK, the Board has agreed to defer the publication of the JORC
compliant Ore Reserve in order to incorporate these updated costs.
It is now envisaged that the JORC compliant Ore Reserve will be
published by the end of the first quarter of 2013.
CEO Paul Rankine commented: "Earlier this year, the Company
announced an upgrade of its JORC compliant Measured Resource to 126
million barrels of oil. Our operational focus since has been to
de-risk the project further by upgrading the resource to a JORC
compliant Ore Reserve. On a recent trip to Utah we were informed by
Red Leaf and its partner Total that a study to assess the capital
and operating costs for the EcoShale(TM) process was currently
under way. It was agreed with Red Leaf and SRK that TomCo will now
publish the JORC compliant Ore Reserve once Red Leaf has completed
its study and any changes to the costs can be included in the
revised resource statement."
Enquiries:
TomCo Energy Limited
Paul Rankine, CEO +44 20 7766 0070
Numis Securities Limited
Nomad and Broker
Alastair Stratton / Oliver Cardigan (Nomad)
James Black (Broker) +44 20 7260 1000
Tavistock Communications
Financial PR & IR
Ed Portman/Conrad Harrington/Jos Simson +44 20 7920 3150
Notes to Editors:
TomCo Energy Limited (AIM: TOM) is a London based, AIM-listed
company, with substantial Oil Shale assets in Utah, USA.
TomCo holds a 100% interest in two Oil Shale leases, comprising
5 blocks covering 2,919 acres in Uintah County, Utah. Independent
natural resources consultants SRK Consultants Ltd, part of the
internationally recognised SRK Group, has declared a surface
mineable JORC compliant Measured Resource of 126 million barrels on
the main tract of TomCo's Holliday Block lease.
The Company has entered into a licence agreement with Red Leaf
Resources Inc ("Red Leaf") for the use of their EcoShale(TM)
In-Capsule Process, a proven and environmentally sensitive
technology, to extract Oil from TomCo's leases.
Additionally, 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.
Led by a highly experienced management team, TomCo's strategy is
to develop the Holliday Block lease as a similar follow-on project
to Seep Ridge using the EcoShale(TM) 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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