TomCo Energy PLC Trading Update (9777A)
March 27 2013 - 3:11AM
UK Regulatory
TIDMTOM
RNS Number : 9777A
TomCo Energy PLC
27 March 2013
27 March 2013
TomCo Energy Plc
("TomCo" or "the Company")
Trading Update
TomCo Energy Plc (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 reported that it was working on providing
SRK Consulting (UK) Limited ("SRK") with the required technical
reports to enable the Company's JORC compliant Resource to be
upgraded to a JORC compliant Ore Reserve by the end of the first
quarter of 2013.
The Company continues to wait for Red Leaf Resources Inc ("Red
Leaf") to supply its updated capital and operating costs for the
EcoShale(TM) process that incorporates all the improvements made by
the Total/Red Leaf joint venture management team. Accordingly,
until these updated capital and operating costs are received, the
Board cannot provide an accurate estimate on when the JORC
compliant Ore Reserve will be published. However, the Board is
confident that Red Leaf is close to completing its review of
capital and operating costs.
CEO Paul Rankine commented: "While we remain beholden to
receiving updated cost projections from Red Leaf, the process to
upgrade to a JORC compliant Ore Reserve is a priority for the
management team and we anticipate to updating the market on this
again in the short term."
Enquiries:
TomCo Energy Plc
Paul Rankine, CEO +44 20 7766 0070
Numis Securities Limited
Nomad and Joint Broker
Alastair Stratton / Oliver Cardigan (Nomad)
James Black (Broker) +44 20 7260 1000
Fox-Davies Capital Limited
Joint Broker
Daniel Fox-Davies, Richard Hail +44 020 3463 5000
Tavistock Communications
Financial PR & IR
Ed Portman/Conrad Harrington/Jos Simson +44 20 7920 3150
Notes to Editors:
TomCo Energy Plc (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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