TomCo Energy PLC Approval of LMO (3468E)
February 09 2015 - 2:00AM
UK Regulatory
TIDMTOM
RNS Number : 3468E
TomCo Energy PLC
09 February 2015
9 February 2015
TomCo Energy plc
("TomCo" or the "Company")
Approval of Notice of Intention to Commence Large Mining
Operations
TomCo Energy plc (AIM: TOM), the oil shale exploration and
development company focused on using innovative technology to
unlock unconventional hydrocarbon resources, is pleased to announce
that further to the announcement made by the Company on 3 February
2015, the Utah Division of Oil, Gas and Mining ("DOGM") has
approved TomCo's Notice of Intention to Commence Large Mining
Operations ("LMO"). TomCo has agreed to only commence full-scale
operations under the LMO at such time as the results of Red Leaf
Resources Inc's nearby Early Production System capsule are
available and must submit a reclamation surety to DOGM before
beginning any mining operations. TomCo has now successfully secured
the first of the three major permits necessary under Utah State law
to take the Company's Holliday Block into production.
Paul Rankine, CEO commented:
"Receipt of this approval is an exciting milestone and a major
step forward in the permitting process. We are working hard with
the Utah State agencies and hope to receive our Ground Water
Discharge Permit and Construction Permit soon. We remain committed
to developing our Holliday Block."
Enquiries:
For further information, please visit www.tomcoenergy.uk.com or
contact:
TomCo Energy plc Tel: +44 20 7917
6822
Paul Rankine, CEO / Miikka Haromo, CFO
Shore Capital (Nomad & Broker) Tel: +44 20 7408
4090
Nominated Adviser
Pascal Keane / Edward Mansfield
Corporate Broking
Jerry Keen
Tavistock Communications (Financial PR Tel: +44 20 7920
& IR) 3150
Ed Portman / Jos Simson
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
TomCo's 1,186 acre 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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