TomCo Energy PLC Update on Timing from Red Leaf (6907I)
March 27 2015 - 6:47AM
UK Regulatory
TIDMTOM
RNS Number : 6907I
TomCo Energy PLC
27 March 2015
27 March 2015
TomCo Energy plc
("TomCo" or the "Company")
Update on Timing from Red Leaf Resources
TomCo Energy plc today announces that further to the
announcement of 5 February 2015 the Company's technology provider
Red Leaf Resources Inc. ("Red Leaf") has released an update as to
the timing of construction for its Early Production System ("EPS")
capsule.
Red Leaf's announcement, which can be seen at
http://www.tomcoenergy.uk.com/investors/media-and-analyst-reports
contained the following information:
Red Leaf Resources Inc., an oil shale development company with
proprietary technology and significant resources under lease in
Utah and Wyoming, today announced an adjustment to the construction
schedule of its commercial demonstration project to accommodate
improvements expected to result from design optimization work
already underway.
Red Leaf and its major partner have decided to accelerate
commercial technology optimization for the Early Production System
(EPS), the first commercial demonstration project of Red Leaf's
EcoShale(R) technology. In part, this decision is the result of the
low commodity oil price environment, as well as recently identified
efficiencies and engineering advances that may be utilized in the
commercial demonstration project.
"This is an acceleration of design optimization and an
adjustment to the construction schedule to allow for incorporation
of the design improvements," said Red Leaf CEO Adolph
Lechtenberger. "We had anticipated the design optimization work to
take place after completion of the EPS, but we have an opportunity
to include the second generation commercial technology sooner
rather than later. These enhancements will improve the economics of
the Ecoshale(R) technology in the lower crude price
environment."
Some site activity will continue while Red Leaf advances
engineering on certain elements to further optimize the
second-generation capsule design.
"The financial commitments related to this project remain
solidly in place," continued Lechtenberger. "It's also worth noting
that we still anticipate being the first oil shale developer to
reach commercial viability in the U.S."
TomCo will only progress with commercial-scale construction on
its Holliday Block at such time as the results of Red Leaf's nearby
EPS capsule are available.
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 (Financial PR & IR) Tel: +44 20
Ed Portman / Jos Simson 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
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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