TomCo Energy PLC Corporate Update and Directorate Change (5751O)
May 29 2015 - 2:00AM
UK Regulatory
TIDMTOM
RNS Number : 5751O
TomCo Energy PLC
29 May 2015
29 May 2015
TomCo Energy plc
("TomCo" or the "Company")
Corporate Update and Directorate Change
TomCo Energy plc (AIM: TOM), the oil shale exploration and
development company focused on using innovative technology to
unlock unconventional hydrocarbon resources, has made significant
progress in 2015 securing the first of three major permits required
under Utah State law to allow the Company to take its Holliday
Block into production. As announced on 5 February 2015 the
consultation period for its Ground Water Discharge Permit and
Construction Permit has concluded and the Board expects final
approval from the Utah Division of Water Quality soon.
However, on 18 May 2015 Red Leaf Resources Inc. ("Red Leaf")
announced that it was delaying the target date for completion of
capsule construction and applying first heat by two years.
Consequently, the Board of TomCo has embarked on a corporate
restructuring plan to materially reduce its corporate costs. As
part of the restructuring plan, the Company has decided to scale
down its Board with CEO Paul Rankine giving the Company three
months' notice of his intention to stand down from the Board. Paul
has agreed to act as a technical consultant to TomCo on expiry of
his notice period.
TomCo expects that once the remaining major permits are issued,
spending on Holliday block will be minimal. The Board continues to
explore various M&A options to deliver shareholder value.
Sir Nicholas Bonsor, Chairman of TomCo, commented: "I thank Paul
Rankine for his hard work and determination in seeing the Company
through the Utah permitting process and wish him well with his
future endeavours."
Enquiries:
For further information, please visit www.tomcoenergy.uk.comor
contact:
TomCo Energy plc Tel: +44 20
7917 6822
Miikka Haromo
Shore Capital (Nomad & Broker) Tel: +44 20
7408 4090
Nominated Adviser
Pascal Keane / Edward Mansfield
Corporate Broking
Jerry Keen
Tavistock Communications (Financial Tel: +44 20
PR & IR) 7920 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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