TomCo Energy PLC Extension of Construction Permit, Holiday Block (6097D)
July 08 2016 - 2:00AM
UK Regulatory
TIDMTOM
RNS Number : 6097D
TomCo Energy PLC
08 July 2016
8(th) July, 2016
TomCo Energy plc (AIM: TOM )
("TomCo" or the "Company")
Extension of Construction Permit Related to
Ground Water Discharge Permit UGW 470003, Holiday Block
Project
Further to the announcement made by TomCo on 17(th) July 2015,
the Company is pleased to announce today that Utah's Division of
Water Quality ("DWQ") has approved TomCo's extension request to its
Construction Permit which, itself, is related to the Company's
Ground Water Discharge Permit ("GWDP",'UGW 47003') that was
approved by the DWQ on 16(th) July 2015.
The Company's Construction Permit has been extended to 15(th)
July 2020 and, therefore, is now on the same term as its GWDP which
is five years from the date of issuance.
Andrew Jones, Chairman of TomCo, said "This long term extension
is excellent news for TomCo. The Company is well placed to monitor
progress and await further developments from its technology partner
Red Leaf including its joint venture with TOTAL and Red Leaf's
Early Production Stage Capsule, whilst we develop our new palm oil
division and concentrate on producing cash flows in the near-term.
We thank the DWQ for their continued support."
Enquiries:
For further information, please visit www.tomcoenergy.uk.com or
contact:
TomCo Energy plc
Telephone +44 (0) 20 3823
3635
Chris Brown (CEO) chris@tomcoenergy.uk.com
Andrew Jones (Chairman) andrew@tomcoenergy.uk.com
SP Angel Corporate Finance LLP (Nomad & Broker)
Telephone +44 (0) 20 3470 0470
Stuart Gledhill
Richard Hail
Tavistock Communications (Financial PR)
Telephone +44 (0) 20 7920 3150
Ed Portman/Jos Simson eportman@tavistock.co.uk
-------------------------- --------------------------
Notes to Editors:
TomCo Energy plc (AIM: TOM) is an 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, an environmentally sensitive technology, to
extract Oil from TomCo's leases.
Additionally, Red Leaf is planning a 30,000 bopd commercial
operation at their Seep Ridge site, which lies about 15 miles SW of
TomCo's Holliday Block lease.
TomCo has recently completed due diligence work on a new palm
oil milling project located in the Makeni oil palm belt in Sierra
Leone. As part of the due diligence process, TomCo engaged an
independent palm oil expert, Stuart Honeysett from Astratec Africa
Limited, to help select a site, and examine the economics of
building a 1tph FFB plant at Makarie, 10km west of Makeni, with the
capability of expanding this plant to 2tph to take advantage of the
abundance of nearby plantations in the area surrounding Makarie,
provided the economics of the expansion are sufficiently
attractive.
TomCo is currently reviewing debt and equity financing options,
to fund the initial 1tpa FFB processing plant and to provide
further working capital for the Company.
Glossary:
bopd: barrels of oil per day
JORC Code: The mineral resource classification code devised by
the Australasian Joint Ore Reserves Committee
Note: This announcement contains inside information which is
disclosed in accordance with the Market Abuse Regulation.
-ENDS-
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCSSWFMWFMSEDW
(END) Dow Jones Newswires
July 08, 2016 02:00 ET (06:00 GMT)
Tomco Energy (LSE:TOM)
Historical Stock Chart
From Sep 2024 to Oct 2024
Tomco Energy (LSE:TOM)
Historical Stock Chart
From Oct 2023 to Oct 2024