13 January 2014
TomCo Energy plc
("TomCo" or "the Company")
TomCo Submits Notice of Intention to Commence Large Mining Operations
24 month extension to term of Liquidity Facility
TomCo Energy plc (AIM: TOM), the oil shale exploration and development company focused on using innovative technology to unlock unconventional hydrocarbon resources, today announces that the Company has submitted a Notice of Intention to Commence Large Mining Operations to the Utah Division of Oil, Gas and Mining ("DOGM"). This is another important step to securing all the necessary permits required for commercial production.
DOGM will post all notices to do with the Company's application on DOGM's website (http://linux1.ogm.utah.gov/WebStuff/wwwroot/minerals/mineralsfilesbypermitinfo.php). While the precise timing is beyond TomCo's immediate control, it is envisaged that DOGM should publish its tentative decision to approve TomCo's Notice of Intention to Commence Large Mining Operations ("LMO") and request a 30-day public comment period around mid-2014, although it could be earlier. The timing of the final approval for TomCo to Commence LMO is dependent on the public comments received.
The Company is also pleased to report that work on its Groundwater Discharge Permit is progressing well and its submission to the Utah Division of Water Quality is anticipated to take place during the Q1 2014. Further updates on progress and developments will be announced in due course.
In addition to the above developments the Company is also pleased to announce that the term of the Liquidity Facility with Windsor Capital Partners Limited has been extended for a period of 24 months beyond the original expiry date of 24 January 2014. The other terms of the facility remain unchanged following the reinitiating of the facility, as announced, on 23 September 2013.
CEO Paul Rankine commented: "Following the recent positive news that our neighbours, Red Leaf Resources, have successfully secured their last major permit required to move the Seep Ridge project into full construction phase, I am pleased to report the submission of TomCo's Notice of Intention to Commence Large Mining Operations. Attention now turns to making sure our Groundwater Discharge Permit application meets the required standards before being submitted. The Company is working hard towards the goal of securing the relevant permitting and thereby hold the same approved legal documentation as Red Leaf Resources does now."
Enquiries:
For further information, please visit www.tomcoenergy.uk.comor contact:
TomCo Energy plc |
|
Paul Rankine, CEO/Miikka Haromo, CFO |
Tel: +44 20 7917 6822 |
Fox-Davies Capital Ltd (Nomad & Broker) |
|
Simon Leathers/Jonathan Evans |
Tel: +44 20 3463 5000 |
Tavistock Communications (Financial PR &IR) Ed Portman/Conrad Harrington/Jos Simson |
Tel: +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™ 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™ 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
