17 February 2014
TomCo Energy plc
("TomCo" or "the Company")
TomCo Submits Ground Water Discharge Permit Application
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 its Ground Water Discharge Permit ("GWDP") application to the Utah Division of Water Quality ("DWQ"). This is another important step to securing all the necessary permits required for commercial production. DWQ will post all notices to do with the Company's application on DWQ's website (http://www.waterquality.utah.gov/PublicNotices/docs/2014/). While the precise timing is beyond TomCo's immediate control, it is envisaged that DWQ should publish its tentative decision to approve TomCo's GWDP and request a 30-day public comment period around mid-2014, although it could be earlier. The timing of the final approval of TomCo's GWDP is dependent on the public comments received.
Further updates on progress and developments will be announced in due course.
CEO Paul Rankine commented: "Following the positive news last month that the Company had submitted its Notice of Intention to Commence Large Mining Operations to the Utah Division of Oil, Gas and Mining, I am pleased to report that following today's submission of the GWDP application to the Utah DWQ, TomCo has now submitted applications for all of the equivalent permits currently held by Red Leaf Resources."
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
