9 April 2014
TomCo Energy plc
("TomCo" or "the Company")
Seep Ridge Update
TomCo Energy plc (AIM: TOM), the oil shale exploration and development company focused on using innovative technology to unlock unconventional hydrocarbon resources, notes the recent communication between Red Leaf Resources ("Red Leaf") and the Utah Division of Oil, Gas and Mining ("DOGM") on 17 March 2014, which DOGM submitted to its website on 7 April 2014, and relating to the approval of Red Leaf's modified Notice of Intention to Commence Large Mining Operations ("LMO") for leases ML43374 and ML 50150 on Red Leaf's Seep Ridge site. Red Leaf has provided written notice of commencement of mining and is moving forward with construction of its demonstration project to prove that its oil shale technology is commercial on a large scale. Full details of the communication between the parties can be seen on DOGM's website (https://fs.ogm.utah.gov/FILES/MINERALS/PERMITS/047/M0470103/2014/Incoming/03172014.pdf). A username and password is required to access these files - use ogmguest for the username and ogmguest for the password.
TomCo submitted its LMO on 13 January 2014 and following a recent trip to Utah by senior management, the Company understands that its LMO is progressing well and remains on track to receive public consultation by mid-2014.
CEO Paul Rankine commented: "We are pleased to see that Red Leaf has submitted notice of commencement of mining and is moving forward into the full construction phase to construct its first capsule to demonstrate the EcoShale™ In-Capsule Process."
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
