3 February 2015
TomCo Energy plc
("TomCo" or the "Company")
Living Rivers agrees to withdraw its objection to TomCo's LMO permit
TomCo Energy plc (AIM: TOM), the oil shale exploration and development company focused on using innovative technology to unlock unconventional hydrocarbon resources, is pleased to provide an update in relation to the tentative approval of the Company's Notice of Intention to commence Large Mining Operations ("LMO") by the Utah Division of Oil, Gas and Mining ("DOGM").
Further to the announcement made by the Company on 18 December 2014 regarding an objection made by Living Rivers during the public consultation period of the LMO, TomCo is pleased to report that Living Rivers has today agreed to withdraw its protest against the approval of the Company's LMO. Living Rivers, DOGM and TomCo ("the Parties") have entered into a stipulation agreement dismissing without prejudice Living Rivers' protest of DOGM's tentative approval of the Company's LMO, which Living Rivers filed with DOGM on 19 November 2014. In summary, the Parties agree that Living Rivers will not oppose the granting of TomCo's LMO. In return TomCo will only progress with commercial-scale construction on its Holliday Block at such time as the results of Red Leaf Resources Inc's ("Red Leaf") nearby Early Production System ("EPS") capsule are available. TomCo will update shareholders as to timing for construction of Red Leaf's EPS capsule in due course.
Paul Rankine, CEO commented:
"We are delighted to reach an agreement with Living Rivers. This agreement addresses the key objection received during the public consultation period, a precursor to receiving the final LMO permit, which we expect to have granted during Q1 2015."
Enquiries:
For further information, please visit www.tomcoenergy.uk.comor contact:
TomCo Energy plc |
Tel: +44 20 7917 6822 |
Paul Rankine, CEO / Miikka Haromo, CFO |
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Shore Capital (Nomad & Broker) |
Tel: +44 20 7408 4090 |
Nominated Adviser |
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Pascal Keane / Edward Mansfield |
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Corporate Broking |
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Jerry Keen |
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Tavistock Communications (Financial PR & IR) Ed Portman / 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 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™ 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
