18 May 2015
TomCo Energy plc
("TomCo" or the "Company")
Update on Timing
TomCo Energy plc (AIM: TOM) today announces that further to the announcement of 27 March 2015 Questerre Energy Corporation ("Questerre") has released an update as to the timing of the Company's technology provider Red Leaf Resources Inc. ("Red Leaf") construction of its Early Production System ("EPS") capsule.
Questerre's announcement, which can be seen at http://www.questerre.com/en/newsroom/press-releases/2015/questerre-implements-focused-capital-program-for-2015/contained the following information:
Highlights
· Red Leaf and Total to defer capsule construction to 2017 and advance optimization of capsule design for commercial development in the interim
Michael Binnion, President and Chief Executive Officer, commented… "The timeline for first oil from the EcoShale capsule being built by Red Leaf and Total has been set back, likely by two years. The joint venture plans to use this delay to incorporate upgrades in the design. It is anticipated this work could reduce the EcoShale production costs during full commercial development to the US$30/bbl to US$40/bbl as originally estimated by Red Leaf."
TomCo will only progress with commercial-scale construction on its Holliday Block at such time as the results of Red Leaf's nearby EPS capsule are available.
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
