17 July 2015
TomCo Energy plc
("TomCo" or the "Company")
Holliday Block Fully Permitted
Approval of Ground Water Discharge Permit and Construction 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 announce that further to the statement made by the Company on 5 February 2015, the Utah Division of Water Quality ("DWQ") has issued TomCo with a Ground Water Discharge Permit ("GWDP") and a Construction Permit ("CP"). After successfully securing its Large Mining Operation permit from the Utah Division of Oil, Gas & Mining in February 2015, TomCo has now received all necessary major permits from the various Utah State departments to take the Company's Holliday Block into development and production.
TomCo has agreed with environmental group Living Rivers only to commence full-scale development of its Holliday Block at such time as the result of Red Leaf Resources Inc's ("Red Leaf") nearby Early Production System capsule is known.
Miikka Haromo, CFO commented:
"The approval of the Ground Water Discharge Permit and the Construction Permit is a major milestone for TomCo, as we now have the same major Utah State permits currently held by Red Leaf. This paves the way for our Holliday Block to move into full development. We now eagerly wait for the results of Red Leaf's nearby Early Production System capsule."
Enquiries:
For further information, please visit www.tomcoenergy.uk.com or contact:
TomCo Energy plc |
Tel: +44 20 7917 6822 |
Miikka Haromo, CFO |
|
Shore Capital (Nomad & Broker) |
Tel: +44 20 7408 4090 |
Nominated Adviser |
|
Pascal Keane / Edward Mansfield |
|
Corporate Broking |
|
Jerry Keen |
|
|
|
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
