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LONDON (Alliance News) - Exploration and development company TomCo Energy PLC on Monday said a review of two leases in Utah found a best estimate contingent resource of 131.3 million barrels or oil.
Shares in TomCo were up 20% at 4.08 pence on Monday morning.
The two oil shale leases, ML49570 and ML49571, are located in Utah with TomCo holding a 100% working interest in both. Alongside the contingent resource, the blocks also have a best estimate prospective resource of 442.8 million barrels across the leases.
The resource estimate was prepared in accordance with Petroleum Resources Management System guidelines and definitions for the first time, with previous estimates based on JORC standards.
The 2012 JORC estimate for lease ML49571 only was 138 million barrels of measured and inferred oil.
The broadly comparable 2012 estimate for ML 49571 under PRMS was 153.2 million barrels, consisting of a best estimate contingent resource of 61.9 million barrels and a prospective resource of 91.3 million barrels.
"The increased estimate is due largely to the inclusion, as Prospective Resources, of deeper oil shales, thinner oil shale zones, and differences in the anticipated retorting and oil recovery efficiency," said TomCo.
"In addition, a significant contingent resource of nearly 70 [million barrels of oil] has been assessed for Area 1 of lease ML49570, which was not considered in the 2012 estimate due to depth of the oil shales below surface. This lease is also thought to hold potential prospective resources of 350 [million barrels] of oil, in untested areas based on regional data trends."
The Holliday A block, where the field test will take place, has contingent resources of 57.3 million barrels of oil and a prospective resource of 84.7 million barrels.