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LONDON (Alliance News) - TomCo Energy PLC Friday said it has secured the final permits needed to develop the Holliday project in the US, but reiterated the project will not be fully developed until its partner's technology is ready in 2017.
The company also said it has completed the board reshuffle announced in May, which sees Andrew Jones take over as its new non-executive chairman.
The oil shale exploration and development company has been awarded a ground water discharge permit and a construction permit from the Utah Division of Water Quality, the final pieces of regulation needed to take the company's Holliday block into development and production.
However, the company reiterated it will only commence "full-scale development" of the project when its partner, Red Leaf Resources Inc, has finished developing its early production system.
Red Leaf Inc neighbours TomCo's Holliday project and is providing its technology to the company. The Early Production System is a capsule-using technology that allows companies to produce high-quality liquid transportation fuels from oil shale more economically and in more environmentally friendly ways.
Back in March, TomCo said Red Leaf was accelerating the commercial development of its Early Production System, but at the end of April, the company said Red Leaf had deferred the target date of completion until the second half of 2016 due to the low oil price environment.
But in May, TomCo said the system, which is being developed in partnership with Total SA, had been pushed back until 2017.
TomCo said as a result of the delay spending on the project would be minimal and has previously said it was still looking at merger and acquisition opportunities.
"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," said Chief Financial Officer Miika Haromo.
In a separate statement Friday, TomCo said it has also completed its board reshuffle it announced in May. Chairman Nicholas Bonsor and Chief Executive Paul Rankine have now left the board of directors, with Rankine staying on as a consultant whilst Andrew Jones and Simon Corney have today joined the board as non-executive chairman and non-executive director respectively.
Jones has previously founded and developed a number of companies within the media and technology sectors. He has a background in corporate finance and was proposed by Kenglo One, TomCo's largest shareholder.
TomCo shares were up 23% in early trade Friday, one of the best performers in the AIM All-Share.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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