LONDON (Alliance News) - TomCo Energy PLC Tuesday said it managed to secure all the required permits during 2015 that are needed to bring its Holliday project in the US into production, but the company is still waiting for its partners to finish developing its early production system.
The shale exploration and development company said its pretax loss remained broadly flat in 2015, amounting to GBP716,000 compared to the GBP732,000 loss booked the year before as administrative costs were slightly lower in the year.
The company is solely focused on the Holliday project in Utah, but is waiting for its partner, Red Leaf Resources Inc, to finish developing its early production system, which has faced numerous delays.
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.
The system is being developed in partnership with Total SA, but it is not expected to be ready until 2017.
TomCo said it focused on keeping its leases in good standing and obtaining all necessary permits for the Holliday project in 2015, securing the large mining operation permit, the ground water discharge permit and the construction permit - providing all the required permits needed to bring the Holliday block into production once the early production system is ready.
TomCo shares were down 15% to 0.119 pence per share on Tuesday afternoon.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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Tomco Energy (TOM)