An I have read more old RNS and this one really sticks out 1.5 billion barrels
The Company is also pleased to announce that it has secured seven additional mineral leases from their current holder, subject to their transfer to the Group being approved by The Utah School and Institutional Trust Lands Administration ("SITLA"). The leases cover approximately 12,500 acres in aggregate with approximately 1.5bn barrels of oil in place (as measured by the United States Geological Society). These leases are located within the Uintah Basin, in the same Green River formation as the Company's other two leases, in Utah. There will be minimal ongoing costs in respect of these additional leases.
TomCo Energy Plc owns oil shale leases covering approximately 3,000 acres in the Green River Shale Formation, Uinta County, Utah in 4 separate tracts. SRK Consultants Ltd has declared a surface mineable JORC compliant Indicated Resource of 123 million barrels on the main tract of TomCo's Holliday Block lease.
TomCo has entered into a Licence with Red Leaf Resources Inc (Red Leaf), which owns the EcoShale(TM) In-Capsule Process (EcoShale), to use this unique and environmentally sensitive technology to extract oil from TomCo's leases. Red Leaf is planning a 9,500 bopd commercial operation at their Seep Ridge site, which lies about 15 miles SW of TomCo's Holliday Block lease.
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 9,500 bopd.
My thoughts on the funder is Valkor as they sold off assets recently so have the cash but if it is then thy have played a blinder. Taking the best that Tomco ever got involved in.
The bigger question is have we anything left to hold onto.
Bugger I hope we don't waste more money and time on the RF route