Tomco Energy Regulatory News (TOM)

21 Mar 2007 15:26

TomCo Energy PLC21 March 2007 TomCo Energy Plc ('TomCo' or 'the Company') Annual General Meeting Statement Following the Annual General Meeting ("AGM") held today, the Board of TomCo ispleased to announce that all the resolutions set out in the notice of meetingwere duly proposed to shareholders and passed without exception. Stephen Komlosy, Chairman of TomCo Energy Plc, said at the AGM: "On 16 January 2007 Netcentric Systems Plc completed the reverse acquisition ofthe Oil Mining Company Inc., changing its name to TomCo Energy Plc andsimultaneously readmitting its shares on AIM. Following the transaction, TomCoowns leases on approximately 3,000 acres of oil shale in Utah, USA which SRK (anindependent firm of mining consultants) estimates to potentially contain some230 million barrels of oil. US oil shale is not yet being commercially exploited but your Board is confidentthat increased commercial and strategic pressures and demand for oil will leadthis situation to change in the coming years creating an oil shale industry,similar to that of Canada's oil sands. The Company's current strategy is to hold the oil shale assets in reserve, andto create alongside it an investment portfolio of proven and producing oil wellsin the USA. Following the acquisition, TomCo has already acquired a 40 percent. interest in a working oil well in Witchita County, Texas and a 20 percent. interest in five proven undeveloped wells in Tennessee. Your Board isconfident in its ability to source further deals in order to swiftly broaden itsportfolio. At the time of the acquisition and accompanying fund raising, John Ryan wasappointed to the Board of the Company. This followed the appointment of HowardCrosby, as Chief Executive Officer, in March 2006. John and Howard havepreviously worked together in several successful resource business ventures,including Cadence Resources Inc., an oil and gas company whose marketcapitalisation grew from less than $1 million to $450 million under theirdirection" This information is provided by RNS The company news service from the London Stock Exchange