Last checked at 9 Feb 2015 07:00
9 February 2015
TomCo Energy plc
("TomCo" or the "Company")
Approval of Notice of Intention to Commence Large Mining Operations
TomCo Energy plc (AIM: TOM), the oil shale exploration and development company focused on using innovative technology to unlock unconventional hydrocarbon resources, is pleased to announce that further to the announcement made by the Company on 3 February 2015, the Utah Division of Oil, Gas and Mining ("DOGM") has approved TomCo's Notice of Intention to Commence Large Mining Operations ("LMO"). TomCo has agreed to only commence full-scale operations under the LMO at such time as the results of Red Leaf Resources Inc's nearby Early Production System capsule are available and must submit a reclamation surety to DOGM before beginning any mining operations. TomCo has now successfully secured the first of the three major permits necessary under Utah State law to take the Company's Holliday Block into production.
Paul Rankine, CEO commented:
"Receipt of this approval is an exciting milestone and a major step forward in the permitting process. We are working hard with the Utah State agencies and hope to receive our Ground Water Discharge Permit and Construction Permit soon. We remain committed to developing our Holliday Block."
Enquiries:
For further information, please visit www.tomcoenergy.uk.com or contact:
TomCo Energy plc | Tel: +44 20 7917 6822 |
Paul Rankine, CEO / Miikka Haromo, CFO
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Shore Capital (Nomad & Broker) | Tel: +44 20 7408 4090 |
Nominated Adviser | |
Pascal Keane / Edward Mansfield
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Corporate Broking | |
Jerry Keen | |
Tavistock Communications (Financial PR & IR) Ed Portman / Jos Simson | Tel: +44 20 7920 3150
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Notes to Editors:
TomCo Energy plc (AIM: TOM) is a London based, AIM-listed company, with substantial Oil Shale assets in Utah, USA.
TomCo holds a 100% interest in two Oil Shale leases, comprising 5 blocks covering 2,919 acres in Uintah County, Utah. Independent natural resources consultants SRK Consultants Ltd, part of the internationally recognised SRK Group, has declared a surface mineable JORC compliant Measured Resource of 126 million barrels on TomCo's 1,186 acre Holliday Block lease.
The Company has entered into a licence agreement with Red Leaf Resources Inc ("Red Leaf") for the use of their EcoShale™ In-Capsule Process, a proven and environmentally sensitive technology, to extract Oil from TomCo's leases.
Additionally, Red Leaf is planning a 9,800 bopd commercial operation at their Seep Ridge site, which lies about 15 miles SW of TomCo's Holliday Block lease.
Led by a highly experienced management team, 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 9,800 bopd.
Glossary:
bopd: barrels of oil per day
JORC Code: The mineral resource classification code devised by the Australasian Joint Ore Reserves Committee