Last checked at 27 Aug 2008 13:00
TomCo Energy Plc
"TomCo" or the "Company")
Disposal
TomCo (AIM: TOM) is today pleased to announce the sale of its 50 per cent. interest in the Abel and Saratoga leases, located in South Texas, to Lance Duncan, the owner of Mark III Energy Inc., TomCo's lease partner at the Abel and Saratoga lease sites, for US$550,000 in cash. The bill of sale for this transaction was entered into on 22 August 2008, with a retrospective effective date of 1 May 2008. Average monthly net income to TomCo, over the six months to 30 April 2008 from these assets, amounted to US$6,864 per month.
Although TomCo remains keen to expand its investment in USA oil assets over the medium term, this transaction will allow the Company to deploy the US$550,000 consideration received in our productive Heletz Kokav-Brur oil fields in Israel ("Heletz").
Howard Crosby, CEO of TomCo, commented:
"We are pleased with the value we have received for this sale and are delighted to be able to redeploy the US$550,000 consideration in the development of the production and work-overs at Heletz, particularly as the rapid development of our exciting Israeli assets are our prime focus for the next few months."
Enquiries:
| TomCo Energy Plc Howard Crosby | +44 (0)20 7808 4857 |
| Strand Partners Limited Simon Raggett Stuart Faulkner | +44 (0)20 7409 3494 |
| Bankside Consultants Ltd. Simon Rothschild | +44 (0)20 7367 8888 |