Tomco Energy Regulatory News (TOM)

11 Dec 2007 11:05

TomCo Energy PLC11 December 2007 TomCo Energy Plc ("TomCo" or the "Company") TomCo (TOM.L) is pleased to announce an agreement with Mark III Energy HoldingsLLC, its 50 per cent. joint venture partner at the Abel leases on the Hull SaltDome oil field, Liberty County, Texas, and at the Saratoga leases on theSaratoga Salt Dome oil field, Hardin County, Texas. The agreement has theobjective of drilling up to six new production wells after a comprehensiveProduction Optimization Study has been completed. The study will build onprevious reports and studies and develop a better understanding of the oilbearing sands. The study will be used by the joint venture to generateeconomically attractive forward programmes to increase current oil productionfrom these leases. The Hull and Saratoga Salt Dome oil fields are located in East Texas wherenumerous similar oil fields have been developed over the last eighty years.These oil fields have characteristically had multiple oil bearing reservoirs andexcellent reservoir characteristics. TomCo has instructed GeoExperts, a Houston based Consultancy Company, to carryout the Production Optimization Study of the two leases, with an estimatedcompletion date in the First Quarter 2008. GeoExperts will also report on theviability of drilling a water disposal well which can be commercially exploitedwith other producers in the area in addition to joint venture use. Howard Crosby CEO said:"This programme, to increase our production at these two leases represents anopportunity to fully exploit these assets and cement our relationship with awell known fast growing local oil operator with whom we are also examining anumber of other potential oil propositions." This announcement has been read and approved by GeoExperts of Houston, Texas,USA an independent firm of Geologists. Enquiries: TomCo Energy Plc +44 (0)20 7808 4857Stephen Komlosy Strand Partners Ltd. +44 (0)20 7409 3494Warren Pearce Bankside Consultants Ltd. +44 (0)20 7367 8888Simon Rothschild This information is provided by RNS The company news service from the London Stock Exchange