Last checked at 8 Jul 2016 07:00
8th July, 2016
TomCo Energy plc (AIM: TOM )
("TomCo" or the "Company")
Extension of Construction Permit Related toGround Water Discharge Permit UGW 470003, Holiday Block Project
Further to the announcement made by TomCo on 17th July 2015, the Company is pleased to announce today that Utah's Division of Water Quality ("DWQ") has approved TomCo's extension request to its Construction Permit which, itself, is related to the Company's Ground Water Discharge Permit ("GWDP",'UGW 47003') that was approved by the DWQ on 16th July 2015.
The Company's Construction Permit has been extended to 15th July 2020 and, therefore, is now on the same term as its GWDP which is five years from the date of issuance.
Andrew Jones, Chairman of TomCo, said "This long term extension is excellent news for TomCo. The Company is well placed to monitor progress and await further developments from its technology partner Red Leaf including its joint venture with TOTAL and Red Leaf's Early Production Stage Capsule, whilst we develop our new palm oil division and concentrate on producing cash flows in the near-term. We thank the DWQ for their continued support."
Enquiries:
For further information, please visit www.tomcoenergy.uk.com or contact:
TomCo Energy plc |
|
Telephone +44 (0) 20 3823 3635 |
|
|
|
Chris Brown (CEO) | chris@tomcoenergy.uk.com |
Andrew Jones (Chairman) | andrew@tomcoenergy.uk.com |
|
|
|
|
SP Angel Corporate Finance LLP (Nomad & Broker) | |
Telephone +44 (0) 20 3470 0470 | |
| |
Stuart Gledhill |
|
Richard Hail |
|
|
|
Tavistock Communications (Financial PR) | |
Telephone +44 (0) 20 7920 3150 | |
|
|
Ed Portman/Jos Simson | eportman@tavistock.co.uk |
Notes to Editors:
TomCo Energy plc (AIM: TOM) is an 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, an environmentally sensitive technology, to extract Oil from TomCo's leases.
Additionally, Red Leaf is planning a 30,000 bopd commercial operation at their Seep Ridge site, which lies about 15 miles SW of TomCo's Holliday Block lease.
TomCo has recently completed due diligence work on a new palm oil milling project located in the Makeni oil palm belt in Sierra Leone. As part of the due diligence process, TomCo engaged an independent palm oil expert, Stuart Honeysett from Astratec Africa Limited, to help select a site, and examine the economics of building a 1tph FFB plant at Makarie, 10km west of Makeni, with the capability of expanding this plant to 2tph to take advantage of the abundance of nearby plantations in the area surrounding Makarie, provided the economics of the expansion are sufficiently attractive.
TomCo is currently reviewing debt and equity financing options, to fund the initial 1tpa FFB processing plant and to provide further working capital for the Company.
Glossary:bopd: barrels of oil per day
JORC Code: The mineral resource classification code devised by the Australasian Joint Ore Reserves Committee
Note: This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation.
-ENDS-