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LMO Submitted

13 Jan 2014 07:00

RNS Number : 4408X
TomCo Energy PLC
13 January 2014
 



 

13 January 2014

TomCo Energy plc

("TomCo" or "the Company")

 

TomCo Submits Notice of Intention to Commence Large Mining Operations

24 month extension to term of Liquidity Facility

 

TomCo Energy plc (AIM: TOM), the oil shale exploration and development company focused on using innovative technology to unlock unconventional hydrocarbon resources, today announces that the Company has submitted a Notice of Intention to Commence Large Mining Operations to the Utah Division of Oil, Gas and Mining ("DOGM"). This is another important step to securing all the necessary permits required for commercial production.

DOGM will post all notices to do with the Company's application on DOGM's website (http://linux1.ogm.utah.gov/WebStuff/wwwroot/minerals/mineralsfilesbypermitinfo.php). While the precise timing is beyond TomCo's immediate control, it is envisaged that DOGM should publish its tentative decision to approve TomCo's Notice of Intention to Commence Large Mining Operations ("LMO") and request a 30-day public comment period around mid-2014, although it could be earlier. The timing of the final approval for TomCo to Commence LMO is dependent on the public comments received.

 

The Company is also pleased to report that work on its Groundwater Discharge Permit is progressing well and its submission to the Utah Division of Water Quality is anticipated to take place during the Q1 2014. Further updates on progress and developments will be announced in due course.

 

In addition to the above developments the Company is also pleased to announce that the term of the Liquidity Facility with Windsor Capital Partners Limited has been extended for a period of 24 months beyond the original expiry date of 24 January 2014. The other terms of the facility remain unchanged following the reinitiating of the facility, as announced, on 23 September 2013.

 

CEO Paul Rankine commented: "Following the recent positive news that our neighbours, Red Leaf Resources, have successfully secured their last major permit required to move the Seep Ridge project into full construction phase, I am pleased to report the submission of TomCo's Notice of Intention to Commence Large Mining Operations. Attention now turns to making sure our Groundwater Discharge Permit application meets the required standards before being submitted. The Company is working hard towards the goal of securing the relevant permitting and thereby hold the same approved legal documentation as Red Leaf Resources does now."

 

Enquiries:

 

For further information, please visit www.tomcoenergy.uk.comor contact:

 

TomCo Energy plc

Paul Rankine, CEO/Miikka Haromo, CFO

 

Tel: +44 20 7917 6822

Fox-Davies Capital Ltd (Nomad & Broker)

Simon Leathers/Jonathan Evans

 

Tel: +44 20 3463 5000

Tavistock Communications (Financial PR &IR)

Ed Portman/Conrad Harrington/Jos Simson

 

Tel: +44 20 7920 3150

 

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 the main tract of TomCo's 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

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCEAXFEFSALEFF
Date   Source Headline
18th Dec 20147:00 amRNSTentative approval received for additional permits
4th Dec 20143:26 pmRNSFinal Results
20th Oct 201411:14 amRNSTomCo receives tentative approval for LMO permit
17th Oct 20148:37 amRNSHolding(s) in Company
6th Oct 20149:25 amRNSHolding(s) in Company
26th Sep 20142:29 pmRNSDirector/PDMR Shareholding
26th Sep 20147:01 amRNSIssue of Equity
26th Sep 20147:00 amRNSChange of Adviser
11th Sep 20147:00 amRNSPermitting Update
27th May 20142:27 pmRNSHalf Yearly Report
12th May 20144:35 pmRNSPrice Monitoring Extension
24th Apr 20141:15 pmRNSResult of AGM
9th Apr 20147:00 amRNSSeep Ridge Update
24th Mar 20147:00 amRNSNotice of AGM
17th Feb 20147:00 amRNSTomCo Submits GWDP Application
12th Feb 20144:40 pmRNSSecond Price Monitoring Extn
12th Feb 20144:35 pmRNSPrice Monitoring Extension
13th Jan 20147:00 amRNSLMO Submitted
9th Jan 20144:40 pmRNSSecond Price Monitoring Extn
9th Jan 20144:35 pmRNSPrice Monitoring Extension
27th Dec 20134:40 pmRNSSecond Price Monitoring Extn
27th Dec 20134:35 pmRNSPrice Monitoring Extension
23rd Dec 20137:00 amRNSRLR Receives Groundwater Discharge Permit
5th Dec 20134:40 pmRNSSecond Price Monitoring Extn
5th Dec 20134:35 pmRNSPrice Monitoring Extension
13th Nov 20137:00 amRNSFinal Results
23rd Sep 20137:00 amRNSReinitiating Liquidity Facility
11th Sep 20137:00 amRNSTrading Update
10th Sep 20134:35 pmRNSPrice Monitoring Extension
13th Aug 201310:00 amRNSStmnt re Share Price Movement
28th May 201311:45 amRNSSuspension of Liquidity Facility Agreement
10th May 20137:00 amRNSHalf Yearly Report
10th Apr 20137:00 amRNSChange of Adviser
27th Mar 20137:11 amRNSTrading Update
21st Mar 20137:00 amRNSNotice of AGM
21st Mar 20137:00 amRNSAnnual Financial Report
12th Mar 201311:27 amRNSHolding(s) in Company
12th Mar 201311:22 amRNSHolding(s) in Company
12th Mar 20137:10 amRNSHolding(s) in Company
7th Mar 20133:35 pmRNSREPLACEMENT Issue of Equity
7th Mar 20137:00 amRNSIssue of Equity
5th Mar 20133:27 pmRNSStmnt re Share Price Movement
28th Jan 20137:00 amRNSAppointment of Joint Broker / Liquidity Facility
15th Jan 20138:31 amRNSHolding(s) in Company
28th Dec 20128:20 amRNSTrading Update
23rd Oct 20127:00 amRNSTrading Update
8th Aug 20122:27 pmRNSDirector dealing
2nd Aug 20122:35 pmRNSChange of website address
11th Jul 20124:37 pmRNSBoard Update
6th Jul 20121:00 pmRNSCompany update

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