Last checked at 23 Dec 2013 07:00
23 December 2013
TomCo Energy plc
("TomCo" or "the Company")
Red Leaf Resources Receives Groundwater Discharge Permit
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 Utah Division of Water Quality has issued Red Leaf Resources Inc. ("Red Leaf") a Groundwater Discharge Permit, which Red Leaf sought despite not producing any discharge water.
The Utah Division of Oil, Gas and Mining has already approved its Notice of Intention to Commence Large Mining Operations at Red Leaf's Seep Ridge project, conditional upon securing a Groundwater Discharge Permit, which means that Red Leaf now has all the major permits in place to move forward with construction of its commercial demonstration project.
CEO Paul Rankine commented: "We are very excited by this development that will enable our neighbours, Red Leaf Resources, to move into the full construction phase of their commercial demonstration project and we see it as a strong endorsement of State support for the Seep Ridge project and the EcoShale™ In-Capsule Process. TomCo intends to closely follow Red Leaf's precedent, with TomCo's Notice of Intention to Commence Large Mining Operations and Groundwater Discharge Permit applications expected to be submitted in early 2014, and we believe the Company is well positioned to progress and obtain all remaining relevant permitting required by Utah State law to move our Holiday Block into commercial production."
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