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Suspension of Liquidity Facility Agreement

28 May 2013 11:45

RNS Number : 6857F
TomCo Energy PLC
28 May 2013
 



 

28 May 2013

TomCo Energy Plc

("TomCo" or "the Company")

 

Suspension of Liquidity Facility Agreement

 

TomCo Energy Plc (AIM: TOM), the oil shale exploration and development company focused on using innovative technology to unlock unconventional hydrocarbon resources, announces that, following discussions with certain of its shareholders, TomCo has agreed with Windsor Capital Partners Limited that they will suspend the operation of the Liquidity Facility Agreement (the "Facility") with immediate effect.

 

The Facility may be reinitiated on mutual consent of the parties. The Company will provide a further update should this occur.

 

Enquiries:

 

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

 

TomCo Energy Plc

Paul Rankine, CEO/Miikka Haromo, CFO

 

Tel: +44 20 7766 0070

Fox-Davies Capital Ltd (Nomad and Broker)

Susan Walker/Richard Hail

 

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
 
 
MSCPGUMWAUPWGUR
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29th Jun 20233:11 pmRNSHolding(s) in Company
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24th May 202312:30 pmRNSHolding(s) in Company
16th May 20232:34 pmRNSPartial Conversion of Convertible Loan Note
2nd May 20231:38 pmRNSUpdate re TSHII
28th Apr 20236:02 pmRNSHolding(s) in Company
28th Apr 20232:04 pmRNSHolding(s) in Company
28th Apr 20239:47 amRNSHolding(s) in Company
25th Apr 20232:44 pmRNSHolding(s) in Company
24th Apr 20237:00 amRNSDrawdown of initial Convertible Loan Note Facility
6th Apr 20231:30 pmRNSResults for the year ended 30 September 2022
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3rd Apr 20237:00 amRNSSuspension of trading on AIM pending 2022 Accounts
30th Mar 20237:00 amRNSConvertible Loan Note Facility
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