Last checked at 20 Oct 2014 11:14
20 October 2014
TomCo Energy plc
("TomCo" or the "Company")
TomCo receives tentative approval for LMO permit
TomCo Energy plc (AIM: TOM), the oil shale exploration and development company focused on using innovative technology to unlock unconventional hydrocarbon resources, is pleased to report that further to the announcement on 13 January 2014, the Company's Notice of Intention to Commence Large Mining Operations ("LMO") has been tentatively approved by the Utah Division of Oil, Gas and Mining ("DOGM"). The approval is another important step in the environmental permitting process and a requirement under Utah State law to take the Company's Holliday Project into commercial production.
A 30-day public consultation period begins from the date of publication before DOGM can grant final approval. The timing of the final approval and the final approval itself are dependent on the public consultation.
DOGM will post all notices concerning the Company's LMO application on its website:
http://linux1.ogm.utah.gov/WebStuff/wwwroot/minerals/mineralsfilesbypermit.php?M0470120
Paul Rankine, CEO commented:
"We are delighted by the news that our LMO permit was tentatively approved by DOGM. We have successfully reached the first major milestone in the environmental permitting approval process and we remain confident that final approval will be granted shortly after the public consultation period has ended. We are confident of a positive outcome given the precedent created by Red Leaf Resources receiving its LMO permit from DOGM."
Enquiries:
For further information, please visit www.tomcoenergy.uk.comor contact:
TomCo Energy plc | Tel: +44 20 7917 6822 |
Paul Rankine, CEO / Miikka Haromo, CFO
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Shore Capital (Nomad & Broker) | Tel: +44 20 7408 4090 |
Nominated Adviser | |
Pascal Keane / Edward Mansfield
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Corporate Broking | |
Jerry Keen | |
Tavistock Communications (Financial PR & IR) Ed Portman / Jos Simson | Tel: +44 20 7920 3150
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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 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, 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