Last checked at 19 Sep 2017 07:00
19 September 2017
TomCo Energy plc (AIM: TOM)
("TomCo" or the "Company")
TurboShale Update
TomCo Energy plc provides the following update in respect of TurboShale Inc. ("TurboShale"), the oil shale technology company set up by TomCo to seek to develop and commercialise a new propriety technology for processing oil shale through a frame work agreement with JR Technologies LLC ("JRT") and Venture Development Partners Ltd.
Pursuant to the Patent Purchase and Development Agreement, announced on 2 June 2017, JRT has agreed to waive the final condition, being the completion of the initial fundraise by TurboShale, to the transfer of its patent US7891421 B2 Method and Apparatus for In-Situ Radiofrequency Heating (US Application 62/017/408) and patent application US2015/035433 A1 Subsurface Multiple Antenna Radiation Technology (SMART) to TurboShale. Accordingly, the patents have now been transferred to TurboShale, representing an integral step in TurboShale's development programme.
TurboShale has commenced preliminary lab work on the project, including preparing provisional patent filings in respect of the TurboShale process. TurboShale also continues to be engaged in discussions regarding securing the requisite funding.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 ("MAR").
Enquiries:
For further information, please visit www.tomcoenergy.uk.com or contact:
TomCo Energy plc +44 (0)20 3823 3635
Andrew Jones (Chairman) andrew@tomcoenergy.uk.com
Chris Brown (CEO) chris@tomcoenergy.uk.com
Strand Hanson Limited (Nominated Adviser)
James Harris / Richard Tulloch +44 (0)20 7409 3494
SVS Securities plc (Broker)
Tom Curran / Ben Tadd +44 (0)20 3700 0093
Tavistock Communications (Financial PR)
Jos Simson / Niall Walsh +44 (0)7920 3150
Notes to Editors:
TomCo Energy Plc (AIM: TOM) is a London based, AIM-quoted 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 to extract Oil from TomCo's leases.
In addition, TomCo has incorporated a new Utah-based subsidiary company named TurboShale Inc. ("TurboShale"). TurboShale will seek to develop and commercialise a new propriety technology for processing oil shale through a frame work agreement with JR Technologies LLC and Venture Development Partners Ltd. In addition to the provision of management and administrative services by TomCo, TurboShale's executive and technology team shall comprise of Andrew Jones and Chris Brown of TomCo, Ray Kasevich and Jeb Rong of Massachusetts-based JR Technologies LLC and Graeme Hossie of UK-based Venture Development Partners Ltd.