Last checked at 22 Jun 2018 07:00
22 June 2018
TOMCO ENERGY PLC (AIM: TOM) ("TOMCO" OR THE "COMPANY")
Update on Holliday Block and Field Test
Approval of Notice of Intention to Conduct Exploration
Completion of plant survey
Letter of Support from SITLA
TomCo Energy plc, the oil shale exploration and development company focused on using innovative technology to unlock unconventional hydrocarbon resources, is pleased to provide an update on its Holliday Block and the forthcoming field test programme on the block of TurboShale Inc's RF technology (the "Field Test").
Following the Company's recent successful trip to Utah to finalise the Field Test, the Company is pleased to announce that the Utah Division of Oil, Gas and Mining ("DOGM") has approved TomCo's Notice of Intention to Conduct Exploration on the Holliday Block ("NOI") required to undertake the Field Test.
The Company recently commissioned Manzanita Botanical Consulting to conduct a Graham's Beardtongue (Penstemon grahamii) ("Penstemon") survey on the approximately 1-acre Field Test area. The survey conducted under the U.S. Fish and Wildlife Service rare plant monitoring protocols (USFWS 2011), was required to ascertain if any of these protected plants were growing in the Field Test area. During the application process for the large mining operations ("LMO"), Penstemon habitats were identified within the Holliday Block so a plan to relocate any found within a work area was agreed as part of the LMO approval. No Penstemon plants were found in the area and so no further action is required ahead of the Field Test.
The Company has also received a letter of support from The Utah School and Institutional Trust Lands Administration ("SITLA"). SITLA is the lessor of the Company's mineral leases. The letter states "SITLA is appreciative of TomCo's diligence in adhering to environmental stipulations, particularly the botanical requirements and the archaeological survey requirements. SITLA is supportive of the proposed technology being tested on these lands. Should the technology prove effective, SITLA stands to receive production royalties as per the terms and conditions of the mineral lease. The beneficiaries of these royalties are the public school children of the State of Utah."
TomCo now has received the regulatory permissions required to carry out the Field Test and looks forward to keeping shareholders updated.
Andrew Jones, Chairman commented: "I would like to thank the State of Utah's Division of Oil, Gas & Mining and The School and Institutional Trust Lands Administration for their continuing support of the Company ahead of the upcoming Field Test."
Enquiries:
TomCo Energy plc
Andrew Jones (Chairman) / John Potter (CEO) +44 (0)20 3823 3635
Strand Hanson Limited (Nominated Adviser)
James Harris / Richard Tulloch / James Dance +44 (0)20 7409 3494
SVS Securities plc (Broker)
Tom Curran / Ben Tadd +44 (0)20 3700 0093
Lionsgate Communications (Financial PR)
Jonathan Charles +44 (0)20 3697 1209
For further information, please visit www.tomcoenergy.uk.com
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 ("MAR").