Result of AGM and progress update

RNS Number : 1718C

TomCo Energy PLC

26 April 2012

 



26 April 2012

TomCo Energy Plc

("TomCo" or "the Company")

Result of Annual General Meeting

TomCo (AIM:TOM.L), is pleased to announce that all resolutions put to shareholders at the Company's Annual General Meeting held today were duly passed.

At the meeting Sir Nicholas Bonsor, Chairman of TomCo Energy, commented on the significant progress that the Company has made. TomCo's immediate focus is on continuing the progress towards production at our Holliday Block. The Company continues to make good progress with the pre-development work and has completed a significant number of studies, with several more identified to complete the pre-development programme for the Holliday Block. TomCo also welcomes the recent progress at its licence partner Red Leaf Resources Inc ("Red Leaf"), which has now secured the funding required to fully develop its Seep Ridge project. The board's intention is that TomCo will continue to follow Red Leaf in our development work in order to benefit from the experience that will be gained in its pioneering deployment of the EcoShale process. In parallel to our technical and regulatory work therefore, we will continue to consider the Company's funding options, which inevitably include equity, debt and farm-in funding. TomCo's own progress will remain, to a significant extent, dependent on that at Red Leaf and therefore, whilst the timing is not entirely within our control, we anticipate that TomCo is unlikely to require its full Holliday Block development funding prior to 2014. In the near term the board will continue to consider the Company's funding position and it will look to raise equity or alternative means of finance as it deems appropriate.

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

Contact:
Sir Nicolas Bonsor, Chairman Paul Rankine, Interim CEO	TomCo	020 7766 0078
Nomad and Broker
Alastair Stratton / Oliver Cardigan (Nomad) James Black (Broker)	Numis Securities	0207 260 1000
Financial PR
Josh Royston/Richard Gotla	Newgate Threadneedle	020 7653 9840

Notes to Editors:

TomCo Energy Plc owns oil shale leases covering approximately 3,000 acres in the Green River Shale Formation, Uinta County, Utah in 4 separate tracts. SRK Consultants Ltd has declared a surface mineable JORC compliant Indicated Resource of 123 million barrels on the main tract of TomCo's Holliday Block lease.

TomCo has entered into a Licence with Red Leaf Resources Inc (Red Leaf), which owns the EcoShale^TM In-Capsule Process (EcoShale), to use this unique and environmentally sensitive technology to extract oil from TomCo's leases. Red Leaf is planning a 9,500 bopd commercial operation at their Seep Ridge site, which lies about 15 miles SW of TomCo's Holliday Block lease.

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 9,500 bopd.

Glossary:

bopd: barrels of oil per day

JORC Code: The mineral resource classification code devised by the Australasian Joint Ore Reserves Committee

 

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