Suspension of Liquidity Facility Agreement

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: [phone]
Fox-Davies Capital Ltd (Nomad and Broker)
Susan Walker/Richard Hail	Tel: [phone]
Tavistock Communications (Financial PR &IR) Ed Portman/Conrad Harrington/Jos Simson	Tel: [phone]

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

 

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