Tentative approval received for additional permits

RNS Number : 1071A

TomCo Energy PLC

18 December 2014

 



18 December 2014

TomCo Energy plc

("TomCo" or the "Company")

TomCo receives tentative approval for additional permits

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 17 February 2014, the Company's Ground Water Discharge Permit ("GWDP") and Construction Permit ("CP") have been tentatively approved by the Utah Division of Water Quality ("DWQ"). 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.

The public consultation period that ends at the close of business in Utah on 30 January 2015 is required before DWQ can grant final approval. The timing of the final approval and the final approval itself are dependent on the public consultation.

DWQ will post all notices concerning the Company's GWDP and CP applications on its website:

http://www.waterquality.utah.gov/PublicNotices/index.htm#gwp

Following on from the public consultation on the Utah Division of Oil, Gas and Mining ("DOGM")tentative approval of the Company's Notice of Intention to Commence Large Mining Operations ("LMO"), DOGM is holding an informal hearing in January 2015 to deal with Living Rivers objection.

Paul Rankine, CEO commented:

"We are delighted by the news that our GWDP and CP were tentatively approved by DWQ. 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 GWDP and CP from DWQ."

Enquiries:

For further information, please visit www.tomcoenergy.uk.comor contact:

TomCo Energy plc	Tel: [phone]
Paul Rankine, CEO / Miikka Haromo, CFO
Shore Capital (Nomad & Broker)	Tel: [phone]
Nominated Adviser
Pascal Keane / Edward Mansfield
Corporate Broking
Jerry Keen
Tavistock Communications (Financial PR & IR) Ed Portman / 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 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

 

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