Trading Update

RNS Number : 6826N

TomCo Energy PLC

11 September 2013

 

11 September 2013

TomCo Energy plc

("TomCo" or "the Company")

Trading Update

TomCo Energy plc (AIM: TOM), the oil shale exploration and development company focused on using innovative technology to unlock unconventional hydrocarbon resources in the United States, today announces that as part of work required by the Utah Division of Water Quality to issue it a ground water discharge permit, it has commenced drilling activities on its Holliday Block to appraise the water quality, quality of any aquifers and the permeability of rock below surface of the Holliday lease area. Utah State law requires that any facility that discharges or may potentially discharge pollutants to ground water must have an approved Groundwater Discharge Permit from the Utah Division of Water Quality. Drilling activities are expected to take approximately a month to complete, with the results of water quality and permeability testing expected by year end.

TomCo is also pleased to report that it has been granted a Small Mine Permit by the Utah Division of Oil, Gas and Mining to carry out trial mining next year. In addition, work on its Large Mine Permit application is progressing well, with its submission to the Utah Division of Oil, Gas and Mining expected before year end.

This is another important step to securing all necessary permits required for commercial production.

Further updates on progress and developments will be announced in due course.

CEO Paul Rankine commented: "Since our equity placing in March, we have been actively advancing towards our goal of obtaining all the relevant permitting required by Utah State law. The Company is working closely with the Utah Division of Water Quality and the Utah Division of Oil, Gas and Mining to ensure our Groundwater Discharge Permit and Large Mine Permit applications meet the required standards and are issued without delay. Once these two key permits have been granted, TomCo will be well placed to continue development efforts and will have the same approved legal documentation as Red Leaf Resources does now."

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/Simon Leathers	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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