Trading Update

RNS Number : 9777A

TomCo Energy PLC

27 March 2013

 



27 March 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, today announces an update in relation to its Holliday Block, Utah in the United States.

TomCo has previously reported that it was working on providing SRK Consulting (UK) Limited ("SRK") with the required technical reports to enable the Company's JORC compliant Resource to be upgraded to a JORC compliant Ore Reserve by the end of the first quarter of 2013.

The Company continues to wait for Red Leaf Resources Inc ("Red Leaf") to supply its updated capital and operating costs for the EcoShale™ process that incorporates all the improvements made by the Total/Red Leaf joint venture management team. Accordingly, until these updated capital and operating costs are received, the Board cannot provide an accurate estimate on when the JORC compliant Ore Reserve will be published. However, the Board is confident that Red Leaf is close to completing its review of capital and operating costs.

CEO Paul Rankine commented: "While we remain beholden to receiving updated cost projections from Red Leaf, the process to upgrade to a JORC compliant Ore Reserve is a priority for the management team and we anticipate to updating the market on this again in the short term."

Enquiries:
TomCo Energy Plc
Paul Rankine, CEO	[phone]
Numis Securities Limited
Nomad and Joint Broker
Alastair Stratton / Oliver Cardigan (Nomad) James Black (Broker)	[phone]
Fox-Davies Capital Limited Joint Broker Daniel Fox-Davies, Richard Hail	[phone]
Tavistock Communications
Financial PR & IR
Ed Portman/Conrad Harrington/Jos Simson	[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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