Exercise of Warrants

RNS Number : 7960V
TomCo Energy PLC
18 January 2012
 



18 January 2012

TomCo Energy Plc

("TomCo" or "the Company")

 

Exercise of Warrants

The Company announces that, following the exercise of warrants, application has been made for the admission of 17,000,000 ordinary shares of 0.5p each in the Company ("New Ordinary Shares") to be admitted to trading on AIM. The New Ordinary Shares will rank pari passu with the existing ordinary shares and it is expected that admission will occur at 8.00 a.m. on the 24th January 2012. The proceeds from the warrant exercise are £255,000, which have been received by the Company.

Following admission of the New Ordinary Shares, the total number of voting rights in the Company's ordinary shares will be 1,445,816,502.

 

Contact:


                       

 

Stephen Komlosy, CEO

TomCo

020 7766 0078




Nomad and Broker



Alastair Stratton / Oliver Cardigan (Nomad)

James Black (Broker)

Numis Securities

0207  260 1000




Financial PR



Laurence Read/Richard Gotla

Threadneedle Communications

020 7653 9855 

 

Notes to Editors:

TomCo Energy Plc owns oil shale leases covering approximately 3,000 acres in the Green River Shale Formation, Uinta County, Utah. The leases have been independently estimated by SRK Consultants Ltd to hold up to 230 million barrels of potentially recoverable oil in 4 separate tracts. Around 123 million barrels of this resource lie on the main tract of Holliday Block lease, and have now been classified as an Indicated Resource under the JORC Code.

 

TomCo has entered into a License with Red Leaf Resources Inc (Red Leaf), which owns the EcoShaleTM 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 EcoShaleTM 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.


This information is provided by RNS
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