TomCo Energy PLC Living Rivers withdraws its objection to permit (8403D)
03 February 2015 - 6:01PM
UK Regulatory
TIDMTOM
RNS Number : 8403D
TomCo Energy PLC
03 February 2015
3 February 2015
TomCo Energy plc
("TomCo" or the "Company")
Living Rivers agrees to withdraw its objection to TomCo's LMO
permit
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 provide
an update in relation to the tentative approval of the Company's
Notice of Intention to commence Large Mining Operations ("LMO") by
the Utah Division of Oil, Gas and Mining ("DOGM").
Further to the announcement made by the Company on 18 December
2014 regarding an objection made by Living Rivers during the public
consultation period of the LMO, TomCo is pleased to report that
Living Rivers has today agreed to withdraw its protest against the
approval of the Company's LMO. Living Rivers, DOGM and TomCo ("the
Parties") have entered into a stipulation agreement dismissing
without prejudice Living Rivers' protest of DOGM's tentative
approval of the Company's LMO, which Living Rivers filed with DOGM
on 19 November 2014. In summary, the Parties agree that Living
Rivers will not oppose the granting of TomCo's LMO. In return TomCo
will only progress with commercial-scale construction on its
Holliday Block at such time as the results of Red Leaf Resources
Inc's ("Red Leaf") nearby Early Production System ("EPS") capsule
are available. TomCo will update shareholders as to timing for
construction of Red Leaf's EPS capsule in due course.
Paul Rankine, CEO commented:
"We are delighted to reach an agreement with Living Rivers. This
agreement addresses the key objection received during the public
consultation period, a precursor to receiving the final LMO permit,
which we expect to have granted during Q1 2015."
Enquiries:
For further information, please visit www.tomcoenergy.uk.comor
contact:
TomCo Energy plc Tel: +44 20 7917
6822
Paul Rankine, CEO / Miikka Haromo, CFO
Shore Capital (Nomad & Broker) Tel: +44 20 7408
4090
Nominated Adviser
Pascal Keane / Edward Mansfield
Corporate Broking
Jerry Keen
Tavistock Communications (Financial PR Tel: +44 20 7920
& IR) 3150
Ed Portman / Jos Simson
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(TM)
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(TM) 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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