TomCo Energy PLC Update on Timing (4072N)
18 May 2015 - 4:01PM
UK Regulatory
TIDMTOM
RNS Number : 4072N
TomCo Energy PLC
18 May 2015
18 May 2015
TomCo Energy plc
("TomCo" or the "Company")
Update on Timing
TomCo Energy plc (AIM: TOM) today announces that further to the
announcement of 27 March 2015 Questerre Energy Corporation
("Questerre") has released an update as to the timing of the
Company's technology provider Red Leaf Resources Inc. ("Red Leaf")
construction of its Early Production System ("EPS") capsule.
Questerre's announcement, which can be seen at
http://www.questerre.com/en/newsroom/press-releases/2015/questerre-implements-focused-capital-program-for-2015/contained
the following information:
Highlights
-- Red Leaf and Total to defer capsule construction to 2017 and
advance optimization of capsule design for commercial development
in the interim
Michael Binnion, President and Chief Executive Officer,
commented... "The timeline for first oil from the EcoShale capsule
being built by Red Leaf and Total has been set back, likely by two
years. The joint venture plans to use this delay to incorporate
upgrades in the design. It is anticipated this work could reduce
the EcoShale production costs during full commercial development to
the US$30/bbl to US$40/bbl as originally estimated by Red
Leaf."
TomCo will only progress with commercial-scale construction on
its Holliday Block at such time as the results of Red Leaf's nearby
EPS capsule are available.
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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