TomCo Energy PLC TomCo receives tentative approval for LMO permit (7487U)
October 20 2014 - 5:14AM
UK Regulatory
TIDMTOM
RNS Number : 7487U
TomCo Energy PLC
20 October 2014
20 October 2014
TomCo Energy plc
("TomCo" or the "Company")
TomCo receives tentative approval for 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 report
that further to the announcement on 13 January 2014, the Company's
Notice of Intention to Commence Large Mining Operations ("LMO") has
been tentatively approved by the Utah Division of Oil, Gas and
Mining ("DOGM"). The approval is another important step in the
environmental permitting process and a requirement under Utah State
law to take the Company's Holliday Project into commercial
production.
A 30-day public consultation period begins from the date of
publication before DOGM can grant final approval. The timing of the
final approval and the final approval itself are dependent on the
public consultation.
DOGM will post all notices concerning the Company's LMO
application on its website:
http://linux1.ogm.utah.gov/WebStuff/wwwroot/minerals/mineralsfilesbypermit.php?M0470120
Paul Rankine, CEO commented:
"We are delighted by the news that our LMO permit was
tentatively approved by DOGM. We have successfully reached the
first major milestone in the environmental permitting approval
process and we remain confident that final approval will be granted
shortly after the public consultation period has ended. We are
confident of a positive outcome given the precedent created by Red
Leaf Resources receiving its LMO permit from DOGM."
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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