TIDMTOM
RNS Number : 2947T
TomCo Energy PLC
17 July 2015
17 July 2015
TomCo Energy plc
("TomCo" or the "Company")
Board Changes
TomCo Energy plc (AIM: TOM), the oil shale exploration and
development company focused on using innovative technology to
unlock unconventional hydrocarbon resources, announces the
following Board changes in line with the corporate restructuring
plan announced on 29 May 2015. Sir Nicholas Bonsor and Paul Rankine
have today resigned as directors of TomCo with immediate effect.
Paul will continue to act as a technical consultant to TomCo on
expiry of his notice period. In addition, Andrew Jones and Simon
Corney have today joined the board as Non-Executive Chairman and
Non-Executive Director respectively.
Simon Corney was previously a partner at Altima Partners, a
significant shareholder in TomCo, from 2004 to 2011. Before then he
worked at Deutsche Bank within the investment banking division and
at Shell, including on oil and gas acquisitions. Since leaving
Altima Partners he has been working as a consultant, including for
Altima Partners and Dominic Redfern
Andrew Jones has previously founded and developed a number of
companies within the media and technology sectors. He has a
background in corporate finance and was proposed by Kenglo One,
TomCo's largest shareholder.
The Board would like to thank Paul and Sir Nicholas for their
contribution to the Company during their service.
Enquiries:
For further information, please visit www.tomcoenergy.uk.com or
contact:
TomCo Energy plc Tel: +44 20
7917 6822
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 Tel: +44 20
PR & IR) 7920 3150
Ed Portman / Jos Simson
Additional Information:
The following information is disclosed under Schedule 2 (g) of
the AIM Rules.
(i) Andrew Pierce Jones, 39, is currently a director of Grande
Marque Limited and Tudorvale Limited
(ii) Within the last 5 years, he has also served as a director
of the following companies:
Altitude Capital Limited
Altitude Corporate Finance Limited
Altitude Corporate Services Limited
Altitude Energy Limited
Altitude Equities Limited
Altitude Finance Limited
Altitude Health Partners Limited
Altitude Private Office Limited
Altitude Ventures Limited
Atlantic & Pacific Partners Limited
Core Altitude Limited
Leama Worldwide Trading (London) Limited
Three Corners Partnerships Limited
(iii) Andrew Jones has confirmed that there is no other
additional information to be disclosed under Schedule 2 (g) of the
AIM Rules
The following information is disclosed under Schedule 2 (g) of
the AIM Rules.
(i) Simon Corney, 57, has no current directorships
(ii) Within the last 5 years, he has also served as a director
of the following companies:
Concorde Oil and Gas Ltd
(iii) Simon was a director of Concorde Oil and Gas Ltd until 19
September 2013 when the company entered into member's voluntary
liquidation. Liquidation was completed on 18 December 2014
(iv) Simon Corney has confirmed that there is no other
additional information to be disclosed under Schedule 2 (g) of the
AIM Rules
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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