TomCo Energy PLC Company Update (9386G)
June 02 2017 - 1:00AM
UK Regulatory
TIDMTOM
RNS Number : 9386G
TomCo Energy PLC
02 June 2017
2 June 2017
TomCo Energy plc (AIM: TOM)
("TomCo" or the "Company")
Company Update
TomCo Energy plc is pleased to announce that, further to the
announcement of 28 March 2017 relating to the execution of a
non-binding letter of intent between TomCo, TurboShale Inc
("TurboShale"), the Oil Mining Company Inc ("OMC"), JR Technologies
LLC ("JRT") and Venture Development Partners Ltd ("VDP") (together
the "Parties"), that the Parties have entered into a framework
agreement pursuant to which the Parties have entered into the
following binding agreements:
-- Patent Purchase and Development Agreement between TurboShale
and JRT whereby JRT has agreed to sell their patent US7891421 B2
Method and Apparatus for In-Situ Radiofrequency Heating (US
Application 62/017/408) and patent application US2015/035433 A1
Subsurface Multiple Antenna Radiation Technology (SMART) to
TurboShale for a cash consideration of US$25,000 and an interest in
TurboShale. JRT will also supervise TurboShale's laboratory work
and any subsurface fieldwork. The purchase of the patents is
conditional on TurboShale completing the initial fundraise of up to
US$1.5 million as referred to below ("Initial Fundraise").
-- Management Agreement between TurboShale and TomCo under
which, subject to completion of the Initial Fundraise, TomCo will
provide management services to TurboShale, at an initial rate of
$7,500/month. In addition, TomCo shall be paid $2,500/month for
administrative services.
-- Participation Agreement between TurboShale and OMC, TomCo's
wholly owned US subsidiary through which its oil shale assets are
held, under which OMC - in relation to its mineral lease ML49571,
known as Holliday Block oil shale project in Uintah Country, Utah
(the "Lease") - has agreed to maintain its exploration permit on
the Lease until 2020 and to make it available to TurboShale to
undertake field test work, in return for TurboShale granting to OMC
a worldwide, non-exclusive, licence for the use of TurboShale's
developed technology or technologies and TurboShale foregoing any
licence fee and discounting any future royalty payments due to it
by OMC.
-- Marketing and Investor Relations Agreement between VDP and
TurboShale, pursuant to which VDP will assist TurboShale in its
fundraising activities.
As set out in the announcement of 28 March 2017, TurboShale is
an oil shale technology company set up by TomCo, which is seeking
to research, develop, patent and commercialise technologies that
will allow licenced oil shale companies to produce synthetic crude
oil on a commercial basis at current oil prices, and with a low
impact on the environment, in exchange for a production royalty and
licence fee.
TurboShale is seeking to raise up to US$1.5 million by way of a
private placement, the net proceeds of which shall be applied to
its laboratory testing programmes, further patent applications and
to general working capital.
Red Leaf Update
TomCo has been made aware that Red Leaf Resources Inc.
("RedLeaf") (with whom TomCo has a licence agreement to use
RedLeaf's EcoShale in-capsule process ("EcoShale Process") has
reached a settlement agreement with Total E&P USA Oil Shale,
LLC. The settlement releases both parties from any obligations
related to the RedLeaf's Seep Ridge site, and whilst the details of
the settlement have not been disclosed, TomCo understands RedLeaf
has in excess of US$100 million in available cash and no debt and
that it intends to continue to pursue its business plan of
commercialising the EcoShale Process.
Chris Brown, CEO of TomCo, commented:
"These agreements and the combination of the respective parties
provide both the technical expertise and market knowledge necessary
to not only develop the TurboShale technology but apply it in a
commercially viable manner. The developments at RedLeaf are also
cause for optimism, and TomCo will continue to engage with RedLeaf
as a technical partner."
Enquiries:
For further information, please visit www.tomcoenergy.uk.com or
contact:
TomCo Energy plc
Contact:
Telephone: +44 (0) 20 3823 3635
Chris Brown (CEO) chris@tomcoenergy.uk.com
Andrew Jones (Chairman) andrew@tomcoenergy.uk.com
Strand Hanson (Nominated Advisor)
Contact:
James Harris / Richard Tulloch +44 (0) 20 7409 3494
SVS Securities plc (Broker)
Contact:
Tom Curran / Ben Tadd +44 (0) 20 3700 0093
Tavistock Communications (Financial PR)
Contact:
Jos Simson/Niall Walsh +44 (0) 7920 3150
Jos.simson@tavistock.co.uk
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
- ENDS-
This information is provided by RNS
The company news service from the London Stock Exchange
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