TomCo Energy PLC TSHII Update (2692B)
February 10 2022 - 1:00AM
UK Regulatory
TIDMTOM
RNS Number : 2692B
TomCo Energy PLC
10 February 2022
10 February 2022
TOMCO ENERGY PLC
("TomCo" or the "Company")
TSHII Update
TomCo Energy plc (AIM: TOM), the US operating oil development
group focused on using innovative technology to unlock
unconventional hydrocarbon resources, is pleased to provide an
update on certain recent developments in connection with the
Company's plans for a potential commercial scale project on the
mining properties comprising the Tar Sands Holdings II LLC
("TSHII") site located in the Uinta Basin, Utah, United States . As
previously announced, TomCo's wholly owned subsidiary, Greenfield
Energy LLC, ("Greenfield"), owns a 10% Membership Interest in TSHII
with an exclusive option, at its sole discretion, to acquire the
remaining 90% of the Membership Interests for additional cash
consideration up to 31 December 2022.
TSHII Drilling Update
The Company is pleased to report that the permits required from
the Utah Division of Oil, Gas and Mining to drill three exploration
wells on the TSHII site have now been received by Greenfield's
wholly owned subsidiary, AC Oil LLC. The drilling of these
exploration wells is now scheduled to start in early March
2022.
Third Party Lease
TSHII has entered into a 10 year lease with a tenant starting
from 1 March 2022 covering an existing refinery on the TSHII site
that is not required for Greenfield's plans and was previously
scheduled to be demolished should Greenfield acquire 100% of TSHII.
The tenant intends to develop a 10,000 barrels of oil per day
refinery on the site and under the terms of the lease has two years
in which to do so without potentially forfeiting the lease.
The lease requires the tenant to pay TSHII US$10,000 per month
as a monthly rent, together with a further US$3 production rent on
every barrel of produced hydrocarbons.
Commenting, John Potter, CEO of TomCo, said : "We continue to
make significant progress with our plans for the TSHII site and we
look forward to the drilling of the exploration wells in March,
utilising some of the proceeds from our recently completed placing.
In parallel, we are progressing the previously announced due
diligence exercise being undertaken by a financing party currently
interested in backing our plans for Greenfield, together with other
matters in relation to the TSHII site. We look forward to providing
further updates in due course."
Enquiries :
TomCo Energy plc
Malcolm Groat (Chairman) / John Potter (CEO) +44 (0)20 3823 3635
Strand Hanson Limited (Nominated Adviser)
James Harris / Matthew Chandler +44 (0)20 7409 3494
Novum Securities Limited (Broker)
Jon Belliss / Colin Rowbury +44 (0)20 7399 9402
IFC Advisory Limited (Financial PR)
Tim Metcalfe / Florence Chandler +44 (0)20 3934 6630
For further information, please visit www.tomcoenergy.com .
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDGPUGCPUPPUAU
(END) Dow Jones Newswires
February 10, 2022 02:00 ET (07:00 GMT)
Tomco Energy (LSE:TOM)
Historical Stock Chart
From Apr 2024 to May 2024
Tomco Energy (LSE:TOM)
Historical Stock Chart
From May 2023 to May 2024