Heletz Field Production Updat

RNS Number : 8865B

TomCo Energy PLC

22 August 2008

 



TomCo Energy Plc

('TomCo' or the 'Company')

Heletz Field Production Update

TomCo (AIM: TOM) is pleased to announce total production of over 3,200 barrels of oil since 11 June from its 50 per cent. owned Heletz-KokhavBrur License, part of the Heletz Field in southern Israel.

Since restarting production in June, four wells have been returned to production. Daily production from these individual wells is variable, as the operator adjusts the pump rates and well conditions re-adjust after being shut-in for up to a year. Current total daily production is exceeding 65 Barrels of Oil Per Day ('BOPD'), generating 32.5 BOPD net to TomCo. 

In addition, three additional wells are currently awaiting the delivery and installation of downhole pumps in preparation for their return to production.

As previously announced, TRACS International, an internationally recognised oil and gas consultancy firm, have been engaged to undertake a comprehensive reserves study, based on our recent re-mapping of the field, including secondary oil recovery potential. This work is now underway and TomCo expects that the report will be completed in early Autumn 2008. 

Howard Crosby, CEO of TomCo commented: 

'We are making good progress - with our more careful management we are getting enhanced production from the four producing wells, compared to the c. 60 BOPD which was being produced by the six producing wells prior to their shut-in before TomCo and its partner took control of the field. These initial production levels represent good progress towards our medium term target of 300 BOPD.'

Enquiries:

TomCo Energy Plc   Howard Crosby	[phone]
Strand Partners Limited Simon Raggett Stuart Faulkner	[phone]
Bankside Consultants Ltd. Simon Rothschild	[phone]

Notes:

TomCo is an AIM listed company which has investments in conventional oil production in the United States and Israel. The Company also owns leases on approximately 3000 acres of shale oil holdings in Utah, estimated by SRK (an independent firm of mining consultants) to contain some 230 million barrels of oil.

 

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