Stmnt re Share Price Movement

RNS Number : 2949Z

TomCo Energy PLC

05 March 2013

 



05 March 2013

TomCo Energy Plc

("TomCo" or the "Company")

Statement re: Share Price

TomCo Energy Limited (AIM: TOM), the oil shale exploration and development company focused on using innovative technology to unlock unconventional hydrocarbon resources, notes the movement in its share price and confirms that it is undertaking an equity issuance in excess of £1m at a discount to yesterday's closing price consistent with market transactions of this nature. Verbal commitments have been received from a number of institutions for this amount and documentation is being finalised.

The Company will make a further announcement as and when appropriate.

Enquiries:
TomCo Energy Limited
Paul Rankine, CEO	[phone]
Numis Securities Limited
Nomad and Joint Broker
Alastair Stratton / Oliver Cardigan (Nomad) James Black (Broker)	[phone]
Fox-Davies Capital Limited
Joint Broker
Daniel Fox-Davies / Richard Hail	[phone]
Tavistock Communications
Financial PR & IR
Ed Portman/Conrad Harrington/Jos Simson	[phone]

Notes to Editors:

TomCo Energy Limited (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 the main tract of TomCo's Holliday Block lease.

The Company has entered into a licence agreement with Red Leaf Resources Inc ("Red Leaf") for the use of their EcoShale™ In-Capsule Process ("EcoShale"), a proven and environmentally sensitive technology, to extract Oil from TomCo's leases.

Additional, 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.

Lead 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™ 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

 

END

 

 

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