TomCo Energy plc consists of three subsidiary companies:
The Oil Mining Company Inc. (100%),
TurboShale Inc. (80%) and
Greenfield Energy LLC (50%)
Through the Oil Mining Company, TomCo holds nine separate Mineral Leases, being ML49570, ML49571, ML48801, ML48802, ML48803, ML48806, ML49236, ML49237 and ML50151. All of these are in the Uinta Basin of Utah, USA and together they cover a total area of 15,488 acres. They are underlain by the Green River Shale Formation, which is the largest known oil shale deposit in the world.
TomCo engaged SRK Consulting (Australasia) Pty Ltd. (“SRK”) to complete an independent technical review of two of its oil shale leases, ML 49570 and ML 49571, and we were pleased to announce the results of their review on 18 March 2019, which provided a best estimate Contingent Resources (2C) of, in aggregate, 131.3 million barrels of oil assessed under Petroleum Resources Management System (“PRMS”) guidelines, plus a best estimate Prospective Resource (2U) of, in aggregate, 442.8 million barrels oil across the two leases.
The Holliday A block, covered by ML49571, where two field tests of TurboShale’s RF technology have been undertaken to date, has 2C Contingent Resources of 57.3 million barrels of oil and 2U Prospective Resources of 84.7 million barrels of oil.
Leases ML48801, ML48802, ML48803, ML48806, ML49236, ML49237 and ML50151 comprise, in aggregate, 12,569 acres and are estimated to contain over 1.2 billion barrels of potential oil (as measured by the United States Geological Society) based on the projected thickness of the known oil shale zones.
Incorporated in 2017, TurboShale is the Group’s technology development company. It acquired from JR Technologies, LLC two key patents for an oil shale extraction technology, proven from a technical feasibility perspective, which demonstrated the benefits and efficacy of using a process involving the use of radio frequency (“RF”) in the extraction of oil & gas from oil shale. The Company believes that this relatively low-cost and environmentally benign disruptive technology has the potential to unlock TomCo’s oil shale assets.
Greenfield Energy LLC was formed in June 2020 as a 50/50 JV, between the Company and Valkor LLC, a global EPCI company, to explore the potential to deploy oil sands separation technology, in conjunction with Petroteq Inc.