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Description of Business
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 and together they cover a total land holding of 15,488 acres. They are also 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 oil shale leases, ML 49570 and ML 49571, and we were pleased to announce the results of their technical 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 of oil across the two leases.
One of the TomCo parcels of land covered by ML49571 is in part of an area termed the Holliday Block A and is where the 2018 and 2019 Field Test was undertaken, with 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 Inc. is the Group’s technology development company in which the Company has an 80% interest. TurboShale holds two key patents regarding 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.
In December 2019 TomCo announced a project in conjunction with the global EPCI company, Valkor LLC, to develop a scalable modular production plant that could be used to extract oil from the sands cost effectively. Tomco announced a formal JV with Valkor on 19 June 2020, creating Greenfield Energy LLC, to take this project to the next stage and establish an initial production facility at Petroteq’s existing oil sands plant.
TomCo Energy Plc is subject to the UK City Code on Takeovers and Mergers.
Directors’ names and biographical details
Country of incorporation and operation
TomCo Energy plc is incorporated in the Isle of Man with Company Number 6969V, at 60 Circular Road, Douglas, IM1 1SA. The Company’s main country of operation is the USA.
Annual and interim reports
AIM Securities in issue
Nominated Adviser and Other Advisers
Strand Hanson (Nominated Adviser)
James Harris / Matthew Chandler
Novum Securities Limited (Broker)
Jon Belliss / Colin Rowbury
IFC Advisory Limited (Financial PR)
Tim Metcalfe / Florence Chandler