TOMCO ENERGY PLC Tomco Energy
Oct 20th 2014
TomCo Energy reaches "major milestone" in permitting process
Tomco Energy (LON:TOM) shares advanced more than 15% as its Holliday
Project took a significant step forward.
The company revealed that the Utah Division of Oil, Gas and Mining (DOGM)
has tentatively approved the project for Large Mining Operations (LMO). It follows a submission of additional information last month.
There will now be a 30 day public consultation period before the DOGM can grant final approval.
TomCo chief executive Paul Rankine describes the tentative approval for LMO
as "the first major milestone" in the environmental approval process.
"We are delighted by the news that our LMO permit was tentatively approved by DOGM. We have successfully reached the first major milestone in the environmental permitting approval process," he said in a statement.
"We remain confident that final approval will be granted shortly after the public consultation period has ended.
"We are confident of a positive outcome given the precedent created by Red
Leaf Resources receiving its LMO permit from DOGM."
On AIM, TomCo shares advanced to trade as high as 0.61p, and at changing hands at 0.55p (at 12:30) the share was up 10% for the day.
The Holliday project aims to unlock an estimated 126mln barrels of shale oil using a new extraction technology called EcoShale, which was designed to address environmental challenges associated with shale developments.
The process involves the extraction (or mining) of oil bearing shale in capsule', with the oil subsequently separated via a heating process.
UK: +44 (0)207 989 0813
NA: +1 646 896 3065
AU +61 2 9222 2832 action@proactiveinvestors.com www.proactiveinvestors.co.uk
TomCo Energy plc is a UK based company quoted on the AIM Market of the London Stock Exchange. The Company is focused on the development of its substantial 100% owned oil shale assets located in the prospective Green River Formation in the US state of Utah.
action@proactiveinvestors.com
Using this licensed technology, TomCo is retracing the steps of its innovative neighbour Red Leaf Resources, which developed EcoShale and has teamed up with French major Total for a nearby pilot project.
The commercial proof-of-concept pilot of EcoShale is currently underway.
Proactive Investors facilitate the largest global investor network across 4 continents in 4 languages. With a team of analysts journalists & professional investors Proactive produce independent coverage on 1000's of companies across every sector for private investors, private client brokers, fund managers and international investor communities.
No investment advice
Contact us +44 (0)207 989 0813 action@proactiveinvestors.com
Proactive Investors is a publisher and is not registered with or authorised by the Financial Conduct Authority (FCA). You understand and agree that no content published constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any
www.proactiveinvestors.co.uk | www.proactiveinvestors.com | www.proactiveinvestors.com.au | www.proactiveinvestors.de | www.proactiveinvestors.com.hk |
United Kingdom | North America | Australia | Germany | China |
Proactive Investors Ltd The Business Centre Wool House, 74 Back Church Lane London, E1 1AF United Kingdom Company No. 05639690 VAT No. 87207082
|
distributed by
|
