TomCo Energy plc, which is incorporated and registered in the Isle of Man, holds a 100% interest in two Oil Shale Leases comprising 5 blocks which cover 2,919 acres within the Uinta Basin where oil shale resources are widely distributed within sedimentary rocks of the Green River Formation in Uintah County, Utah. The Green River Formation, occurring in NE Utah, NW Colorado, and SW Wyoming, USA, is known to host the largest oil shale deposits in the world.
We secured the two leases and rights to prospect, drill, mine and remove oil shale from the area following a reverse acquisition of The Oil Mining Company Inc in 2007. During the course of 2009, the Board identified an innovative new technology as being particularly suitable for the commercialisation of the Company’s leases. On 24 March 2010, TomCo entered into a licence agreement with Red Leaf Resources for the use of their EcoShale™ In-Capsule Process, a pilot test proven and environmentally sensitive technology, with the aim of using it to extract oil from the Company’s Holliday Block. On the 21 July 2011, TomCo joined the AIM Market of the London Stock Exchange and raised £3.5m, via a placing and open offer, to fund the continued development of the Holliday Block.
Our Holliday Block lies approximately 15 miles north-east of Red Leaf’s Seep Ridge Block and the Board continues to monitor Red Leaf's development of its assets by way of a proposed 9,800 bopd commercial operation. The Company intends to develop the Holliday Block lease as a similar follow-on project to Seep Ridge using the EcoShale™ technology, with the same targeted production of 9,800 bopd. 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.
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.