TomCo Energy plc consists of two subsidiary companies:
The Oil Mining Company (100%) and TurboShale Inc. (80%)
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 MM bbl of oil assessed under Petroleum Resources Management System (“PRMS”) guidelines, plus a best estimate Prospective Resource (2U) of, in aggregate, 442.8 MM bbl oil across the two leases.
One of the TomoCo parcels of land covered by ML49571 is in part of an area termed the Holliday Block A and is where the Field Test is being undertaken, with 2C Contingent Resources of 57.3 MM bbl of oil and 2U Prospective Resources of 84.7 MM bbl 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 has acquired from JR Technologies, LLC (JRT) 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.
TomCo completed nine drill holes on the Holliday Block
SRK Consulting (UK) Ltd reported a JORC Indicated Resource of 123 million barrels of oil on the Holliday Block
SRK Consulting reported a JORC Measured Resource of 126 million barrels of contained oil on the Holliday Block
Epic Engineering completed a Road and Access Study, a High Resolution Topographic Study and a Boundary Survey of the Holliday Block
TomCo submitted a Notice of Intention to Commence Large Mining Operations to the Utah Division of Oil, Gas and Mining
The Utah Division of Oil, Gas and Mining approved the Notice of Intention to Commence Large Mining Operations
Construction permit relating to the Company’s Ground Water Discharge Permit extended until July 2020
TurboShale acquired patents for in-situ RF Heating and Subsurface Multiple Antenna Radiation Technology (SMART)