Business
Company Update
Company Update.
About this update from Tomco Energy Plc
[{"type":"text","content":"\n \nRNS Number : 9386G TomCo Energy PLC 02 June 2017 \n\n \n \n \n \n \n \n \n \n2 June 2017\n \nTomCo Energy plc (AIM: TOM)\n(\"TomCo\" or the \"Company\")\n \nCompany Update\n \nTomCo Energy plc is pleased to announce that, further to the announcement of 28 March 2017 relating to the execution of a non-binding letter of intent between TomCo, TurboShale Inc (\"TurboShale\"), the Oil Mining Company Inc (\"OMC\"), JR Technologies LLC (\"JRT\") and Venture Development Partners Ltd (\"VDP\") (together the \"Parties\"), that the Parties have entered into a framework agreement pursuant to which the Parties have entered into the following binding agreements:\n· Patent Purchase and Development Agreement between TurboShale and JRT whereby JRT has agreed to sell their patent US7891421 B2 Method and Apparatus for In-Situ Radiofrequency Heating (US Application 62/017/408) and patent application US2015/035433 A1 Subsurface Multiple Antenna Radiation Technology (SMART) to TurboShale for a cash consideration of US$25,000 and an interest in TurboShale. JRT will also supervise TurboShale's laboratory work and any subsurface fieldwork. The purchase of the patents is conditional on TurboShale completing the initial fundraise of up to US$1.5 million as referred to below (\"Initial Fundraise\").\n· Management Agreement between TurboShale and TomCo under which, subject to completion of the Initial Fundraise, TomCo will provide management services to TurboShale, at an initial rate of $7,500/month. In addition, TomCo shall be paid $2,500/month for administrative services.\n· Participation Agreement between TurboShale and OMC, TomCo's wholly owned US subsidiary through which its oil shale assets are held, under which OMC - in relation to its mineral lease ML49571, known as Holliday Block oil shale project in Uintah Country, Utah (the \"Lease\") - has agreed to maintain its exploration permit on the Lease until 2020 and to make it available to TurboShale to undertake field test work, in return for TurboShale granting to OMC a worldwide, non-exclusive, licence for the use of TurboShale's developed technology or technologies and TurboShale foregoing any...