Business
Disposal
Disposal.
About this update from Tomco Energy Plc
[{"type":"text","content":"\n RNS Number : 1225C TomCo Energy PLC 27 August 2008 \n \nTomCo Energy Plc\n'TomCo' or the 'Company')\n\nDisposal\n\n\nTomCo (AIM: TOM) is today pleased to announce the sale of its 50 per cent. interest in the Abel and Saratoga leases, located in South Texas, to Lance Duncan, the owner of Mark III Energy Inc., TomCo's lease partner at the Abel and Saratoga lease sites, for US$550,000 in cash. The bill of sale for this transaction was entered into on 22 August 2008, with a retrospective effective date of 1 May 2008. Average monthly net income to TomCo, over the six months to 30 April 2008 from these assets, amounted to US$6,864 per month.\n\nAlthough TomCo remains keen to expand its investment in USA oil assets over the medium term, this transaction will allow the Company to deploy the US$550,000 consideration received in our productive Heletz Kokav-Brur oil fields in Israel ('Heletz'). \n\nHoward Crosby, CEO of TomCo, commented: \n\n'We are pleased with the value we have received for this sale and are delighted to be able to redeploy the US$550,000 consideration in the development of the production and work-overs at Heletz, particularly as the rapid development of our exciting Israeli assets are our prime focus for the next few months.'\n\n\nEnquiries:\n\n\n\n\n\nTomCo Energy Plc \nHoward Crosby\n\n\n\n+44 (0)20 7808 4857\n\n\n\n\nStrand Partners Limited\nSimon Raggett\nStuart Faulkner\n\n\n\n+44 (0)20 7409 3494\n\n\n\n\nBankside Consultants Ltd.\nSimon Rothschild\n\n\n\n+44 (0)20 7367 8888\n\n\n\n\n\n\n\nThis information is provided by RNSThe company news service from the London Stock Exchange END DISILFVLTAIDFIT \n ","length":4770,"tagName":"div"}]