Business
First Day of Dealings
First Day of Dealings.
About this update from Tomco Energy Plc
[{"type":"text","content":"\n \nRNS Number : 7545K TomCo Energy PLC 21 July 2011 \n \n\n21 July 2011\n \nTOMCO ENERGY PLC\n \nFirst Day of Dealings\n \nTomCo Energy Plc (\"TomCo\" or the \"Company\") today announces the commencement of dealings in its ordinary shares (\"Ordinary Shares\") on the AIM market of the London Stock Exchange under TIDM code TOM. The Admission of TomCo follows a £3.5 million fundraising under a placing and open offer, the completion of which was announced on 1 July 2011.\n \nHighlights\n· Independently assessed 230m barrels of potential recoverable kerogen oil, including 123m barrels at Holliday Block of Indicated Resource targeted for development\n· £3.5m raised to fund continued development at Holliday Block, Uintah County, Utah, USA and Working Capital\n· Acquired the means of production through closing of $2m technology licence with Red Leaf Resources Inc for the EcoShale™ In-Capsule Process technology for the extraction of oil from oil shale\n \nOverview of TomCo\nTomCo is focused on the development of and future production at the Company's oil shale project in the state of Utah, USA. The Company intends to use the EcoShale™ In-Capsule Process, an innovative technology developed by Red Leaf Resources Inc (\"Red Leaf\") to extract oil from the Company's oil shale leases (\"Oil Shale Leases\"), which comprise approximately 2,919 acres in the Uintah Basin, Utah, where oil shale resources are widely distributed within sedimentary rocks of the Green River Formation. \n \nSRK Consulting (UK) Limited (\"SRK Consulting\"), the Competent Person whose full report is set out in the admission document, estimates that the Oil Shale Leases located on the Holliday Block contain an Indicated Mineral Resource as defined by the JORC Code, of approximately 123 million bbl, which have the potential to be exploited using the EcoShale™ In-Capsule Process.\n \nThe EcoShale™ In-Capsule Process\nOil shale is mined and placed in a large clay lined \"capsule\". The surface area is approximately 12 acres with a depth generally less than 100 feet. Expendable heating pipe loops are placed in the capsule with the oil shale. External blowers are used to force the hot flue gas from natural gas burners through the pipe loop...