Business
Investment in Oil Well
Investment in Oil Well.
About this update from Tomco Energy Plc
[{"type":"text","content":"\n TomCo Energy PLC\n04 June 2007\n\n TomCo Energy Plc\n ('TomCo' or 'the Company')\n\n Acquisition of an Interest in an Oil Lease in Lane County, Kansas\n\nTomCo today announces that it has acquired a 15 per cent. working interest in an\noil lease, the JELP 111 lease ('JELP') in Lane County, Kansas, comprising\napproximately 400 acres. The interest in the lease was acquired in a private\nsale for a total cash consideration of $30,000.\n\nIt is intended that the initial well will commence drilling within 60 days, to a\nprojected depth sufficient to adequately test the Lansing-Kansas City 'M' Zone\nFormation at approximately 4320 feet measured depth. There will be opportunities\nto drill up to 3 offsetting wells, if the initial well is commercially successful,\nwith SEDONA Oil & Gas Corporation acting as the operator. TomCo has a 15 per\ncent. interest in the 80 per cent. net revenue interest after landowner\nroyalties.\n\nBased upon offsetting oil production from the targeted reservoir, the Company\nconsiders the wells proposed as low risk locations, with anticipated initial\nproduction rates of 20 barrels per day per well if successful.\n\nFor more information contact:\n\nTomCo Energy Plc Tel: +1 509 301 6322\nHoward Crosby\n\nStrand Partners Limited Tel: (020) 7409 3494\nSimon Raggett\nWarren Pearce\nThomas Lockyer\n\nBankside Consultants Tel: (020) 7367 8888\nSimon Rothschild\nLouise Mason\n\nNotes:\n\nTomCo is an AIM listed company which continues to actively develop a\nconventional oil production profile in the South-Western United States. The\nCompany also owns leases on approximately 3000 acres of shale oil holdings in\nUtah, estimated by SRK (an independent firm of mining consultants) to contain\nsome 230 million barrels of oil.\n\nThis announcement has been reviewed by Lucius C Geer, a qualified person for the\npurposes of the AIM Rules. Mr Geer is a long time member of The Society of\nIndependent Professional Earth Sciences (SIPES), and is the senior partner of\nLucius C Geer & Associates, an independent firm of consulting geologists and\ngeophysicists based in Houston, Texas\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":2576,"tagName":"div"}]