Business
Operations Update
Operations Update.
About this update from Tomco Energy Plc
[{"type":"text","content":"\n TomCo Energy PLC\n28 September 2007\n\n\n TomCo Energy plc\n ('TomCo' or the 'Company')\n\n Operations update\n\nTomCo is pleased to provide an update on its operations and production, covering\nthe period from 1 April 2007 to 30 June 2007.\n\nOn the Abel and Saratoga Leases in South Eastern Texas, the Company has a 50 per\ncent. interest in nine oil wells operated by Mark III Energy Inc.. Eight wells\nwere on production during the period, at an aggregate rate of around 20 barrels\nof oil per day ('bpd'). The operator plans to drill a number of additional\nlocations on these leases in order to increase production from this level.\n\nAlso in Texas, the Flusche well (in which the Company has a 40 per cent.\ninterest) produced oil at a reduced rate of about 6 bpd during June 2007, a\nsignificant decline from the initial 28 bpd previously reported. Plans to drill\ntwo offset producers have therefore been shelved for the time being.\n\nThe Rock Crossing well in Willbarger County, Texas (in which the Company has a\n30 per cent. interest), drilled in April of this year, was also put on\nproduction in June, and by August 2007 gross production had stabilised at 8 to 9\nbpd. Additional offset locations are being considered for future drilling.\n\nExploration drilling at Picket County, Tennessee (JELP III), Lane County, Kansas\nand Lea County, New Mexico has not been successful, and the Company's interest\nin these leases has been dropped. Drilling is underway on the Boone A #2 well,\nin Scurry County, Texas, where the Company has a 2 per cent. working interest.\n\nTomCo's total net production during the period was 873 barrels, and by 30 June\n2007 was averaging around 16 bpd.\n\nHoward Crosby, TomCo's CEO, commented:\n\n'While exploration drilling results in Tennessee, Kansas and New Mexico have\nbeen disappointing, we are encouraged by our early production results at a time\nof very strong oil prices. Strong relationships have been forged with our\noperators and others, which augur well for the future. Talks are in progress in\na number of areas, which we anticipate will result in new financing and\ninvestment opportunities for the Company.'\n\nContacts:\n\nTomCo Energy Plc +44 (0)20 7808 4857\nStephen Komlosy\n\nStrand Partners Limited +44 (0)20 7409 3494\nWarren Pearce\nThomas Lockyer\n\n\n\n\n This information is provided by RNS\n ...