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Placing, Field Test Update & Additional Leases
Placing, Field Test Update & Additional Leases.
About this update from Tomco Energy Plc
[{"type":"text","content":"\n \nRNS Number : 3714T TomCo Energy PLC 20 March 2019 \n\n \n20 March 2019\n \nTomCo Energy plc\n(\"TomCo\", the \"Company\" or the \"Group\")\n \nPlacing, 2019 Field Test Update and Additional Leases Assigned\n \nTomCo Energy plc (AIM: TOM), the oil shale exploration, development and technology group focused on using innovative technology to unlock unconventional hydrocarbon resources, is pleased to announce that it has raised £600,000 (gross) by way of a placing (\"Placing\") of 21,818,182 new ordinary shares of no par value in the Company (\"Ordinary Shares\") (the \"Placing Shares\") at a price of 2.75 pence per Placing Share (\"Placing Price\") through Turner Pope Investments (TPI) Ltd (\"TPI\"), the Company's broker.\n \nThe Company intends to utilise the net proceeds of the Placing to complete the 2019 field test programme and to provide additional working capital to the Group.\n \n2019 Field Test Update\n \nAs previously stated, the Company's primary objective for the 2019 Field Test programme is the recovery of oil from the Company's Holliday A Block through the application of TurboShale Inc.'s (\"TurboShale\") RF technology (the \"2019 Field Test\"). The Company has an 80% interest in TurboShale.\n \nThe Company is pleased to confirm that the initial phase of planning for the 2019 Field Test has now been concluded by IGES Inc. (\"IGES\") and Himes Drilling Company Inc., the Group's technical advisers, including:\n· groundwater desktop survey completed by IGES over the Company's lease ML49571, identifying prospective 'dry' sites for the 2019 Field Test within the Holliday A Block, similar to those hosting the historic BART programme;\n· drilling pattern designed for 2019 Field Test, with central production well to drain oil generated by RF antennas within the Mahogany oil shale zone in surrounding wellbores;\n· permits for the test wells have now been granted; and\n· expected mobilisation to drill the test wells in April 2019, in order to confirm the site for the production and antenna wells for the 2019 Field Test.\n \nIt is currently anticipated that mobilisation for the 2019 Field Test will begi...