Business
Update Re Heletz
Update Re Heletz.
About this update from Tomco Energy Plc
[{"type":"text","content":"\n RNS Number : 2053Y TomCo Energy PLC 03 July 2008 \n \n\nTOMCO ENERGY PLC\n('TomCo' or the 'Company')\n\nTRACS RETAINED TO REPORT ON THE HELETZ FIELDS OIL AND GAS RESERVES\n\nTomCo Energy Plc (AIM: TOM) is pleased to announce that the international consultancy firm TRACS International Limited ('TRACS') has been engaged to study the oil and gas reserves underlying the Heletz and Iris Oil Fields ('Heletz Fields') in the State of Israel.\n\nWith a team of over 50 professionals, TRACS operates from offices in Aberdeen (Scotland), Guildford (England) and Moscow (Russia). TRACS provides technical assistance in the disciplines of geophysics, geology, petrophysics, reservoir engineering, production technology, well engineering and completions design and petroleum economics. TRACS provides its consultancy services to a wide range of companies operating in the upstream oil and gas industry including a number of the world's largest multinational oil and gas companies. \n\nTRACS will prepare estimates of remaining proved, probable and possible oil and gas reserves attributable to the Heletz Fields. TRACS will also evaluate the potential exploration upside in the fields including an outline of the Contingent and Prospective Resources. The report is expected to take two months to complete.\n\nTRACS' project scope includes a subsurface review of the existing recoverable reserves in the fields with consideration to volumes of hydrocarbons in place, the building of partial or full field static and dynamic models, an outline of future development scenarios, e.g. water flooding and/or infill drilling and an assessment of the deeper exploration potential. \n\n'The preparation of a bankable reserve report will provide an additional cornerstone to the Heletz fields redevelopment project,' stated Howard Crosby, CEO of TomCo. 'The addition of a TRACS reserve report will assure the financial community of the oil reserves of the Heletz Fields in Israel and the exploration and development potential of the Jurassic Limestone'\n\nHeletz Fields Background\n\nThe Heletz-Kokhav-Brur license and the Iris license equaling approximately 68,000 acres, are comprised of 3 oil fields - Heletz, Brur and Kochav, and are located approximately 55 km south of Tel Aviv and 12 km east of the Medi...