TomCo Energy PLC
11 December 2007
TomCo Energy Plc ('TomCo' or the 'Company')
TomCo (TOM.L) is pleased to announce an agreement with Mark III Energy Holdings
LLC, its 50 per cent. joint venture partner at the Abel leases on the Hull Salt
Dome oil field, Liberty County, Texas, and at the Saratoga leases on the
Saratoga Salt Dome oil field, Hardin County, Texas. The agreement has the
objective of drilling up to six new production wells after a comprehensive
Production Optimization Study has been completed. The study will build on
previous reports and studies and develop a better understanding of the oil
bearing sands. The study will be used by the joint venture to generate
economically attractive forward programmes to increase current oil production
from these leases.
The Hull and Saratoga Salt Dome oil fields are located in East Texas where
numerous similar oil fields have been developed over the last eighty years.
These oil fields have characteristically had multiple oil bearing reservoirs and
excellent reservoir characteristics.
TomCo has instructed GeoExperts, a Houston based Consultancy Company, to carry
out the Production Optimization Study of the two leases, with an estimated
completion date in the First Quarter 2008. GeoExperts will also report on the
viability of drilling a water disposal well which can be commercially exploited
with other producers in the area in addition to joint venture use.
Howard Crosby CEO said:
'This programme, to increase our production at these two leases represents an
opportunity to fully exploit these assets and cement our relationship with a
well known fast growing local oil operator with whom we are also examining a
number of other potential oil propositions.'
This announcement has been read and approved by GeoExperts of Houston, Texas,
USA an independent firm of Geologists.
Enquiries:
TomCo Energy Plc +44 (0)20 7808 4857
Stephen Komlosy
Strand Partners Ltd. +44 (0)20 7409 3494
Warren Pearce
Bankside Consultants Ltd. +44 (0)20 7367 8888
Simon Rothschild
This information is provided by RNS
The company news service from the London Stock Exchange