TomCo Energy PLC
28 September 2007
TomCo Energy plc
('TomCo' or the 'Company')
Operations update
TomCo is pleased to provide an update on its operations and production, covering
the period from 1 April 2007 to 30 June 2007.
On the Abel and Saratoga Leases in South Eastern Texas, the Company has a 50 per
cent. interest in nine oil wells operated by Mark III Energy Inc.. Eight wells
were on production during the period, at an aggregate rate of around 20 barrels
of oil per day ('bpd'). The operator plans to drill a number of additional
locations on these leases in order to increase production from this level.
Also in Texas, the Flusche well (in which the Company has a 40 per cent.
interest) produced oil at a reduced rate of about 6 bpd during June 2007, a
significant decline from the initial 28 bpd previously reported. Plans to drill
two offset producers have therefore been shelved for the time being.
The Rock Crossing well in Willbarger County, Texas (in which the Company has a
30 per cent. interest), drilled in April of this year, was also put on
production in June, and by August 2007 gross production had stabilised at 8 to 9
bpd. Additional offset locations are being considered for future drilling.
Exploration drilling at Picket County, Tennessee (JELP III), Lane County, Kansas
and Lea County, New Mexico has not been successful, and the Company's interest
in these leases has been dropped. Drilling is underway on the Boone A #2 well,
in Scurry County, Texas, where the Company has a 2 per cent. working interest.
TomCo's total net production during the period was 873 barrels, and by 30 June
2007 was averaging around 16 bpd.
Howard Crosby, TomCo's CEO, commented:
'While exploration drilling results in Tennessee, Kansas and New Mexico have
been disappointing, we are encouraged by our early production results at a time
of very strong oil prices. Strong relationships have been forged with our
operators and others, which augur well for the future. Talks are in progress in
a number of areas, which we anticipate will result in new financing and
investment opportunities for the Company.'
Contacts:
TomCo Energy Plc +44 (0)20 7808 4857
Stephen Komlosy
Strand Partners Limited +44 (0)20 7409 3494
Warren Pearce
Thomas Lockyer
This information is provided by RNS
The company news service from the London Stock Exchange