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LON:TOM

TomCo Energy plc

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Market:
LON
Market Cap:
£2.34 m
Price
£0.02
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52 weeks high
14.48
52 weeks low
1.68

COMPANY PROFILE

TomCo holds nine separate Mineral Leases, being ML49570, ML49571, ML48801, ML48802, ML48803, ML48806, ML49236, ML49237 and ML50151.  All of these are in the Uinta Basin of Utah and together they cover a total land holding of 15,488 acres. They are also underlain by the Green River Shale Formation, which is the largest known oil shale deposit in the world.

TomCo engaged SRK Consulting (Australasia) Pty Ltd. (“SRK”) to complete an independent technical review of two oil shale leases, ML 49570 and ML 49571, and we were pleased to announce the results of their technical review on 18 March 2019, which provided a best estimate Contingent Resources (2C) of, in aggregate, 131.3 MM bbl of oil assessed under Petroleum Resources Management System (“PRMS”) guidelines, plus a best estimate Prospective Resource (2U) of, in aggregate, 442.8 MM bbl oil across the two leases.

One of the TomoCo parcels of land covered by ML49571 is in part of an area termed the Holliday Block A and is where the Field Test is being undertaken, with 2C Contingent Resources of 57.3 MM bbl of oil and 2U Prospective Resources of 84.7 MM bbl of oil.

Leases ML48801, ML48802, ML48803, ML48806, ML49236, ML49237 and ML50151 comprise, in aggregate, 12,569 acres and are estimated to contain over 1.2 billion barrels of potential oil (as measured by the United States Geological Society) based on the projected thickness of the known oil shale zones.

Incorporated in 2017, TurboShale is the Group’s technology development company. It has acquired from JR Technologies, LLC (JRT) two key patents for an oil shale extraction technology, proven from a technical feasibility perspective, which demonstrated the benefits and efficacy of using a process involving the use of radio frequency (“RF”) in the extraction of oil & gas from oil shale. The Company believes that this relatively low-cost and environmentally benign disruptive technology has the potential to unlock TomCo’s oil shale assets.

STRATEGY & VISION

Our primary objective is the commercialisation of the oil shale leases in Utah. We believe that advancements in technologies and processes for the extraction of kerogen oil from oil shale in recent years have again raised the profile of the oil shale resources within the USA and elsewhere, and have created near-term opportunities for the Company to commercialise the oil shale leases.

TomCo has licensed the EcoShale™ In-Capsule Process, from Red Leaf Resources. During the course of 2009, we identified the EcoShale™ In-Capsule Process as being particularly suitable for the commercialisation of the oil shale leases and in particular the Holliday Block, which lies approximately 15 miles north-east of the Seep Ridge site where the geology and overburden are similar.

We understand that Red Leaf is planning to undertake future development work for a 9,800 bopd commercial production facility at its Seep Ridge site. Following Red Leaf's achievement of commercial production on its block, it is our intention to bring the Holliday Block into production.

Our Assets

Location of our oil shale leases

TomCo holds nine separate Mineral Leases, being ML49570, ML49571, ML48801, ML48802, ML48803, ML48806, ML49236, ML49237 and ML50151.  All of these are in the Uinta Basin of Utah and together they cover a total land holding of 15,488 acres. They are also underlain by the Green River Shale Formation, which is the largest known oil shale deposit in the world.

TomCo engaged SRK Consulting (Australasia) Pty Ltd. (“SRK”) to complete an independent technical review of two oil shale leases, ML 49570 and ML 49571, and we were pleased to announce the results of their technical review on 18 March 2019, which provided a best estimate Contingent Resources (2C) of, in aggregate, 131.3 MM bbl of oil assessed under Petroleum Resources Management System (“PRMS”) guidelines, plus a best estimate Prospective Resource (2U) of, in aggregate, 442.8 MM bbl oil across the two leases.

One of the TomoCo parcels of land covered by ML49571 is in part of an area termed the Holliday Block A and is where the Field Test is being undertaken, with 2C Contingent Resources of 57.3 MM bbl of oil and 2U Prospective Resources of 84.7 MM bbl of oil.

Leases ML48801, ML48802, ML48803, ML48806, ML49236, ML49237 and ML50151 comprise, in aggregate, 12,569 acres and are estimated to contain over 1.2 billion barrels of potential oil (as measured by the United States Geological Society) based on the projected thickness of the known oil shale zones.

Click here for Competent Persons Resource Report 2019

Our Technology

TurboShale

TurboShale, a Utah company incorpororated in 2017, and now in partnership with JRT, has acquired a process which builds upon the already proven use of Radio Frequency (RF) to produce oil from oil shale. The technology can be compared to a previous multimillion USD RF test programme (“BART Programme”) conducted in the early 1980s at a site in the same Uinta Basin as, and estimated to be within approximately 20 miles of, TomCo’s Holliday Block, Utah

During 2018, TurboShale commenced a Field Test Programme on the Holliday Block property, intended to prove it’s developed RF technology. Results are expected later this year.

The BART (Badger, Raytheon and Texaco) programme was conducted within 20 miles of TomCo’s acreage in the Uinta Basin in Utah in the early 1980s. The programme applied RF energy to fracture and retort in-situ oil while using conventional oil and gas field techniques to recover oil production.

Laboratory testing, analysis and field testing at BART’s Utah site have resulted in a better understanding of the fundamentals of oil shale which are proving invaluable to TomCo’s current programme.

In particular, Ray Kasevich, the Technical Director of the BART programme and one of the key exponents of RF, is part of the JRT team and working with TomCo on its Turboshale project.

The Directors believe the results of the 1980s BART Programme were very encouraging – demonstrating low operating and production costs, with a good quality oil (low sulfur, high API, low pour point) being produced using this process

  • Radio waves are emitted from antennas in horizontal or vertical wells and deeply penetrate almost any material (permafrost, soils , rock)
  • Absorption at molecular level occurs resulting in chemical bonds weakening; resonances, and desorption
  • RF rapidly heats the pore and material bonded waters (connate, water of crystallization, capillary waters providing a controlled ‘fracturing’ in rock. As a result there are no water or chemical requirements for the fracturing process
  • RF waves create oil/gas movement
  • Antenna lengths from a few meters to tens of meters in vertical wells depending on frequency and layouts. Long antennas in horizontal wells also possible
  • Portable and computer controlled operating systems
  • Wide range of frequency choices and RF generator power range, typically up to 250 kW
  • Minimum impact on the environment: No need for blasting or leaching rock
  • True in-situ technology, similar to conventional drilling practices
  • The 1980s BART study indicates reduced refinery costs: with the recovered oil having low sulfur, high API and low pour point
  • No water requirement; only recycled water for equipment cooling may be necessary
  • Higher quality oil & gas product with RF at lower  temperaturesRF gives precise temperature control for control of oil/gas yield and product characteristics

United Kingdom.

EXECUTIVE CHAIRMAN AND DIRECTOR
Andrew Jones

Andrew has over 13 years’ experience in capital markets and corporate finance. He is a member of the UK’s Chartered Institute of Securities and Investment (CISI). Before joining TomCo, Andrew was instrumental in growing a number of companies in a variety of sectors including technology, media and energy. Andrew was appointed to the Board in July 2015.

CHIEF EXECUTIVE DIRECTOR
John Potter

Accomplished Chief Executive and project manager with many years' experience working within the energy sector. John brings a wide range of skills, knowledge and industry connections. John's proficiencies in understanding and identifying best technologies in projects and his proven abilities in developing relationships with stakeholders, including operators, politicians, financiers, technology providers, regulators and so on, are well proven and have brought great value to the companies he has previously worked with.

NON-EXECUTIVE DIRECTOR
Alexander Benger

Small-cap sector focused Corporate Financier. Initially having focused on Operational Management within financial services companies, Alex moved into corporate finance in 2003 and has been involved in numerous fund raising, stock market flotations and corporate actions for both private and public companies. For 12 years he has concentrated predominately on London Small-cap businesses, including four and a half years working for SME Stock Exchanges.

NON-EXECUTIVE DIRECTOR
Malcolm Groat

Malcolm has a wide range of experience in corporate life, with roles as Chairman, Non- Executive Director, Chair of Audit, CEO, COO and CFO for a number of companies. He is an adviser on compliance and governance, strategy and operational improvement, and managing the risks of rapid change.

COMPANY CONTACT INFORMATION

TomCo Energy plc
22a St. James's Square
London, SW1Y 4JH

Tel: +44 20 3823 3635
Email: [email protected]
Website: tomcoenergy.com

REGISTERED ADDRESS

TomCo Energy plc
60 Circular Road
Douglas
Isle of Man IM1 1SA

Company Registration Number: 6969V

SHAREHOLDER HELPLINE

Shareholder helpline number is: 0370 707 1188
Shareholders are also able to manage their holdings online at https://www-uk.computershare.com/investor

ADVISERS

Directors

Andrew Jones (Chairman)
John Potter (Executive Director)
Alexander Benger (Non-Executive Director)
Malcolm Groat (Non-Executive Director)

Registered Office

1st Floor
Sixty Circular Road
Douglas, IM1 1AE

Nominated Adviser

Strand Hanson Limited
26 Mount Row, London W1K 3SQ

Broker

Turner Pope Investments (TPI) Limited
6th Floor, Becket House, 36 Old Jewry, London EC2R 8DD

Auditors and Reporting Accountants

BDO LLP
55 Baker Street, London, W1U 7EU

Registrars

Computershare Investor Services plc
The Pavilions
Bridgwater Road, Bristol BS99 6ZZ

Competent Person

SRK Consulting (Aus)
PO Box 943 West Perth, WA 6872

Solicitors to the Company in the UK

Goodman Derrick LLP
10 St Bride Street, London EC4A 4AD

Solicitors to the Company in the Isle of Man

DQ Advocates Limited
The Chambers, 5 Mount Pleasant
Douglas, Isle of Man IM1 2PU

Solicitors to the Company in Utah, USA

Snell & Wilmer L.L.P.
Gateway Tower West
15 West South Temple, Suite 1200, Salt Lake City, Utah 84101-1547

 

ADVISERS

Directors

Andrew Jones (Chairman)
John Potter (Executive Director)
Alexander Benger (Non-Executive Director)
Malcolm Groat (Non-Executive Director)

Registered Office

1st Floor
Sixty Circular Road
Douglas, IM1 1AE

Nominated Adviser

Strand Hanson Limited
26 Mount Row, London W1K 3SQ

Broker

Turner Pope Investments (TPI) Limited
6th Floor, Becket House, 36 Old Jewry, London EC2R 8DD

Auditors and Reporting Accountants

BDO LLP
55 Baker Street, London, W1U 7EU

Registrars

Computershare Investor Services plc
The Pavilions
Bridgwater Road, Bristol BS99 6ZZ

Competent Person

SRK Consulting (Aus)
PO Box 943 West Perth, WA 6872

Solicitors to the Company in the UK

Goodman Derrick LLP
10 St Bride Street, London EC4A 4AD

Solicitors to the Company in the Isle of Man

DQ Advocates Limited
The Chambers, 5 Mount Pleasant
Douglas, Isle of Man IM1 2PU

Solicitors to the Company in Utah, USA

Snell & Wilmer L.L.P.
Gateway Tower West
15 West South Temple, Suite 1200, Salt Lake City, Utah 84101-1547

COMPANY CONTACT INFORMATION

TomCo Energy plc
22a St. James's Square
London, SW1Y 4JH

Tel: +44 20 3823 3635
Email: [email protected]
Website: tomcoenergy.com

REGISTERED ADDRESS

TomCo Energy plc
60 Circular Road
Douglas
Isle of Man IM1 1SA

Company Registration Number: 6969V

SHAREHOLDER HELPLINE

Shareholder helpline number is: 0370 707 1188
Shareholders are also able to manage their holdings online at https://www-uk.computershare.com/investor