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Oil Capital
EPIC: TOM
Market: AIM
52-week High/Low: 0.20p / 0.06p
Sector: Energy
Market Cap: 2.28M
Phone: +44 (0)207 766 0070
Address: 2nd Floor, Stanmore House, 29-30 St James?s Street, London SW1A 1HB.
Website: www.tomcoenergy.uk.com

TomCo Energy plc is a UK based company quoted on the AIM Market of the London Stock Exchange. The Company is focused on the development of its substantial 100% owned oil shale assets located in the prospective Green River Formation in the US state of Utah. TomCo owns two leases that comprise 5 blocks and cover 2,919 acres and on the Company’s main block, Holliday, an independent natural resources consultant has declared a surface mineable JORC compliant Measured Resource of 126 million barrels.TomCo has a licence to use the EcoShale™ In-Capsule Process, an innovative technology developed by Red Leaf Resources to extract oil from the leases.

TomCo Energy is traded in the ISDX Exchange HERE

TomCo Energy Plc

www.tomcoenergy.uk.com

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Big picture - Why invest in TomCo Energy Plc

TomCo Energy Plc Snapshot

COMPANY PROFILE

TomCo Energy plc, which is incorporated and registered in the Isle of Man, holds a 100% interest in two Oil Shale Leases comprising 5 blocks which cover 2,919 acres within the Uinta Basin where oil shale resources are widely distributed within sedimentary rocks of the Green River Formation in Uintah County, Utah. The Green River Formation, occurring in NE Utah, NW Colorado, and SW Wyoming, USA, is known to host the largest oil shale deposits in the world.

We secured the two leases and rights to prospect, drill, mine and remove oil shale from the area following a reverse acquisition of The Oil Mining Company Inc in 2007. During the course of 2009, the Board identified an innovative new technology as being particularly suitable for the commercialisation of the Company’s leases. On 24 March 2010, TomCo entered into a licence agreement with Red Leaf Resources for the use of their EcoShale™ In-Capsule Process, a pilot test proven and environmentally sensitive technology, with the aim of using it to extract oil from the Company’s Holliday Block. On the 21 July 2011, TomCo joined the AIM Market of the London Stock Exchange and raised £3.5m, via a placing and open offer, to fund the continued development of the Holliday Block.

Our Holliday Block lies approximately 15 miles north-east of Red Leaf’s Seep Ridge Block and the Board continues to monitor Red Leaf's development of its assets by way of a proposed 9,800 bopd commercial operation. The Company intends to develop the Holliday Block lease as a similar follow-on project to Seep Ridge using the EcoShale™ technology, with the same targeted production of 9,800 bopd. Independent natural resources consultants SRK Consultants Ltd, part of the internationally recognised SRK Group, has declared a surface mineable JORC compliant Measured Resource of 126 million barrels on the main tract of TomCo's Holliday Block lease.

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.

ASSETS AND HOLLIDAY BLOCK

TomCo holds five parcels of land which relate to two separate Mineral Leases, ML49570 and ML49571 respectively. All of these are in the Uinta Basin of Utah and together they cover a total land holding of 2,919 acres. They are also all underlain by the Green River Shale Formation, which is the largest known oil shale deposit in the world. The Green River Formation occurs in NE Utah, NW Colorado, and SW Wyoming, USA.

Location of our oil shale leases

One of our parcels of land covered by ML49571 is in the northwest part of an area and is termed the Holliday Block. The surrounding Mineral Leases in the Holliday Block, and some other neighbouring Mineral Leases, are held by Red Leaf Resources Inc. Since 2006, Red Leaf has spent a considerable sum of money developing a method for exploiting its assets and has developed an in-situ processing methodology, the Eco-Shale In-Capsule Process, which is suitable for near surface oil shale such as is present on both Red Leaf and TomCo’s land holdings.

The oil shale beds on our leases occur predominately within a continuous 72ft thick zone, known as the Mahogany Zone which is consistent for many miles. This ‘high yield’ zone outcrops from surface down no more than a more hundred metres underground.

 

ECOSHALE™ IN-CAPSULE PROCESS

Licence Agreement

In 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 Red Leaf Resources’ Seep Ridge site where the geology and overburden are similar. We continued to monitor Red Leaf’s developments closely and on 24 March 2010 we entered into the Licence Agreement with Red Leaf which enables TomCo to employ the EcoShale™ Process to develop the Holliday Block and provides the Company with access to Red Leaf’s licensed technology and expertise.

Red Leaf is planning a 9,800 bopd commercial operation at its Seep Ridge site. Following achievement of commercial production, it is our intention to bring the Holliday Block into production thereafter, subject to funding.

JORC RESOURCE AND PROJECT ECONOMICS

JORC compliant Resource

During 2012, SRK Consulting Limited, reviewed drilling and geological work that we had conducted over our Holliday Block. An updated mineral resource statement was issued upgrading the JORC compliant resource from 123 million barrels in the Indicated category to 126 million barrels in the Measured category, thereby giving us increased confidence in the oil contained within our lease. Since then, work with SRK’s technical reports is underway to further increase confidence in the project in order for the company to announce a JORC compliant Ore Reserve

 

In-Capsule Process

The EcoShale™ In-Capsule Process was designed and developed by Red Leaf Resources for application initially to the oil shales of the Green River Formation.

The EcoShale™ In-Capsule Process is both environmentally sensitive and simple. Oil shale is mined and placed in a series of large clay-lined “capsules”. Expendable heating pipe loops are placed in the capsule with the oil shale. External blowers are used to force the hot flue gas from natural gas burners through the pipe loops to heat the oil shale. Heating oil shale to recover oil and gas is a long proven and reliable process.

Collection pipes are located at the top and bottom of the capsule to recover wet gas and oil respectively. Upon depletion, the pipes in the capsule are sealed to prevent water contamination and the capsule is either stacked with another capsule on top, or it is covered with top soil and seeded with native vegetation. The key design challenge is extracting the oil and gas from the capsule.

The technical viability of the EcoShale™ In-Capsule Process has been demonstrated at Seep Ridge with a pilot run conducted in Q4 2008 – Q1 2009. The pilot results have been encouraging and indicative of future commercial success. Red Leaf’s focus is on executing the Early Production System (‘EPS’) phase of its joint venture with Total. The goal of the EPS is the construction of a large scale capsule. Questerre Energy Corporation has reported that capsule construction is planned for late 2013 with first oil expected in 2014.

In terms of mine design, a “truck and shovel” method is deemed to be the best approach. The EcoShale™ In-Capsule Process relies on supplies of natural gas for furnace fuel and diesel fuel for excavating and trucking vehicles. As the implementations unfold and more data are collected during the first stages of development, it may deemed possible to use gas generated from the heating process as fuel for heating adjacent modules and for generating electricity. The water consumption in the EcoShale™ In-Capsule Process is not significant to raise any concerns in sourcing and handling.

ANDREW JONES

Non-Executive Chairman and Director

Andrew has over 10 years’ experience in capital markets and corporate finance. He is a member of the UK’s Chartered Institute of Securities and Investment. 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.

SIMON CORNEY

Non-Executive Director

Simon has over 25 years of experience in M&A, private equity and asset management, as well as specialist experience in oil and gas. Previously he worked as a partner in investment manager Altima Partners LLP, and before that as a director in the investment banking division of Deutsche Bank, including a substantial period in its oil and gas team. He began his career with five years at the Shell oil company. He has a degree in law (LLB) from Glasgow University and a Masters in Law (Banking and Finance) (LLM) from University College, London. He is also an Associate Member of the Chartered Institute of Cost and Management Accountants. Simon was appointed to the Board in July 2015.

CHRISTOPHER BROWN

Executive Director

Chris is Geologist, Resources Analyst and Business Entrepreneur spanning over three decades. He is indirectly associated with Kenglo One Ltd, a major investor in TomCo since 2010. He was the founder and Managing Director of London Mining plc, which sold a Brazilian iron ore mine for $801million in 2008.
Chris was previously a Resource Analyst at Williams de Broë (a member of ING Group) from 2002 to 2005. He has a BSc (Honours) majoring in Geology and an MBA, both from the UWA in Western Australia.
Chris was appointed to the Board in April 2016.

CONTACT TOMCO ENERGY
Company Contact Information

TomCo Energy plc
22a St. James's Square
London, SW1Y 4JH
Tel: +44 20 3823 3635
E-mail: [email protected]

General Enquiries

Ed Portman/Jos Simson
Tavistock Communications
131 Finsbury Pavement
London, EC2A 1NT
Tel: +44 20 7920 3150
E-mail: [email protected]

Directors

Sir Nicholas Bonsor (Non-Executive Chairman)
Miikka Haromo (Executive Director)

Company secretary

Stuart Adam (CPFA, Chartered MCSI)

Registered office

1st Floor
Sixty Circular Road
Douglas, IM1 1AE

Nominated Adviser & Broker

Shore Capital
Bond Street House, 14 Clifford Street
London, W1S 4JU

Public Relations

Tavistock Communications
131 Finsbury Pavement
London, EC2A 1NT

Auditors & 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 (UK) Ltd
5th Floor, Churchill House
17 Churchill Way
Cardiff, CF10 2HH

Industry Expert Advisor

Gaffney Cline & Associates
Suite 1000, Four Oaks Place
1300 Post Oak Boulevard, Houston
TX 77056, USA

Solicitors to the Company in the UK

Gowlings (UK) LLP
125 Old Broad Street
London, EC2N 1AR

Solicitors to the Company in the Isle of Man

Appleby
33 Athol Street
Douglas, IM1 1LB

Solicitors to the Company in Utah, USA

Ronald N Vance & Associates
Suite 250, 1656 Reunion Avenue
South Jordan
UT 84095, USA

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