Through the Oil Mining Company, 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, USA and together they cover a total area of 15,488 acres. They are 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 of its oil shale leases, ML 49570 and ML 49571, and we were pleased to announce the results of their review on 18 March 2019, which provided a best estimate Contingent Resources (2C) of, in aggregate, 131.3 million barrels of oil assessed under Petroleum Resources Management System (“PRMS”) guidelines, plus a best estimate Prospective Resource (2U) of, in aggregate, 442.8 million barrels oil across the two leases.
The Holliday A block, covered by ML49571, where two field tests of TurboShale’s RF technology have been undertaken to date, has 2C Contingent Resources of 57.3 million barrels of oil and 2U Prospective Resources of 84.7 million barrels 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 acquired from JR Technologies, LLC 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.
Greenfield Energy LLC was formed in June 2020 as a 50/50 JV, between the Company and Valkor LLC, a global EPCI company, to explore the potential to deploy oil sands separation technology, in conjunction with Petroteq Inc.
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
United Kingdom.
CHIEF EXECUTIVE DIRECTOR
John Potter
John is an 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 the best technologies in projects and his proven abilities in developing relationships with stakeholders, including operators, politicians, financiers, technology providers and regulators, are well proven and have brought significant value to the companies he has previously worked with. John joined TomCo as Chief Executive in February 2018.
CHAIRMAN
Stephen West
Stephen holds a Bachelor of Commerce and is a Chartered Accountant with over 26 years of financial and corporate experience gained in public practice, oil and gas, mining, and investment banking. He has held senior positions in oil and gas and mining companies, including Apollo Consolidated Limited (ASX: AOP) where he was a Non-Executive Director from 2012 to 2018, Zeta Petroleum plc where he is co-founder and current Non-Executive Chairman and PetroNor E&P Limited (OSE: PNOR) where he was Executive Director and Chief Financial Officer until February 2020, having been instrumental in the successful merger of African Petroleum Corporation Limited and PetroNor E&P Limited in August 2019, and the subsequent integration of the two companies. Prior to 2002, Mr West worked in the banking sector, including for Barclays Capital London where he managed Global Finance Projects.
NON-EXECUTIVE DIRECTOR
Alexander Benger
Alexander is an experienced small-cap 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 raisings, stock market flotations and corporate actions for both private and public companies. For the last 12 years he has concentrated predominately on London quoted small-cap businesses, including four and a half years working for SME Stock Exchanges.
NON-EXECUTIVE DIRECTOR
Malcolm Groat
Malcolm is a Chartered Accountant and has a wide range of experience in corporate life, with roles as Chairman, Non- Executive Director, Chair of Audit, CEO, COO and CFO for several 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: info@tomcoenergy.com
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
Nominated Adviser
Strand Hanson Limited
26 Mount Row, London W1K 3SQ
Click here for information on shares.
ADVISERS
CONTACT INFORMATION
Directors
Stephen West (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
Joint Brokers
Turner Pope Investments (TPI) Limited
6th Floor, Becket House, 36 Old Jewry, London EC2R 8DD
Novum Securities Limited
8-10 Grosvenor Gardens, London, SW1W 0LD
Financial PR and Investor Relations
IFC Advisory Limited
24 Cornhill, London, EC3V 3ND
tomco@investor-focus.co.uk
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
Keystone Law
The Old Courthouse, Athol Street, Douglas IM1 1JD, Isle Of Man
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