The Board's strategy for the future is to hold the TomCo Leases as a long-term
asset to be exploited when the commercial conditions are suitable, which
conditions may include the continued high price of oil and the successful
development of one or more commercially-viable oil shale extraction
technologies. At such time the Board would seek, as appropriate, to develop the
TomCo Leases in conjunction with holders of intervening and surrounding leases,
enter into joint ventures with other lessees or operators or dispose of the
leases or either of them to a third-party for development.
The Directors and Proposed Director believe that the value of the TomCo Leases
is enhanced by their status as State of Utah School and Institutional Trust
Lands Administration leases, which currently have a longer term than leases
available from the BLM. In addition, the Directors and Proposed Director
believe that the conditions attached to the State of Utah leases are likely to
be less restrictive than those available under the BLM leasing initiative and
may therefore prove more attractive to prospective acquirers or partners. The
Board will, however, consider disposal or commercialisation of the TomCo Leases
in the short to medium term if the terms of any such disposal or
commercialisation are deemed to be in the interest of Shareholders.
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