TomCo Energy PLC TurboShale Update (0925R)
September 19 2017 - 2:00AM
UK Regulatory
TIDMTOM
RNS Number : 0925R
TomCo Energy PLC
19 September 2017
19 September 2017
TomCo Energy plc (AIM: TOM)
("TomCo" or the "Company")
TurboShale Update
TomCo Energy plc provides the following update in respect of
TurboShale Inc. ("TurboShale"), the oil shale technology company
set up by TomCo to seek to develop and commercialise a new
propriety technology for processing oil shale through a frame work
agreement with JR Technologies LLC ("JRT") and Venture Development
Partners Ltd.
Pursuant to the Patent Purchase and Development Agreement,
announced on 2 June 2017, JRT has agreed to waive the final
condition, being the completion of the initial fundraise by
TurboShale, to the transfer of its patent US7891421 B2 Method and
Apparatus for In-Situ Radiofrequency Heating (US Application
62/017/408) and patent application US2015/035433 A1 Subsurface
Multiple Antenna Radiation Technology (SMART) to TurboShale.
Accordingly, the patents have now been transferred to TurboShale,
representing an integral step in TurboShale's development
programme.
TurboShale has commenced preliminary lab work on the project,
including preparing provisional patent filings in respect of the
TurboShale process. TurboShale also continues to be engaged in
discussions regarding securing the requisite funding.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No 596/2014
("MAR").
Enquiries:
For further information, please visit www.tomcoenergy.uk.com or
contact:
TomCo Energy plc +44 (0)20 3823 3635
Andrew Jones (Chairman) andrew@tomcoenergy.uk.com
Chris Brown (CEO) chris@tomcoenergy.uk.com
Strand Hanson Limited (Nominated Adviser)
James Harris / Richard Tulloch +44 (0)20 7409 3494
SVS Securities plc (Broker)
Tom Curran / Ben Tadd +44 (0)20 3700 0093
Tavistock Communications (Financial PR)
Jos Simson / Niall Walsh +44 (0)7920 3150
Notes to Editors:
TomCo Energy Plc (AIM: TOM) is a London based, AIM-quoted
company, with substantial Oil Shale assets in Utah, USA.
TomCo holds a 100% interest in two Oil Shale leases, comprising
5 blocks covering 2,919 acres in Uintah County, Utah. 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.
The Company has entered into a licence agreement with Red Leaf
Resources Inc ("Red Leaf") for the use of their EcoShale(TM)
In-Capsule Process to extract Oil from TomCo's leases.
In addition, TomCo has incorporated a new Utah-based subsidiary
company named TurboShale Inc. ("TurboShale"). TurboShale will seek
to develop and commercialise a new propriety technology for
processing oil shale through a frame work agreement with JR
Technologies LLC and Venture Development Partners Ltd. In addition
to the provision of management and administrative services by
TomCo, TurboShale's executive and technology team shall comprise of
Andrew Jones and Chris Brown of TomCo, Ray Kasevich and Jeb Rong of
Massachusetts-based JR Technologies LLC and Graeme Hossie of
UK-based Venture Development Partners Ltd.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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