– UK, London – TomCo Energy plc (AIM: TOM), the oil shale exploration and development company focused on using innovative technology to unlock unconventional hydrocarbon resources, announces the following Board changes in line with the corporate restructuring plan announced on 29 May 2015. Sir Nicholas Bonsor and Paul Rankine have today resigned as directors of TomCo with immediate effect. Paul will continue to act as a technical consultant to TomCo on expiry of his notice period. In addition, Andrew Jones and Simon Corney have today joined the board as Non-Executive Chairman and Non-Executive Director respectively.
Simon Corney was previously a partner at Altima Partners, a significant shareholder in TomCo, from 2004 to 2011. Before then he worked at Deutsche Bank within the investment banking division and at Shell, including on oil and gas acquisitions. Since leaving Altima Partners he has been working as a consultant, including for Altima Partners and Dominic Redfern
Andrew Jones has previously founded and developed a number of companies within the media and technology sectors. He has a background in corporate finance and was proposed by Kenglo One, TomCo’s largest shareholder.
TomCo Energy plc (AIM: TOM) is a London based, AIM-listed 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 TomCo’s 1,186 acre Holliday Block lease.
The Company has entered into a licence agreement with Red Leaf Resources Inc (“Red Leaf”) for the use of their EcoShale™ In-Capsule Process, a proven and environmentally sensitive technology, to extract Oil from TomCo’s leases.
Additionally, Red Leaf is planning a 9,800 bopd commercial operation at their Seep Ridge site, which lies about 15 miles SW of TomCo’s Holliday Block lease.
Led by a highly experienced management team, TomCo’s strategy is to develop the Holliday Block lease as a similar follow-on project to Seep Ridge using the EcoShale™ In-Capsule Process, with the same targeted production of 9,800 bopd.
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