3rd Feb 2015 08:46
LONDON (Alliance News) - TomCo Energy PLC shares gained ground on Tuesday morning after the company said it has reached an agreement with environmental group Living Rivers over the Holliday shale gas project in Utah.
TomCo said Living Rivers has now withdrawn its objection to the project after TomCo agreed it would not start commercial-scale construction at the project until the results of the early production system capsule for Red Leaf Resources Inc are made available. Red Leaf's project is nearby to the Holliday prospect.
"We are delighted to reach an agreement with Living Rivers. This agreement addresses the key objection received during the public consultation period, a precursor to receiving the final mining permit, which we expect to have granted during the first quarter of 2015," said TomCo Chief Executive Officer Paul Rankine.
Shares in TomCo were up 12% to 0.363 pence on Tuesday morning, one of the best performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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