13th Nov 2013 14:25
LONDON (Alliance News) - TomCo Energy PLC said Wednesday its pretax loss almost halved to GBP865,000 in the year ended September 30 from GBP1.6 million a year before, as administrative costs were reduced.
The AIM-listed exploration and development company, which holds 100% interest in two oil shale leases in the US state of Utah, has no significant revenue as yet. It said the main tract of its Holliday Block lease has an estimated resource of 126 million barrels, and it is targeting production from the lease of 9,800 barrels of oil per day from the lease, the same as it plans at its neighbouring Seep Ridge site.
TomCo has a licence agreement with Red Leaf Resources Inc. to use Red Leaf's EcoShale In-Capsule Process for extracting oil shale from the leases, and it made a GBP3.1 million investment in Red Leaf during the recent year.
"We have maintained our objective to develop some of Utah's most prospective oil shale leases towards future production," Chief Executive Officer Paul Rankine said in a statement. "Our focus this year remains on progressing the relevant permitting required under Utah state law to secure the same approved legal documentation as Red Leaf is expected to have in the near future."
TomCo shares were up 1.2% Wednesday afternoon at 1.24 pence per share.
By Tom Waite; [email protected]; @thomaslwaite
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