20th Oct 2014 10:28
LONDON (Alliance News) - TomCo Energy PLC saw its shares rise 12% Monday after it said it has received tentative approval to start large mining operations to bring its Holliday Project into production.
The oil shale exploration and development company said its received the approval from the Utah Division of Oil, Gas and Mining.
"The approval is another important step in the environmental permitting process and a requirement under Utah State law to take the company's Holliday Project into commercial production," the company said in its statement.
TomCO said a 30-day public consultation has begun, before the Utah Division of Oil, Gas and Mining can grant final approval.
"We are confident of a positive outcome given the precedent created by Red Leaf Resources receiving its LMO permit from DOGM [Utah Division of Oil, Gas and Mining]," said Chief Executive Paul Rankine in a statement.
TomCo Energy shares were trading at 0.560 pence before midday Monday, up 12%.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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