27th Mar 2007 14:52
TomCo Energy PLC27 March 2007 TomCo Energy Plc ("TomCo" or the "Company") Investment in Oil Well TomCo, an AIM-listed oil producer with properties in the South-Western UnitedStates, is pleased to announce that it has entered into an agreement to purchasea 30 per cent. working interest in the Rock Crossing prospect in WilbargerCounty, Texas (the "Rock Crossing Prospect"). The Rock Crossing Prospect will betested by a well to be drilled within the next few weeks, for which TomCo's netcost is approximately $72,000 plus a further $60,000 in completion costs if thewell is a commercial discovery. The Rock Crossing Prospect is located on the Waggoner Ranch, one of the largestprivately owned ranches in Texas, and forms part of a 330 acre lease block alongthe prolific Rock Crossing anticline, from which the Rock Crossing field hasalready produced some 8,300,000 barrels of oil. The new well will be drilled toa depth of 4,100 feet, and will test a minimum of eight prospective pay zones,down to and including the Ellenburger formation. A successful test could lead toseveral offset development locations on the lease block in which TomCo has theoption to participate. Drilling is scheduled to commence within two weeks of thedate of this announcement, and production could commence within 2 months, theresults of which will be announced as soon as they become available. TomCo is also pleased to announce that production has commenced on its 40 percent. working interest in Flusche oil well in Wichita County, Texas. The initialgross production rate is 28 barrels per day from 2 pay zones, althoughadditional completion work is being undertaken to another zone in an attempt toincrease the flow rate. TomCo is an AIM listed company which continues to actively develop aconventional oil production profile in the South-Western United States. TheCompany also owns leases on approximately 3000 acres of shale oil holdings inUtah, estimated by SRK (an independent firm of mining consultants) to containsome 230 million barrels of oil. This announcement has been reviewed by Lucius C. Geer, a "qualified person" forthe purposes of the AIM Rules. Mr. Geer is a longtime member of The Society ofIndependent Professional Earth Sciences #408 (SIPES), and is the senior partnerof Lucius C. Geer & Associates, an independent firm of consulting Geologists andGeophysicists based in Houston, Texas. For further information, please contact: TomCo Energy PlcStephen Komlosy Tel: 07802 451 212 Strand Partners LimitedSimon Raggett Tel: (020) 7409 3494Warren PearceThomas Lockyer Bankside ConsultantsSimon Rothschild Tel: (020) 7367 8888Louise Mason This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Tomco Energy