23rd Jan 2007 08:00
TomCo Energy PLC23 January 2007 TomCo Energy Plc ("TomCo" or "the Company") Investment in Oil Well TomCo (TOM.L), formerly Netcentric Systems Plc (NCS.L), is pleased to announcethat, in accordance with its stated policy of investment in highly prospectiveundeveloped oil well locations, it has acquired an interest in the Flusche OilWell Prospect ("Flusche"). The Company holds a 40 per cent. working interest inthe well which it has purchased for $56,000 of drilling cost. The Companyexpects to spend an additional estimated $50,000 on completion costs for thiswell. The operator of the well is Spruiell Drilling Co., Inc. which holds a 10 percent. working interest in the well. The well is located in Wichita County,Texas, on a major oil bearing structure called the Red River Arch from whichapproximately 290 million barrels of oil have been extracted to date. Drilling at Flusche has intersected six zones which geological advisors to theCompany consider to be zones capable of supporting economic oil production. Twoof the zones were recently perforated for production, namely the '1790 foot'zone and the 'Gunsight Sand' at 1,960 feet. During routine well testingprocedures, oil was recovered from both zones. The well has been made ready forproduction in all respects and is currently awaiting electric hookup, which isexpected within two weeks of the date of this announcement. Details on production rates at Flusche will be announced as soon as they becomeavailable. Two additional development locations have also been identified bythe drilling of this well, which the Company intends to drill test in the nearfuture. The Company's geological advisers are also now undertaking feasibility studiesin Western Kansas and Southern Oklahoma on potential sites for shallow oilproduction. Further announcements in respect of these studies, shall be releasedas appropriate. 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: (020) 7808 4856 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:
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