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TomCo Energy Plc delighted with reserves report for Utah project

“The report serves to confirm our view that the TSHII site contains substantial economic resources,” said chief executive John Potter

TomCo Energy PLC (AIM:TOM) said a reserves report for its unconventional oil project in the Uinta Basin, Utah, estimated some 33.6mln barrels of proved and probable (2P) reserves.

Along with the 2P estimate of 33.6mln barrels, of which 22.8mln are Proven (1P) reserves, the Netherland, Sewell & Associates Inc (NSAI) report also detailed some 41.2mln tonnes of marketable sands.

NSAI estimated undiscounted future net revenues in the range of US$942mln (1P) to US$2.5bn (3P).

“We are delighted with the findings of NSAI’s report,” said chief executive John Potter.

“The report serves to confirm our view that the TSHII site contains substantial economic resources, both in terms of oil and marketable sand, that we are focussed on seeking to exploit.”

TomCo’s Greenfield subsidiary holds a 10% interest in the TSHII property, which includes the project, and has the right to acquire the other 90% by December 31 2022.

“Greenfield continues to progress its previously announced plans to pursue both the drilling of certain near-term oil production wells and, thereafter, the potential acquisition of the balancing 90% of the membership Interests in TSHII and construction of its first commercial scale plant on the site, all of which remain subject to securing the requisite funding.”

Read More: TomCo Energy Plc delighted with reserves report for Utah project

2022-01-13 02:04:00

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