Tomco Energy Plc (LON:TOM)Energy
Tomco Energy plc is a UK-based oil exploration and technology company, which focuses on unlocking hydrocarbon resources and develops oil shale assets. It was founded in the year 1987, and its headquarters are situated in London, while its main operations are in the US. It is listed and traded on the London Stock Exchange publicly and complies with the UK City Code on Takeovers and Mergers. The company has 100% interest in the oil mining company with nine oil shale leases, which covers around 15,488 acres in Uintah County, Utah, US. It also holds 80% interest in TurboShale Inc, and a 50% interest in Greenfield Energy LLC, a joint venture with Valkor LLC, a global EPCI company. This industry has a huge growth potential as the largest oil shale deposit of 1.5 trillion barrels is in the Green River Formation in US, and the Uinta basin is a part of it. The Uinta basic alone holds around 10 billion barrels of oil.
An independent technical review of two oil leases of the company was conducted in 2019 by SRK Consulting (Australasia) Pty Ltd., and its results stated that the 2 leases contain the best estimate Contingent Resources (2C) of around 131.3 million barrels of oil evaluated under the Petroleum Resources Management System (PRMS) guidelines and the best estimate Prospective Resource (2U) of around 442.8 million barrels oil in the two leases. Two field tests of TurboShale’s Radio Frequency (RF) technology have been conducted in the Holliday A block, which carries has 2C Contingent Resources of 57.3 million barrels of oil and 2U Prospective Resources of 84.7 million barrels of oil. TurboShale develops RF technology for the company, which is utilised to pull out oil and gas from oil shale, at a low cost, while minimising the negative impact on the environment.
Tomco Energy plc follows a well-defined framework of corporate governance and aligns itself with the Quoted Companies Alliance (QCA) Corporate Governance Code. The board of the company has set up separate committees for audit, remuneration, and nomination. It has an ethical code of conduct for running its business operations and promotes a culture of trust, transparency, and accountability. Apart from fulfilling all its corporate responsibilities, the company also fulfils its environmental and social responsibilities. It aims to minimise the impact of its business activities on the environment and create long-term value for the business as well as all its stakeholders, which include suppliers, consultants, regulators, partners, and contractors etc.
TomCo Energy PLC 22a St. James's Square LONDON SW1Y 4JH United Kingdom GBR
+44 203 823 3635