 plans to develop new shale technology by boosting its operations at its project in Utah, the company announced on Tuesday.){kind=link}
Tomco Energy (LON:TOM) is planning to develop new shale technology by boosting its operations at its project in Utah, the company announced on Tuesday.
The shale gas exploration company is set to develop its shale-related activities through a new strategic partnership in Utah through a subsidiary company named ‘TurboShale Inc’.
Chris Brown, TomCo’s CEO, commented:
“This is an extremely exciting time for TomCo and our new subsidiary TurboShale. We believe we have found a collection of technologies that can be competitive at current oil prices and address the problems of producing shale oil from kerogen. While we continue to monitor the progress at RedLeaf, TurboShale allows TomCo to have greater control of its future development plans.
“There are estimated to be 3 trillion barrels of oil in the Green River Formation in the USA, and TomCo Energy has 126 million of these barrels in JORC Measured Category at the Holliday Block alone, so the prize for commercialising oil shale production is huge”, he added.
TurboShale’s executive team will include Ray Kasevich and Jeb Rong of Massachusetts-based JR Technologies, alongside Graeme Hossie of UK-based Venture Development Partners.
Brown said of the partnership:
“I am very pleased that Ray Kasevich and Jeb Rong have agreed to join TurboShale and to work on the TurboShale(TM) Technology. I am also looking forward to working with Graeme Hossie again, who co-founded London Mining with me.”
TomCo Energy plc is a shale exploration and development company which is listed on the AIM market of the London Stock Exchange. The company is registered the Isle of Man and holds a 100% interest in two Oil Shale Leases primarily in the Utah region of the United States, which is its major country of operation.
Shares initially rallied as much as 17 percent following the announcement. Shares in Tomco are currently down 2.35 percent at 11.17AM (GMT).