TomCo Energy's shares retreated Wednesday as the company said it was still waiting on Red Leaf Resources to provide the data required for a resource upgrade at the Holliday block in Utah.
The oil shale exploration and development group needs Red Leaf to provide updated capital and operating costs for the EcoShale process in order to incorporate the information into technical reports it intends to provide to SRK Consulting (UK), the natural resources consultancy.
The provision of the technical reports to SRK will allow the company's Joint Ore Reserves Committee (JORC) compliant resource to be upgraded to a JORC compliant ore reserve.
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TomCo cannot provide an accurate estimate on when the JORC compliant Ore Reserve will be published until it receives the update from Red Leaf.
"While we remain beholden to receiving updated cost projections from Red Leaf, the process to upgrade to a JORC compliant Ore Reserve is a priority for the management team and we anticipate to updating the market on this again in the short term," said Chief Executive Officer Paul Rankine.
Tomco said it was confident Red Leaf was close to completing its review.
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