TomCo Energy shares down as it waits on RedLeaf data

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.

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.

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.

RD

Recommended

Imperial Brands has an 8.3% yield – but what’s the catch?
Share tips

Imperial Brands has an 8.3% yield – but what’s the catch?

Tobacco company Imperial Brands boasts an impressive dividend yield, and the shares look cheap. But investors should beware, says Rupert Hargreaves. H…
20 May 2022
Investing in drugmakers: uncommon profits from curing rare diseases
Share tips

Investing in drugmakers: uncommon profits from curing rare diseases

Treatments for medical conditions with only a small number of sufferers can still be very attractive for pharmaceutical companies and investors becaus…
20 May 2022
Share tips of the week – 20 May
Share tips

Share tips of the week – 20 May

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
20 May 2022
Delivering profits: should you buy Royal Mail shares?
Share tips

Delivering profits: should you buy Royal Mail shares?

The volume of parcels delivered by Royal Mail soared during the pandemic, and so did its profits. But it has been coming under pressure lately. So, as…
19 May 2022

Most Popular

Barry Norris: we’re already in the 1970s. Here’s how to invest
Investment strategy

Barry Norris: we’re already in the 1970s. Here’s how to invest

Merryn talks to Barry Norris of Argonaut capital about the parallels between now and the 1970s; the transition to “green” energy; and the one sector w…
19 May 2022
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves looks at the FTSE 100’s top yielding stocks for income investors to consider.
18 May 2022
Share tips of the week – 20 May
Share tips

Share tips of the week – 20 May

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
20 May 2022