TomCo Energy Plc Surges On Wastewater Permit News

Back in September, I pointed out that TomCo Energy Plc (LON:TOM) should surge if its neighbour and JV partner Red Leaf Resources was successful in its application for a groundwater discharge permit.

The closing date for comments was 27 September, but approval took longer than I expected and was announced on Friday/over the weekend. TomCo has issued a RNS announcement this morning confirming the news, which should pave the way for TomCo’s permits to be approved in 2014.

TomCo shares are around 30% higher this morning, and while i don’t expect them to hold on to all of today’s gains, the news is positive for theTomCo as Red Leaf and its JV partner Total can now start a full-scale trial of the EcoShale technology, which TomCo also plans to use.

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