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TomCo Energy Plc Surges On Wastewater Permit News

TomCo Energy Plc Surges On Wastewater Permit News

Utah desertBack 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.

Disclaimer: This article is provided for information only and is not intended as investment advice. The author may own shares in the companies mentioned in the article. Do your own research or seek qualified professional advice before making any purchase decisions.