Tomco Energy (TMCGY)

[stephanie_m]

For the benefit of Avenue Investors on this BB I reproduce the update from Tomco regarding the Israel development. It gives slightly more detail than the Avenue (50% partners)announcement.
I am not surprised to see the price of Avenue increase over the past month as investors are beginning to understand the vast potential of the Avenue / Tomco link up and what it could do to the balance sheet of both companies in time.
SM
[e-mail]


Update Re Heletz (Tomco Energy)




RNS Number : 2053Y
TomCo Energy PLC
03 July 2008



TOMCO ENERGY PLC
("TomCo" or the "Company")

TRACS RETAINED TO REPORT ON THE HELETZ FIELDS OIL AND GAS RESERVES

TomCo Energy Plc (AIM: TOM) is pleased to announce that the international consultancy firm
TRACS International Limited ("TRACS") has
been engaged to study the oil and gas reserves underlying the Heletz and Iris Oil Fields
("Heletz Fields") in the State of Israel.

With a team of over 50 professionals, TRACS operates from offices in Aberdeen (Scotland),
Guildford (England) and Moscow (Russia). TRACS
provides technical assistance in the disciplines of geophysics, geology, petrophysics,
reservoir engineering, production technology, well
engineering and completions design and petroleum economics. TRACS provides its consultancy
services to a wide range of companies operating
in the upstream oil and gas industry including a number of the world's largest multinational
oil and gas companies.

TRACS will prepare estimates of remaining proved, probable and possible oil and gas reserves
attributable to the Heletz Fields. TRACS will
also evaluate the potential exploration upside in the fields including an outline of the
Contingent and Prospective Resources. The report is
expected to take two months to complete.

TRACS' project scope includes a subsurface review of the existing recoverable reserves in
the fields with consideration to volumes of
hydrocarbons in place, the building of partial or full field static and dynamic models, an
outline of future development scenarios, e.g.
water flooding and/or infill drilling and an assessment of the deeper exploration potential.

"The preparation of a bankable reserve report will provide an additional cornerstone to
the Heletz fields redevelopment project," stated
Howard Crosby, CEO of TomCo. "The addition of a TRACS reserve report will assure the financial
community of the oil reserves of the Heletz
Fields in Israel and the exploration and development potential of the Jurassic Limestone"

Heletz Fields Background

The Heletz-Kokhav-Brur license and the Iris license equaling approximately 68,000 acres,
are comprised of 3 oil fields - Heletz, Brur
and Kochav, and are located approximately 55 km south of Tel Aviv and 12 km east of the
Mediterranean Sea. Heletz was the first oil field
discovered in the eastern Mediterranean and remains the most significant oil field discovered
onshore Israel with over 17 million barrels of
oil having been recovered from an estimated 50 millions barrels of oil in place.

The first well (Heletz 1) was drilled to a depth of 4800 feet (1515 meters) and recognized
as a producing well on 12 October 1955.
Initial production was approximately 400 barrels per day; oil was 29o API. A total of 88 wells
have been drilled on the Heletz field to
depths ranging from 4,000 to 6,500 feet, of which 59 were producing wells with the other 29
having oil shows. Peak production occurred in
the 1960's when daily production peaked at over 4,000 barrels of oil per day ("BOPD").

TomCo recently announced that production has restarted from the Heletz field at a rate of
35 BOPD from two wells with a further three
currently being prepared for production.

Enquiries:

TomCo Energy Plc [phone]
Howard Crosby

Strand Partners Ltd. [phone]
Simon Raggett

Bankside Consultants Ltd. [phone]
Simon Rothschild