Our primary objective is the commercialisation of the oil shale leases in Utah. We believe that advancements in technologies and processes for the extraction of kerogen oil from oil shale in recent years have again raised the profile of the oil shale resources within the USA and elsewhere, and have created near-term opportunities for the Company to commercialise the oil shale leases.

TomCo has licensed the EcoShale™ In-Capsule Process, from Red Leaf Resources. During the course of 2009, we identified the EcoShale™ In-Capsule Process as being particularly suitable for the commercialisation of the oil shale leases and in particular the Holliday Block, which lies approximately 15 miles north-east of the Seep Ridge site where the geology and overburden are similar.

We understand that Red Leaf is planning to undertake future development work for a 9,800 bopd commercial production facility at its Seep Ridge site. Following Red Leaf's achievement of commercial production on its block, it is our intention to bring the Holliday Block into production.