TomCo Energy PLC Company and TurboShale Update (5526B)
January 11 2018 - 2:00AM
UK Regulatory
TIDMTOM
RNS Number : 5526B
TomCo Energy PLC
11 January 2018
11 January 2018
TomCo Energy plc (AIM: TOM)
("TomCo" or the "Company")
Company and TurboShale Update
The Company provides an update in respect of TurboShale Inc.
("TurboShale"), the oil shale technology company set up by TomCo to
seek to develop and commercialise an alternative technology for
processing oil shale, based on a historic programme conducted by a
group of oil majors in the early 1980's that tested this technology
on a small scale near TomCo's Holliday Block, through a frame work
agreement with JR Technologies LLC ("JRT") which was involved in
that testing programme.
On 28 March 2017, the Company announced that TurboShale was
seeking to raise up to US$1.5 million by way of a private placing
of equity, the net proceeds of which were to be applied to its
laboratory testing programmes, patent applications and to general
working capital. Whilst TurboShale has continued to progress its
development, TomCo has been advised that TurboShale has been
unsuccessful in its efforts to raise such funding.
Following receipt of the GBP100,000 unsecured loan from
Christopher Brown announced on 2 January 2018, the Company
currently has approximately GBP160,000 of cash, which is sufficient
for its present requirements until the latter part of H1 2018.
TomCo and TurboShale are currently reviewing the funding
requirements and options for securing funding for TurboShale, which
could include TomCo seeking financing in order to provide funding
directly to advance TurboShale. However, TomCo now does not
anticipate that its current loan to TurboShale of approximately
US$130,000 will be repaid in the short term or that the fees due to
TomCo pursuant to the management agreement with TurboShale will
become payable on completion of the next funding round for
TurboShale as was to be the case.
Following the commencement of preliminary lab work by TurboShale
in September 2017, the Company and JRT have continued to review the
historical data and to finalise the proposed work programme for
TurboShale. This has included being able to identify significant
cost savings, whilst also being able to bring forward the early
stage field work with the goal of being able to accelerate the
commercialisation of the technology, subject to the receipt of
funding. From this work, the Company believes that TurboShale
represents a very exciting proposition and will ultimately enable
the Company to achieve commercial production at its Holliday Block
oil shale project.
The Company will keep shareholders updated of further
developments in this regard.
Enquiries:
For further information, please visit www.tomcoenergy.uk.com or
contact:
TomCo Energy plc
Contact:
Telephone: +44 (0) 20 3823 3635
Andrew Jones (Chairman) andrew@tomcoenergy.uk.com
Strand Hanson (Nominated Adviser)
Contact:
James Harris / Richard Tulloch +44 (0) 20 7409 3494
SVS Securities plc (Broker)
Contact:
Tom Curran / Ben Tadd +44 (0) 20 3700 0093
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
- ENDS -
This information is provided by RNS
The company news service from the London Stock Exchange
END
UPDXBLLFVFFBBBV
(END) Dow Jones Newswires
January 11, 2018 02:00 ET (07:00 GMT)
Tomco Energy (LSE:TOM)
Historical Stock Chart
From Apr 2024 to May 2024
Tomco Energy (LSE:TOM)
Historical Stock Chart
From May 2023 to May 2024