TIDMTOM
RNS Number : 6198C
TomCo Energy PLC
22 June 2021
22 June 2021
TOMCO ENERGY PLC
("TomCo", the "Company" or the "Group")
Unaudited interim results for the six-month period ended 31
March 2021
TomCo Energy plc (AIM: TOM), the US operating oil development
group focused on using innovative technology to unlock
unconventional hydrocarbon resources, announces its unaudited
interim results for the six-month period ended 31 March 2021.
CHAIRMAN'S STATEMENT
Operational
Our Greenfield joint venture with Valkor LLC has made progress
despite the COVID-19 pandemic. The oil sands plant at Asphalt Ridge
developed by Petroteq Energy Inc (the "POSP") and enhanced by
Greenfield has now been brought into sustained production,
extracting oil from sands in a manner that we believe could be
scaled up to be commercially viable in large, purpose-built plants,
with a target of being capable of producing 10,000 barrels of oil
per day. In late May 2021, we received a draft of the Front-End
Engineering and Design ("FEED") study that, whilst still being
reviewed, is encouraging. Taken together with the practical
demonstration of the process via the POSP test plant, such draft
report has led Greenfield to most recently move ahead with
investigating the possibility of acquiring up to a 100 per cent.
interest in a large oil sands site in Utah via Tar Sands Holdings
II LLC ("TSHII") believed to be suitable for the construction of a
potential initial commercial scale plant. Alongside the potential
acquisition, Greenfield is also in the early stages of exploring
possible financing opportunities for the potential project.
We have continued to postpone operations in respect of
TurboShale's RF Technology, pending a return to normality after the
COVID-19 pandemic abates.
Details of our progress during the reporting period, and more
recently, is outlined in the various regulatory announcements the
Company has issued. We will continue to provide regular updates as
matters progress and believe that Greenfield is well positioned to
achieve its goals.
Board changes
At the time of our last fund-raising, in the autumn of 2020,
Stephen West and Alexander Benger stepped down from the Board to
focus on commitments elsewhere, I became Chairman, and we appointed
two new non-executives, Richard Horsman and Robb Kirchner. In the
spring of 2021, Robb Kirchner left us to pursue other
opportunities, but I am delighted that we were able to attract
Louis Castro to join our Board. Louis is widely respected in our
sector and brings very valuable experience and judgment relevant to
the Company's future progression.
Funding
During the reporting period, we raised GBP3.5m (gross) via a
placing in November 2020, through the issue of 777,777,777 new
ordinary shares at a price of 0.45 pence per share, with the net
proceeds being used to provide general working capital and to fund
Greenfield's development.
As at 21June 2021, TomCo had approximately GBP1,390,000 of cash
reserves available to it. The Board believes that the Group has
sufficient funds to cover its expected and normal outgoings for the
next 12 months. However, we anticipate needing to raise additional
funds in the event a decision is made to exercise our option to
acquire the abovementioned site and commence work on our first
full-scale oil sands plant and related matters. The contractual
balance due if Greenfield was to assume full ownership of the site
via TSHII is up to approximately US$16 million (dependent on the
timing of the option exercise) and, at this stage, we envisage that
Greenfield would require funding in excess of US$110 million for
the construction of the first plant, the vast majority of which it
would seek to finance by way of debt. Should Greenfield proceed
with the acquisition, TomCo will work closely with its joint
venture partner to explore the most appropriate financing solutions
for the requisite funding.
I would like to thank shareholders for their continued support
and encouragement through recent challenging times. We remain
focused on meeting the further challenges that lie ahead.
Malcolm Groat
Non-Executive Chairman
Enquiries :
TomCo Energy plc
Malcolm Groat (Chairman) / John Potter (CEO) +44 (0)20 3823 3635
Strand Hanson Limited (Nominated Adviser)
James Harris / Matthew Chandler +44 (0)20 7409 3494
Novum Securities Limited (Broker)
Jon Belliss / Colin Rowbury +44 (0)20 7399 9402
IFC Advisory Limited (Financial PR)
Tim Metcalfe / Graham Herring +44 (0)20 3934 6630
For further information, please visit www.tomcoenergy.com .
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018.
Condensed consolidated statement of comprehensive income
For the six-month period ended 31 March 2021
Unaudited Unaudited Audited
Six months Six months Year ended
ended ended 30 September
31 March 31 March
2021 2020 2020
Notes GBP'000 GBP'000 GBP'000
----------------------------------------- ----- ----------- ----------- -------------
Revenue - - -
----------------------------------------- ----- ----------- ----------- -------------
Cost of sales - - -
----------------------------------------- ----- ----------- ----------- -------------
Gross profit/(loss) - - -
Administrative expenses (738) (377) (1,031)
----------------------------------------- ----- ----------- ----------- -------------
Operating loss 3 (738) (377) (1,031)
Finance income/(costs) - 1 1
Share of loss of joint venture (39) - (40)
----------------------------------------- ----- ----------- ----------- -------------
Loss on ordinary activities before
taxation (777) (376) (1,070)
Taxation - - -
----------------------------------------- ----- ----------- ----------- -------------
Loss for the period (777) (376) (1,070)
Loss for the period/year attributable
to:
Equity shareholders of the parent (739) (355) (1,028)
Non-controlling interests (38) (21) (42)
----------------------------------------- ----- ----------- ----------- -------------
(777) (376) (1,070)
----------------------------------------- ----- ----------- ----------- -------------
Items that may be reclassified subsequently to
profit or loss
Exchange differences on translation
of foreign operations (585) (107) 350
Other comprehensive income for the year attributable
to :
Equity shareholders of the parent (598) (108) (356)
Non-controlling interests 13 1 6
Other comprehensive income (585) (107) (350)
Total comprehensive loss attributable
to :
Equity shareholders of the parent (1,337) (463) (1,384)
Non-controlling interests (25) (20) (36)
----------------------------------------- ----- ----------- ----------- -------------
(1,362) (483) (1,420)
----------------------------------------- ----- ----------- ----------- -------------
Loss per share attributable to the equity shareholders
of the parent
------------------------------------------------------------- ----------- -------------
Basic & Diluted Loss per share (pence) 4 (0.06) (0.16) (0.30)
----------------------------------------- ----- ----------- ----------- -------------
Condensed consolidated statement of financial position
As at 31 March 2021
Unaudited Unaudited
Six months Six months Audited
ended ended Year ended
31 March 31 March 30 September
2021 2020 2020
Note GBP'000 GBP'000 GBP'000
-------------------------------- ---- ----------- ------------ ---------------
Assets
Non-current assets
Intangible assets 5 8,192 9,221 8,834
Property, plant and equipment 382 425 411
Investment in joint venture 6 1,859 - 1,224
Other receivables 24 27 26
-------------------------------- ---- ----------- ------------ ---------------
10,457 9,673 10,495
-------------------------------- ---- ----------- ------------ ---------------
Current assets
Trade and other receivables 138 92 118
Cash and cash equivalents 2,250 751 334
-------------------------------- ---- ----------- ------------ ---------------
2,388 843 452
-------------------------------- ---- ----------- ------------ ---------------
Total Assets 12,845 10,516 10,947
-------------------------------- ---- ----------- ------------ ---------------
Liabilities
Current liabilities
Trade and other payables (228) (353) (215)
(228) (353) (215)
-------------------------------- ---- ----------- ------------ ---------------
Net current assets 2,160 490 237
-------------------------------- ---- ----------- ------------ ---------------
Total liabilities (228) (353) (215)
-------------------------------- ---- ----------- ------------ ---------------
Total Net Assets 12,617 10,163 10,732
-------------------------------- ---- ----------- ------------ ---------------
Shareholders' equity
Share capital - - -
Share premium 7 30,271 28,784 29,222
Warrant reserve 8 3,466 354 1,288
Translation reserve (316) 530 282
Retained deficit (20,606) (19,348) (19,887)
-------------------------------- ---- ----------- ------------ ---------------
Equity attributable to owners
of the parent 12,815 10,320 10,905
Non-controlling interests (198) (157) (173)
-------------------------------- ---- ----------- ------------ ---------------
Total Equity 12,617 10,163 10,732
-------------------------------- ---- ----------- ------------ ---------------
The financial information was approved and authorised for issue
by the Board of Directors on 21June 2021 and was signed on its
behalf by:
J Potter
Director
Condensed consolidated statement of changes in equity
For the six months ended 31 March 2021
Share Share Warrant Translation Retained Non-controlling Total
capital premium reserve reserve deficit Total interest equity
----------------------- -----
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------- ----- -------- -------- -------- ----------- -------- ------- --------------- -------
At 30 September
2019 (audited) - 28,247 65 638 (19,012) 9,938 (137) 9,801
-------- -------- -------- ----------- -------- ------- --------------- -------
Loss for the period - - - - (355) (355) (21) (376)
Comprehensive loss
for the period - - - (108) - (108) 1 (107)
------------------------------ -------- -------- -------- ----------- -------- ------- --------------- -------
Total comprehensive
loss for the period - - - (108) (355) (463) (20) (483)
Issue of shares
(net of costs) - 537 327 - - 864 - 864
Expiry of warrants - - (42) - 42 - - -
Share based payment
credit - 4 - (23) (19) - (19)
------------------------------ -------- -------- -------- ----------- -------- ------- --------------- -------
At 31 March 2020
(unaudited) - 28,784 354 530 (19,348) 10,320 (157) 10,163
------------------------------ -------- -------- -------- ----------- -------- ------- --------------- -------
Loss for the period - - - - (673) (673) (21) (694)
Comprehensive loss
for the period - - - (248) - (248) 5 (243)
------------------------------ -------- -------- -------- ----------- -------- ------- --------------- -------
Total comprehensive
loss for the perio
d - - - (248) (673 ) (921) (16) (937)
Issue of shares
(net of costs) - 329 1,050 - - 1,379 - 1,379
Exercise of warrants - 109 (114) - 114 109 - 109
Expiry of warrants - - (1) - 1 - - -
Share based payment
charge - - (1) - 19 18 - 18
At 30 September
2020 (audited) - 29,222 1,288 282 (19,887) 10,905 (173) 10,732
------------------------------ -------- -------- -------- ----------- -------- ------- --------------- -------
Loss for the period - - - - (739) (739) (38) (777)
Comprehensive loss
for the period - - - (598) - (598) 13 (585)
------------------------------ -------- -------- -------- ----------- -------- ------- --------------- -------
Total comprehensive
loss for the period - - - (598) (739) (1,337) (25) (1,362)
Issue of shares
(net of costs) - 1,049 2,178 - - 3,227 - 3,227
Share-based payment
credit - - - - 20 20 - 20
------------------------------ -------- -------- -------- ----------- -------- ------- --------------- -------
At 31 March 2021
(unaudited) - 30,271 3,466 (316) (20,606) 12,815 (198) 12,617
------------------------------ -------- -------- -------- ----------- -------- ------- --------------- -------
The following describes the nature and purpose of each reserve
within owners' equity:
Reserve Descriptions and purpose
Share capital Amount subscribed for share capital at nominal value,
together with transfers to share premium upon redenomination
of the shares to nil par value.
Share premium Amount subscribed for share capital in excess of nominal
value, together with transfers from share capital
upon redenomination of the shares to nil par value.
Warrant reserve Amounts credited to equity in respect of warrants
to acquire ordinary shares in the Company.
Translation reserve Amounts debited or credited to equity arising from
translating the results of subsidiary entities whose
functional currency is not sterling.
Retained deficit Cumulative net gains and losses recognised in the
consolidated statement of comprehensive income.
Non-Controlling Amounts attributable to the non-controlling interest
Interests in TurboShale Inc.
Condensed consolidated statement of cash flows
For the period ended 31 March 2021
Unaudited Unaudited Audited
Six months Six months Year ended
ended 31 ended 31 30 September
March 2021 March 2020 2020
Note GBP'000 GBP'000 GBP'000
------------------------------------------- ---- ----------- --------------------- -------------
Cash flows from operating activities
Loss after tax (777) (376) (1,070)
Finance (income)/costs - (1) (1)
Amortisation of intangible fixed
assets 3 3 6
Share-based payment (credit)/charge 20 (19) (1)
Unrealised foreign exchange losses 172 - 81
Share of loss of joint venture 39 - 40
Decrease/(increase) in trade and
other receivables (20) 5 (21)
(Decrease)/increase in trade and
other payables 13 (239) (384)
------------------------------------------- ---- ----------- --------------------- -------------
Cash used in operations (550) (627) (1,350)
Interest received/(paid) - 1 (1)
Net cash outflows from operating
activities (550) (626) (1,349)
Cash flows from investing activities
Investment in intangibles 5 - (124) (29)
Investment in joint venture 6 (761) - (1,279)
Net cash used in investing activities (761) (124) (1,308)
------------------------------------------- ---- ----------- --------------------- -------------
Cash flows from financing activities
Issue of share capital 3,500 864 2,535
Costs of share issue (273) - (182)
Net cash generated from financing
activities 3,227 864 2,353
------------------------------------------- ---- ----------- --------------------- -------------
Net increase/(decrease) in cash
and cash equivalents 1,916 114 (304)
Cash and cash equivalents at beginning
of financial period 334 639 639
------------------------------------------- ---- ----------- --------------------- -------------
Foreign currency translation differences - (2) (1)
------------------------------------------- ---- ----------- --------------------- -------------
Cash and cash equivalents at end
of financial period 2,250 751 334
------------------------------------------- ---- ----------- --------------------- -------------
UNAUDITED NOTES FORMING PART OF THE CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
For the six months ended 31 March 2021
1. Accounting Policies
Basis of Preparation
The unaudited condensed consolidated interim financial
statements of TomCo Energy plc ("TomCo" or the "Company") for the
six months ended 31 March 2021, incorporates the financial
information of the Company and its subsidiaries (together referred
to as the "Group").
The unaudited condensed interim financial information for the
Group has been prepared using the recognition and measurement
requirements of International Financial Reporting Standards (IFRS
and IFRIC interpretations) issued by the International Accounting
Standards Board ("IASB") as adopted for use in the EU, with the
exception of IAS 34 Interim Financial Reporting that is not
mandatory for companies quoted on the AIM market of the London
Stock Exchange. The unaudited condensed interim financial
information has been prepared using the accounting policies which
will be applied in the Group's statutory financial information for
the year ending 30 September 2021.
There were no new standards, interpretations and amendments to
published standards effective in the period which had a significant
impact on the Group.
Going concern
For the six months ended 31 March 2021, the Group recorded a
loss of approximately GBP777,000 and had net cash outflows from
operating and investing activities of approximately GBP1,311,000.
As at 21 June 2021, TomCo had approximately GBP1,390,000 of cash
available to it. Accordingly, the Board believes that the Group has
sufficient funds to cover its expected and normal outgoings for the
next 12 months and accordingly the unaudited condensed consolidated
interim financial statements have been prepared on the basis that
the entity is a going concern.
However, in the event a decision is made to exercise the Group's
option to acquire up to a 100% interest in Tar Sands Holdings II
LLC ("TSHII") or any additional unplanned expenditure is required
in respect of Greenfield, then it is anticipated that additional
funds would need to be raised to ensure that sufficient headroom is
maintained for the Group's working capital requirements.
Management has successfully raised funds in the past, but there
is no guarantee that adequate funds will be available when required
going forwards. Should the entity not be able to continue as a
going concern, it may be required to realise its assets and
discharge its liabilities other than in the ordinary course of
business, and at amounts that differ from those stated in the
financial statements. This interim financial report does not
include any adjustments relating to the recoverability and
classification of recorded asset amounts or liabilities that might
be necessary should the entity not continue as a going concern.
2. Financial reporting period
The unaudited condensed interim financial information
incorporates comparative figures for the unaudited six-month
interim period to 31 March 2020 and the audited financial year
ended 30 September 2020. The six-month financial information to 31
March 2021 is neither audited nor reviewed. In the opinion of the
Directors the unaudited condensed interim financial information for
the period presents fairly the financial position, results from
operations and cash flows for the period in conformity with the
generally accepted accounting principles consistently applied.
The financial information contained in this unaudited interim
report does not constitute statutory accounts as defined by the
Isle of Man Companies Act 2006. It does not include all disclosures
that would otherwise be required in a complete set of financial
statements and should be read in conjunction with the 2020 Annual
Report and Financial Statements. The comparatives for the full year
ended 30 September 2020 are not the Group's full statutory accounts
for that year. The auditors' report on those accounts was
unqualified.
3. Operating Loss
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2021 2020 2020
GBP'000 GBP'000 GBP'000
------------------------------------------------ ----------- ----------- -------------
The following items have been charged in arriving at operating loss:
Directors' remuneration 160 264 360
Share-based payment (credit)/charges
for directors 20 (19) (1)
Auditors' remuneration 16 15 33
Operating leases for land and buildings-short
term assets 4 19 52
------------------------------------------------ ----------- ----------- -------------
Directors' remuneration for the period ended 31 March 2020
included GBP150,000 of compensation and ex gratia payments to
Andrew Jones (former Executive Chairman), which was settled post
that period end. Of the credit to profit and loss for share-based
payments in 2020, approximately GBP35,000 arose from the reversal
of charges previously recognised for unvested options awarded to Mr
Jones that lapsed, and the replacement of the lapsed options with a
similar number of warrants exercisable on similar terms.
4. Loss per share
Basic loss per share is calculated by dividing the losses
attributable to ordinary shareholders by the weighted average
number of ordinary shares outstanding during the year.
Reconciliations of the losses and weighted average number of shares
used in the calculations are set out below.
Weighted average Per share
Losses number of shares amount
Six months ended 31 March 2021 GBP'000 Pence
---------------------------------------- -------- ------------------ ----------
Basic and Diluted EPS
Losses attributable to ordinary
shareholders on continuing operations (739) 1,193,585,125 (0.06)
---------------------------------------- -------- ------------------ ----------
Weighted average Per share
Losses number of shares amount
Six months ended 31 March 202 GBP'000 Pence
0
---------------------------------------- -------- ------------------ ----------
Basic and Diluted EPS
Losses attributable to ordinary
shareholders on continuing operations (3 55 ) 221,025,507 (0.16)
---------------------------------------- -------- ------------------ ----------
Weighted average Per share
Losses number of shares amount
Year ended 30 September 202 0 GBP'000 Pence
---------------------------------------- -------- ------------------ ----------
Basic and Diluted EPS
Losses attributable to ordinary (1,0 28
shareholders on continuing operations ) 339,346,801 (0.30)
---------------------------------------- -------- ------------------ ----------
5. Intangible assets
Oil & Gas Exploration Oil & Gas Patents
and development and patent
licences applications Total
GBP'000 GBP'000 GBP'000
------------------------------------------- --------------------- ----------------- ---------
Cost, net of impairment and amortisation
At 30 September 2019 (audited) 9,200 22 9,222
Additions 124 - 124
Translation differences and amortisation (122) (3) (125)
------------------------------------------- --------------------- ----------------- ---------
At 31 March 2020 (unaudited) 9,202 19 9,221
Additions (87) - (87)
Translation differences and amortisation (296) (4) (300)
------------------------------------------- --------------------- ----------------- ---------
At 30 September 2020 (audited) 8,819 15 8,834
Additions - - -
Translation differences and amortisation (638) (4) (642)
------------------------------------------- --------------------- ----------------- ---------
At 31 March 2021 (unaudited) 8,181 11 8,192
------------------------------------------- --------------------- ----------------- ---------
Net book value
At 31 March 2021 (unaudited) 8,181 11 8,192
------------------------------------------- --------------------- ----------------- ---------
At 30 September 2020 (audited) 8,819 15 8,834
------------------------------------------- --------------------- ----------------- ---------
At 31 March 2020 (unaudited) 9,202 19 9,221
------------------------------------------- --------------------- ----------------- ---------
The exploration and development licences comprise nine Utah oil
shale leases covering approximately 15,488 acres. In respect of
leases ML 49570 and ML 49571, independent natural resources
consultants SRK Consulting (Australasia) Pty Ltd, part of the
internationally recognised SRK Group, reported in March 2019 best
estimate Contingent Resources (2C) of, in aggregate, 131.3 million
barrels ("MM bbl") of oil assessed under Petroleum Resources
Management System ("PRMS") guidelines, plus a best estimate
Prospective Resource (2U) of, in aggregate, 442.8 MM bbl oil across
the two leases. This included the Holliday A Block, where two field
tests have been undertaken to date, with 2C Contingent Resources of
57.3 MM bbl of oil and 2U Prospective Resources of 84.7 MM bbl of
oil. The Directors continue to consider the Holliday A Block to be
prospective and are seeking methods of extracting the shale oil
through development of TurboShale's RF technologies. The claim
areas and the Group's interest in them are:
Asset Per cent Licence Expiry Licence Area
Interest Status Date (Acres)
ML 49570 100 Prospect 31/12/2024 1,638.84
ML 49571 100 Prospect 31/12/2024 1,280.00
ML 48801 100 Prospect 01/10/2021 1,918.50
ML 48802 100 Prospect 01/10/2021 1,920.00
ML 48803 100 Prospect 01/10/2021 1,920.00
ML 48806 100 Prospect 01/12/2023 1,880.00
ML 49236 100 Prospect 01/12/2023 2,624.21
ML 49237 100 Prospect 01/12/2023 1,666.67
ML 50151 100 Prospect 30/11/2025 640.00
In performing an assessment of the carrying value of the
exploration licences at the reporting date, the Directors concluded
that it was not appropriate to book an impairment given the
measured resource, the licence term and the continued plans to
explore and develop the licence areas, including the new
technologies which TurboShale is seeking to develop.
The outcome of ongoing exploration, and therefore whether the
carrying value of the exploration licences will ultimately be
recovered, is inherently uncertain and is dependent upon successful
development of a commercially viable extraction technology. If
additional funding to develop TurboShale's RF Technology was not to
be made available to the Group when required or alternative
commercially viable extraction technologies cannot be developed,
the carrying value of the intangible assets might need to be
impaired.
The Group continues to renew the leases set out above as and
when they expire and has no reason to believe that the leases will
not continue to be capable of renewal in the future.
Further field tests of the TurboShale RF Technology were
postponed because of the COVID-19 pandemic. The Board plans to
review the position in Q3 2021, but currently intends to resume the
testing programme when conditions permit.
6. Investment in joint venture
Carrying value under equity method GBP'000
----------------------------------------- ------------------
At 31 March 2020 -
Cost 1,279
Share of loss of joint venture (40)
Other comprehensive income-translation
differences (15)
------------------------------------------- ------------------
At 30 September 2020 1,224
Share of loss of joint venture (39)
Other comprehensive income-translation
differences (87)
------------------------------------------- ------------------
At 31 March 2021 1,098
------------------------------------------- ------------------
L oans GBP'000
------------------------------------ ----------------------
At 31 March 2020 -
Cost -
------------------------------------ ----------------------
At 30 September 2020 -
Loans made 761
At 31 March 2021 761
-------------------------------------- ----------------------
Total investment in joint venture
at 31 March 2021 1,859
-------------------------------------- ----------------------
During the year ended 30 September 2020, the Group formed a
joint venture, Greenfield Energy LLC ("Greenfield"), with Valkor
LLC ("Valkor"). Greenfield is incorporated in Utah, USA. Its
initial purpose is the development of a plant utilising technology
licensed or assigned to it by third parties for Valkor to recover
oil from oil sands in Utah, which is considered strategic to the
Group's activities. Both the Group and Valkor hold 50% ownership
interests in Greenfield.
There is no quoted market price for the Group's investment in
Greenfield.
Loans made to Greenfield carry interest at 3% above the Bank of
England's base rate and are repayable after five years.
7. Share Capital
31 March 31 March 30 September
2021 2020 2020
unaudited Unaudited audited
Number of shares Number of shares Number of shares
--------------------------- ----------------- ----------------- -----------------
Issued and fully paid
Number of ordinary shares
of no par value 1,451,412,012 275,759,235 673,634,235
--------------------------- ----------------- ----------------- -----------------
8. Warrants
31 March 31 March 30 September
2021 2020 2020
unaudited Unaudited Audited
--------------------------- -------------- ----------- -------------
Outstanding (number) 1,041,457,112 82,341,515 269,791,515
Exercisable (number) 1,041,457,112 82,341,515 269,791,515
Weighted average exercise
price (pence) 1.0 1.5 1.0
--------------------------- -------------- ----------- -------------
9. Post balance sheet events
Greenfield entered into a membership interest purchase agreement
in June 2021 with Endeavour Capital Group LLC ("Endeavour") and Tar
Sands Holdings II LLC ("TSHII") with respect to the potential
acquisition by Greenfield of up to 100% of the ownership and
membership rights and interests in TSHII (the "Membership
Interests"). TSHII owns approximately 760 acres of land and certain
non-producing assets in Uintah County, Utah, USA.
Robert Kirchner resigned as a non-executive director on 4 June
2021. Louis Castro joined the board as a non-executive director on
19 April 2021.
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