TomCo Energy PLC Update re TSHII (2593L)
December 30 2022 - 2:00AM
UK Regulatory
TIDMTOM
RNS Number : 2593L
TomCo Energy PLC
30 December 2022
30 December 2022
TOMCO ENERGY PLC
("TomCo" or the "Company")
Update re TSHII
TomCo Energy plc (AIM: TOM), the US operating oil development
group focused on using innovative technology to unlock
unconventional hydrocarbon resources, is pleased to provide an
update with respect to the Company's 100% owned subsidiary,
Greenfield Energy LLC's ("Greenfield"), potential acquisition of
the remaining ownership and membership rights and interests in Tar
Sands Holdings II LLC ("TSHII") (the "Membership Interests"). As
previously announced, Greenfield owns a 10% Membership Interest in
TSHII and holds an exclusive option (the "Option"), exercisable at
its sole discretion, to acquire the remaining 90% of the Membership
interests for additional cash consideration of US$16.25 million up
to 31 December 2022 (the "Agreement").
The Agreement has now been varied in order to extend the
exercise period of the Option. Accordingly, Greenfield may now
exercise the Option, at its sole discretion, by delivering a notice
of exercise on or before 28 February 2023 and making payment of the
US$16.25 million cash consideration by no later than 3 March
2023.
There can be no certainty that the required funding can be
secured to complete the acquisition of the remaining 90% of the
Membership Interests and further announcements will be made as and
when appropriate.
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 / Florence Chandler +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, as amended.
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END
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