Appointment of Broker and Restoration of Trading

RNS Number : 6934H

TomCo Energy PLC

19 November 2018

 

19 November 2018

TomCo Energy plc

("TomCo", the "Company" or the "Group")

APPOINTMENT OF BROKER AND RESTORATION OF TRADING

TomCo Energy plc (AIM: TOM), the oil shale exploration, development and technology group focused on using innovative technology to unlock unconventional hydrocarbon resources, is pleased to announce the appointment of Turner Pope Investments (TPI) Ltd ("Turner Pope") as broker to the Company with immediate effect.  In addition, further to its announcement of 16 November 2018, trading in the Company's ordinary shares on AIM will resume with effect from 7.30 a.m. today.

Notwithstanding the Board's previously stated position regarding the November 2018 placing agreement entered into with the Company's former broker, the Board has reconciled to accept its termination in the longer-term interests of shareholders. Accordingly, the placing announced on 5 November 2018 (the "Placing") will not proceed and the Company will withdraw the application for the Placing shares to be admitted to trading on AIM.  The decision was arrived at after discussions with the Company's advisers and its new broker.

As announced on 16 November 2018, the Company confirms that it currently has cash resources of approximately £250,000, which the Board believes is sufficient to fund the Company through to late Q1 2019.  This is in line with previous guidance announced on 30 October prior to the announcement of the terminated Placing, and as set out in that announcement, the Company will need to raise further funds for working capital and loan repayments beyond Q1 2019.

The Company continues to review and analyse the data collected from the recent field test activities to determine the optimal step going forward with regard to the applicability of TurboShale Inc.'s (in which the Company has an 80% interest) RF technology, to the recovery of oil from the oil shale at the Holliday Block and the funding requirements thereto, which are in addition to the Company's working capital requirements referred to above.

The Directors appreciate that recent developments will have been of concern to shareholders and will provide further updates in due course.  

 

Enquiries:

TomCo Energy plc

Andrew Jones (Chairman) / John Potter (CEO)                          [phone]

Strand Hanson Limited                                                                  (Nominated Adviser)

James Harris / Richard Tulloch / James Dance                          [phone]

Turner Pope                                                                                       (Broker)

Andy Thacker                                                                                    [phone]

For further information, please visit www.tomcoenergy.com.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014.

 

END

 

 

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