Company Update

RNS Number : 4910H

TomCo Energy PLC

18 August 2016

 

This replaces the Company Update announcement made yesterday, 17 August 2016, at 16:19 BST under RNS number 4712H.

It was incorrectly stated that "The Company has reduced its annualised cost base to £155,000 per annum, compared with £457,000 per annum 18 months ago and continues to monitor its cost base." The sentence should have read "The Company has reduced its annualised cost base by approximately £300k per annum, compared with that 18 months ago and continues to monitor its overheads.  As at 30 June 2016, the Company had £165,000 in cash."

All other details remain unchanged. The full amended text is shown below.

18 August 2016

TomCo Energy plc (AIM: TOM )

("TomCo" or the "Company")

Company Update

Further to the announcement made by TomCo on 6 July 2016, the Company is pleased to provide a further update to the information provided in that announcement and in the report by Astratec Africa Limited ("Astratec Report"), which was published on the Company's website on 6 July 2016.

TomCo has today published an updated corporate presentation, which includes new information on the Company's palm oil project (pages 11 and 16) and is available here 
http://www.rns-pdf.londonstockexchange.com/rns/4910H_-2016-8-17.pdf  and on the 
Company's website at www.tomcoenergy.uk.com 

The Company has reduced its annualised cost base by c.£300k per annum, compared with that 18 months ago and continues to monitor its overheads.  As at 30 June 2016, the Company had £165,000 in cash.

The Company continues to review debt and equity financing options to fund the Palm Oil project and its Fresh Fruit Bunches processing plant (expected to cost approximately US$500,000) and to provide it with additional working capital.  Any material delay in funding could lead to a delay in the start-up of the project.

The Company will make further announcements in due course, as appropriate.

Enquiries:

For further information, please visit www.tomcoenergy.uk.com or contact:

TomCo Energy plc
Telephone [phone]
Chris Brown (CEO)	[e-mail]
Andrew Jones (Chairman)	[e-mail]
SP Angel Corporate Finance LLP (Nomad & Broker)
Telephone [phone]
Stuart Gledhill Richard Hail	[e-mail] [e-mail]
Tavistock (Financial PR)
Telephone [phone]
Ed Portman/Jos Simson	[e-mail]

-ENDS-

 

END

 

 

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