Issue of Equity

RNS Number : 4246Z

TomCo Energy PLC

07 March 2013

 



7 March 2013

TomCo Energy PLC

("TomCo" or "the Company")

OVERSUBSCRIBED EQUITY PLACING RAISES £1.7 MILLION

TomCo Energy PLC (AIM: TOM), the oil shale exploration and development company focused on using innovative technology to unlock unconventional hydrocarbon resources, is pleased to announce that it has successfully raised £1.733 million before expenses through a share placing (the "Placing") by Fox-Davies Capital Limited, conditional on admission, of 148,406,526 new ordinary shares of 0.5 pence each ("Placing Shares") at a price of 1.2 pence per share. The Placing was supported by a number of new financial institutions as well as other existing shareholders, including Altima Global Special Situations Master Fund Ltd.

The gross proceeds from the Placing are to be used by TomCo for advancing permitting required for commercial production at the Company's Holliday project, and for general working capital purposes.

Application has been made to the London Stock Exchange for admission of the Placing Shares and to trading on AIM ("Admission").  It is expected that Admission will become effective and that trading will commence on 12 March 2013.  Following Admission, the total number of shares in issue will be 1,869,455,744.

CEO Paul Rankine commented:  "We are delighted by the response from existing investors to the equity placing and welcome onto our share register a number of recognised financial institutions which strongly endorses our investment proposition.  We are excited by our oil shale project in the United States and we look forward to reporting on its progress during 2013."

Enquiries:
TomCo Energy PLC
Paul Rankine, CEO	[phone]
Numis Securities Limited
Nomad and Joint Broker
Alastair Stratton / Oliver Cardigan (Nomad) James Black (Broker)	[phone]
Fox-Davies Capital Limited Joint Broker Daniel Fox-Davies, Richard Hail	[phone]
Tavistock Communications
Financial PR & IR
Ed Portman/Conrad Harrington/Jos Simson	[phone]

Notes to Editors:

TomCo Energy PLC (AIM: TOM) is a London based, AIM-listed company, with substantial Oil Shale assets in Utah, USA.

TomCo holds a 100% interest in two Oil Shale leases, comprising 5 blocks covering 2,919 acres in Uintah County, Utah. Independent natural resources consultants SRK Consultants Ltd, part of the internationally recognised SRK Group, has declared a surface mineable JORC compliant Measured Resource of 126 million barrels on the main tract of TomCo's Holliday Block lease.

The Company has entered into a licence agreement with Red Leaf Resources Inc ("Red Leaf") for the use of their EcoShale™ In-Capsule Process, a proven and environmentally sensitive technology, to extract Oil from TomCo's leases.

Additionally, Red Leaf is planning a 9,800 bopd commercial operation at their Seep Ridge site, which lies about 15 miles SW of TomCo's Holliday Block lease.

Led by a highly experienced management team, TomCo's strategy is to develop the Holliday Block lease as a similar follow-on project to Seep Ridge using the EcoShale™ In-Capsule Process, with the same targeted production of 9,800 bopd.

Glossary:

bopd: barrels of oil per day

 

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