Information  X 
Enter a valid email address

TomCo Energy PLC (TOM)

  Print      Mail a friend

Wednesday 14 August, 2019

TomCo Energy PLC

Placing and Field Test Update

RNS Number : 9477I
TomCo Energy PLC
14 August 2019


14 August 2019


TomCo Energy plc

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


Placing and Field Test Update


TomCo Energy plc (AIM: TOM), the US operating oil shale exploration and development group focused on using innovative technology to unlock unconventional hydrocarbon resources, is pleased to announce that it has raised £450,000 (gross) by way of a placing ("Placing") of 12,857,143 new ordinary shares of no par value in the Company ("Ordinary Shares") (the "Placing Shares") at a price of 3.5 pence per Placing Share ("Placing Price") through Turner Pope Investments (TPI) Ltd ("TPI"), the Company's broker.


The Company intends to utilise the net proceeds of the Placing to provide additional working capital to the Group. The Placing Price represents a discount of approximately 33% to yesterday's closing mid-market price of the Company's Ordinary Shares on AIM of 5.2 pence.


Field Test Update 


As previously stated, the Company's primary objective for the field test programme is the recovery of oil from the Company's Holliday A Block through the application of TurboShale Inc.'s ("TurboShale") RF technology (the "Field Test").  The Company has an 80% interest in TurboShale.


The Company is pleased to confirm that the Field Test continues to be running to plan. Since the RF antennae were switched-on on 2 August 2019, supervised by the team from Continental Electronics, all the data recorded has been within normal parameters and the test area is heating at expected rates.


The Company intends to announce the completion of the Field Test in the coming weeks, before undertaking a period of analysis and assessment on any oil samples collected to confirm the quality and potential recovery rates, which is expected to last for several months. There can be no guarantee that the Field Test and any subsequent analysis thereof will be successful in establishing the suitability and/or commerciality of the RF Technology or the commerciality of the Group's oil shale leases.


Director's Dealings


Andrew Jones, Executive Chairman of the Company, has subscribed for 285,715 Placing Shares at the Placing Price. Following admission of the New Ordinary Shares (as defined below) to trading on AIM ("Admission"), Mr Jones will be interested in 1,009,245 Ordinary Shares, representing 0.76% of the Company's then enlarged share capital.


Related Party Transaction


The participation of Andrew Jones in the Placing constitutes a related party transaction pursuant to Rule 13 of the AIM Rules for Companies. Accordingly, the independent Directors (being John Potter, Malcolm Groat and Alexander Benger) consider, having consulted with the Company's nominated adviser, Strand Hanson Limited, that the terms of Mr Jones' participation in the Placing is fair and reasonable insofar as the Company's shareholders are concerned.


Issue of Warrants


As part of the commission arrangements for acting as broker to the Placing, TPI has been issued 771,429 warrants, giving them the right to acquire such number of new Ordinary Shares at an exercise price of 3.5 pence for a period of two years.


Issue of Fee Shares


In addition, the Company has issued 142,857 new Ordinary Shares in respect of fees due to an adviser (the "Fee Shares" and together with the Placing Shares, the "New Ordinary Shares").




The Placing is subject to normal conditions including, inter alia, admission of the Placing Shares to trading on AIM.


The New Ordinary Shares will rank pari passu with the existing Ordinary Shares and application will be made for the Admission of the New Ordinary Shares, which is expected to become effective, and with dealings commencing, at 8.00 a.m. on 19 August 2019.


Following Admission, the Company's issued share capital will consist of 133,451,543 Ordinary Shares with voting rights.  There are no Ordinary Shares held in treasury.  The figure of 133,451,543 may be used by shareholders, following Admission, as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.




TomCo Energy plc

Andrew Jones (Chairman)                                             +44 (0) 20 3 823 3635

John Potter (CEO)


Strand Hanson Limited                                                 (Nominated Adviser)

James Harris                                                                       +44 (0) 20 7409 3494

Richard Tulloch

James Dance


Turner Pope                                                                       (Broker)

Andy Thacker                                                                    +44 (0) 20 3657 0050


For further information, please visit


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


PDMR Notification Form:


The notifications below are made in accordance with the requirements of Market Abuse Regulation:



Details of the person discharging managerial responsibilities / person closely associated



Andrew Jones


Reason for the Notification



Executive Chairman


Initial notification/amendment

Initial notification


Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor



TomCo Energy plc





Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted


Description of the Financial instrument, type of instrument

Ordinary Shares of no par value

Identification code



Nature of the Transaction

Purchase of Ordinary Shares of no par value


Price(s) and volume(s)

285,715 Ordinary Shares at 3.5 pence per share


Aggregated information

Aggregated volume price



Date of the transaction

14 August 2019


Place of the transaction



This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit

a d v e r t i s e m e n t