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TOM Tomco Energy Plc

0.0425
-0.0025 (-5.56%)
Last Updated: 14:25:15
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Tomco Energy Plc LSE:TOM London Ordinary Share IM00BZBXMN96 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.0025 -5.56% 0.0425 0.04 0.045 0.045 0.0425 0.045 7,881,752 14:25:15
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Drilling Oil And Gas Wells 0 -690k -0.0002 -2.00 1.27M

TomCo Energy Shares Drop After Announcing Delay to Holliday Block Project

18/05/2015 10:41am

Dow Jones News


Tomco Energy (LSE:TOM)
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By Alex MacDonald

LONDON--Shares in TomCo Energy PLC (TOM.LN) fell after the oil shale explorer said that first oil from its U.S. Holliday Block is likely to be delayed by about two years after its technology partners said they would delay the construction.

The company said that its technology provider Red Leaf Resources Inc., along with Total SA, told it they intend to defer the construction of the EcoShale capsule to 2017. They will instead on improving the capsule's design to lower its production cost to $30 a barrel from $40 a barrel. The production system capsule is key to developing the block.

TomCo said it will only invest in the commercial scale production of the capsule for its Holliday Block once it has received the results of the capsule's tests on a nearby field.

At 0829 GMT, TomCo's shares were down 27% at 0.15 pence a share.

Write to Alex MacDonald at alex.macdonald@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires


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