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TOM.GB Tomco Energy Plc

0.035
0.00 (0.00%)
31 Oct 2024 - Closed
Realtime Data
Share Name Share Symbol Market Type Share ISIN Share Description
Tomco Energy Plc AQSE:TOM.GB Aquis Stock Exchange Ordinary Share IM00BZBXMN96
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.035 0.025 0.045 0.035 0.035 0.035 0.00 06:53:37
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

TomCo Energy PLC Update re TSHII (9279R)

06/03/2023 7:00am

UK Regulatory


Tomco Energy (AQSE:TOM.GB)
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TIDMTOM

RNS Number : 9279R

TomCo Energy PLC

06 March 2023

6 March 2023

TOMCO ENERGY PLC

("TomCo" or the "Company")

Update re TSHII

TomCo Energy plc (AIM: TOM), the US operating oil development group focused on using innovative technology to unlock unconventional hydrocarbon resources, is pleased to provide an update with respect to the Company's 100% owned subsidiary, Greenfield Energy LLC's ("Greenfield"), potential acquisition of the remaining ownership and membership rights and interests in Tar Sands Holdings II LLC ("TSHII") (the "Membership Interests"). As previously announced, Greenfield owns a 10% Membership Interest in TSHII and holds an exclusive option (the "Option"), exercisable at its sole discretion, to acquire the remaining 90% of the Membership Interests for additional cash consideration of US$16.25 million which was scheduled to expire on 28 February 2023 (the "Agreement").

Further to the announcement on 2 March 2023 which noted that the Company was in discussions with the counterparty to the Agreement with a view to seeking a further extension to the exercise period in respect of the Option, the Company is pleased to announce that the Agreement has now been varied in order to extend the exercise period of the Option. Accordingly, Greenfield may now exercise the Option, at its sole discretion, by delivering a notice of exercise on or before 31 March 2023 and making payment of the US$16.25 million cash consideration by no later than 5 April 2023.

There can be no certainty that the required funding can be secured to complete the acquisition of the remaining 90% of the Membership Interests and further announcements will be made as and when appropriate.

Enquiries :

TomCo Energy plc

   Malcolm Groat (Chairman) / John Potter (CEO)                        +44 (0)20 3823 3635 

Strand Hanson Limited (Nominated Adviser)

   James Harris / Matthew Chandler                                                +44 (0)20 7409 3494 

Novum Securities Limited (Broker)

Jon Belliss / Colin Rowbury +44 (0)20 7399 9402

IFC Advisory Limited (Financial PR)

   Tim Metcalfe / Florence Chandler                                                +44 (0)20 3934 6630 

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

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.

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 rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

ACQUVRUROOUORUR

(END) Dow Jones Newswires

March 06, 2023 02:00 ET (07:00 GMT)

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