TomCo Energy PLC Update re TSHII (1466Y)

TIDMTOM

RNS Number : 1466Y

TomCo Energy PLC

02 May 2023

2 May 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, provides 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 30 April 2023 (the "Agreement").

The Company is currently in discussions with the counterparty to the Agreement with a view to seeking a further extension to the exercise period in respect of such Option or agreeing a suitable alternative arrangement. There can be no certainty that the Option will be extended or an alternative arrangement agreed, or that the required funding can be secured to complete the potential acquisition of the remaining 90% of the Membership Interests. A further announcement will be made in due course.

Enquiries :

TomCo Energy plc

   Malcolm Groat (Chairman) / John Potter (CEO)                        [phone] 

Strand Hanson Limited (Nominated Adviser)

   James Harris / Matthew Chandler                                                [phone] 

Novum Securities Limited (Broker)

Jon Belliss / Colin Rowbury [phone]

IFC Advisory Limited (Financial PR)

   Tim Metcalfe / Florence Chandler                                                [phone] 

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 [e-mail] 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

UPDUUOUROBUVRAR

(END) Dow Jones Newswires

May 02, 2023 08:38 ET (12:38 GMT)