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| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.0385 | 0.037 | 0.04 | 0.0385 | 0.0385 | 0.0385 | 18,761,997 | 08:00:22 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Drilling Oil And Gas Wells | 0 | -690k | -0.0002 | -2.00 | 1.27M |
From Apr 2019 to Apr 2024
TIDMTOM
RNS Number : 8182J
TomCo Energy PLC
30 June 2017
30 June 2017
TomCo Energy plc
("TomCo" or "the Company")
Unaudited interim results for the six-month period ended 31 March 2017
TomCo Energy Limited (AIM: TOM), the oil shale exploration and development company, announces its interim results for the six-month period ended 31 March 2017.
HIGHLIGHTS
Operational
-- The Company continues to maintain its permits relating to its oil shale leases in Utah, USA.
-- No material outstanding licence commitments on its Holliday Block, Utah.
-- The Company has set up TurboShale Inc ("TurboShale"), an oil shale technology company that will, subject to funding, seek to develop an alternative oil shale technology to RedLeaf Inc's ("RedLeaf") EcoShale(R) Technology.
-- Withdrawal from the Palm Oil Project in Sierra Leone due to lack of available debt funding and increasing uncertainty surrounding the political and commercial risks.
Corporate & Financial
-- Malcolm Groat and Alexander Benger joined the board of TomCo as Non-Executive Directors, replacing Simon Corney on the board who resigned as Non-Executive Director.
-- GBP141k cash balance as at 31 March 2017, GBP51k as at 28 June 2017.
o TomCo is due certain funds from TurboShale pursuant to the framework agreement, which will be received on completion of TurboShale's current capital raise. In addition, TomCo is also seeking to secure alternative capital funding to ensure its working capital obligations.
-- Subsequent to the period-end, the Company completed a share consolidation and sub-division, resulting in the 2,847,189,198 Ordinary Shares that were in issue being reduced to 22,667,800 Ordinary Shares, and the total number of shareholders being reduced from 2,725 to 628.
-- Post period end, the Company entered into a framework agreement with TurboShale, The Oil Mining Company Inc, JR Technologies LLC and Venture Development Partners Ltd, to advance TurboShale.
DIRECTORS' REPORT
TurboShale Update
As announced on 2 June 2017, significant progress has been achieved in the advancement of TomCo's subsidiary, TurboShale. TurboShale has commenced its fundraising efforts that are required to start work on the TurboShale(TM) Technology. TurboShale is currently engaged in funding discussions with various parties. Notwithstanding this being a difficult time to raise funds for oil shale technologies, largely due to the decline in world oil prices since 2008, both TurboShale and TomCo remain confident of a successful outcome from its fundraising activities.
Red Leaf Update
RedLeaf has reached a settlement agreement with its joint venture partner Total E&P USA Oil Shale, LLC. The settlement releases both parties from any obligations related to the RedLeaf's Seep Ridge site, and whilst the details of the settlement have not been disclosed, TomCo understands RedLeaf has in excess of US$100 million in available cash and no debt, and that it intends to continue to pursue its business plan of commercialising the EcoShale(TM) Technology. TomCo will continue to engage with RedLeaf as a licence holder of the EcoShale(TM) Technology.
Share capital reorganisation
It was very pleasing to see the overwhelming support from shareholders, allowing all resolutions proposed at the meeting to be carried. This included the resolution to proceed with the proposed share capital reorganisation (as detailed in the announcement and AGM circular of 17 June 2017) and the adoption of the new articles of association.
These changes will assist TomCo in seeking to continue to reduce and manage its costs as well as make the Company easier to administer going forward.
Funding
As at 28 June 2017, TomCo had approximately GBP51,000 of cash available to it, which is currently sufficient for approximately three months. As a result, the Directors have and continue to monitor and manage the Company's overheads and current and future liabilities very carefully and have, in order to preserve cash, agreed to accrue all fees due to them from the beginning of July 2017. However, the Company needs to secure further funding in the short term to be able to meet its current and future liabilities as they fall due.
Pursuant to the TurboShale framework agreement, TomCo is due approximately GBP60,000 from TurboShale, which will be repaid on completion of TurboShale's current capital raise. In addition, on completion of TurboShale's funding, TomCo shall receive ongoing monthly revenues of US$10,000 from TurboShale, relating to the provision of management and administrative services as set out in the framework agreement. Should such funds be received from TurboShale, taking into account the Company's current cash positon, the Company would likely need to raise further funds by the year end.
Accordingly, due to the uncertainty of the timing and outcome of TurboShale's fundraise and given TomCo's current cash position, TomCo is currently seeking to secure alternative funding to ensure it is able to meet its working capital obligations as they fall due. The Board is currently exploring various options in this regard and whilst the Board is confident that it will be able to secure the necessary funds, there can be no certainty that such funds will be forthcoming or the terms on which any such funding would be available.
We hope shareholders will continue to support the efforts of the Board to add value to TomCo.
Andrew Jones
Non-executive Chairman
Enquiries:
For further information, please visit www.tomcoenergy.uk.com or contact:
TomCo Energy plc +44 (0)20 3823 3635 Chris Brown (CEO) chris@tomcoenergy.uk.com Andrew Jones (Chairman) andrew@tomcoenergy.uk.com Strand Hanson (Nominated Adviser) James Harris / Richard Tulloch +44 (0)20 7409 3494 SVS Securities plc (Broker) Tom Curran / Ben Tadd +44 (0)20 3700 0093 Tavistock Communications (Financial PR) Jos Simson / Niall Walsh +44 (0)20 7920 3150
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
Condensed consolidated statement of comprehensive income
For the period ended 31 March 2017
Hot Features
Premium
Unaudited Unaudited Audited
Six months Six months
ended ended Year-
31 March 31 March ended
30 September
2017 2016 2016
Note GBP'000 GBP'000 GBP'000
Revenue 3 - 4 -
Cost of sales - (2) -
----------------------------- ----- ------------ ------------ --------------
Gross profit/(loss) - 2 -
Administrative expenses (203) (209) (495)
----------------------------- ----- ------------ ------------ --------------
Impairment of Assets - - (4,576)
----------------------------- ----- ------------ ------------ --------------
Operating loss (203) (207) (5,071)
Finance costs - - (72)
----------------------------- ----- ------------ ------------ --------------
Loss on ordinary activities
before taxation (203) (207) (5,143)
Taxation - - -
----------------------------- ----- ------------ ------------ --------------
Loss from continuing
operations (203) (207) (5,143)
----------------------------- ----- ------------ ------------ --------------
Loss for the year/period
and total comprehensive
income attributable to
equity shareholders of
the parent (203) (207) (5,143)
----------------------------- ----- ------------ ------------ --------------
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2017 2016 2016
Pence Pence Pence
Note per share per share per share
----------------------------- ------- ------------ ------------ --------------
Loss per share attributable
to the equity shareholders
of the parent
----------------------------- ------- ------------ ------------ --------------
Basic & Diluted Loss
per share 5 (0.89) (1.31) (26.72)
----------------------------- ------- ------------ ------------ --------------
Condensed consolidated statement of financial position
As at 31 March 2017
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2017 2016 2016
Note GBP'000 GBP'000 GBP'000
---------------------------------- ----- ------------ ------------ --------------
Assets
Non--current assets
Intangible assets 6 7,627 8,933 7,627
Available for sale financial - 3,262 -
assets
Other Receivables 22 - 20
7,649 12,195 7,647
---------------------------------- ----- ------------ ------------ --------------
Current assets
Trade and other receivables 36 31 38
Cash and cash equivalents 141 102 381
---------------------------------- ----- ------------ ------------ --------------
177 133 419
---------------------------------- ----- ------------ ------------ --------------
TOTAL ASSETS 7,826 12,328 8,066
Liabilities
Current liabilities
Trade and other payables (195) (153) (232)
(195) (153) (232)
---------------------------------- ----- ------------ ------------ --------------
Net current assets/(liabilities) (18) (20) 187
---------------------------------- ----- ------------ ------------ --------------
TOTAL LIABILITIES (195) (153) (232)
---------------------------------- ----- ------------ ------------ --------------
Total net assets 7,631 12,175 7,834
---------------------------------- ----- ------------ ------------ --------------
Shareholders' equity
Share capital - 10,165 -
Share premium 25,125 14,434 25,125
Warrant reserve 57 42 57
Retained deficit (17,551) (12,466) (17,348)
---------------------------------- ----- ------------ ------------ --------------
Total equity 7,631 12,175 7,834
---------------------------------- ----- ------------ ------------ --------------
The financial information was approved and authorised for issue by the Board of Directors on 30 June 2017 and was signed on its behalf by:
C Brown A Jones
Director Director
Condensed consolidated statement of changes in equity
For the six months ended 31 March 2017
Share Share Warrant Retained
capital premium reserve deficit Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------ --------- -------- -------- --------- --------
At 30 September 2015
(audited) 10,133 14,457 42 (12,259) 12,373
------------------------------ --------- -------- -------- --------- --------
Comprehensive loss
for the period - - - (207) (207)
Issue of Shares 32 (23) - - 9
------------------------------ --------- -------- -------- --------- --------
At 31 March 2016 (unaudited) 10,165 14,434 42 (12,466) 12,175
------------------------------ --------- -------- -------- --------- --------
Redenomination of share
capital to nil par
value (10,307) 10,307 - - -
Issue of shares (net
of costs) 142 234 - - 376
Issue of Warrants - - 15 - 15
Conversion of Loan
notes - 150 - 54 204
Comprehensive loss
for the period - - - (4,936) (4,936)
------------------------------ --------- -------- -------- --------- --------
At 30 September 2016
(audited) - 25,125 57 (17,348) 7,834
------------------------------ --------- -------- -------- --------- --------
Total comprehensive
loss for the period - - - (203) (203)
At 31 March 2017 (unaudited) - 25,125 57 (17,551) 7,631
------------------------------ --------- -------- -------- --------- --------
The following describes the nature and purpose of each reserve within owners' equity:
Reserve Descriptions and purpose Share capital Amount subscribed for share capital at nominal value*.
Share premium Amount subscribed for share capital in excess of nominal value, less share capital issued at a discount to nominal value.
Warrant reserve Amounts credited to equity in respect of warrants to acquire ordinary shares in the Company.
Retained deficit Cumulative net gains and losses recognised in the consolidated statement of comprehensive
income.
* Following the redenomination of the Ordinary Shares in the capital of the Company to being Ordinary Shares of nil par value, as announced 2 June 2016, both the share capital and share premium accounts were combined.
Condensed consolidated statement of cash flows
For the period ended 31 March 2017
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2017 2016 2016
Note GBP'000 GBP'000 GBP'000
------------------------------- ----- ------------ ------------ --------------
Cash flows from operating
activities
Loss after tax (203) (207) (5,143)
Finance costs - - 72
Impairments - - 4,576
(Increase)/decrease in
trade and other receivables - 8 (16)
(Decrease)/increase in
trade and other payables (37) 22 95
------------------------------- ----- ------------ ------------ --------------
Cash used in operations (240) (177) (416)
------------------------------- ----- ------------ ------------ --------------
Cash flows from investing
activities
Investment in oil & gas
assets 6 - - (8)
Net cash used in investing
activities - - (8)
------------------------------- ----- ------------ ------------ --------------
Cash flows from financing
activities
Issue of share capital
(net of issue costs) 7 - 7 385
Issue of convertible loan
notes - - 150
Interest paid on convertible
loan notes - - (2)
Net cash generated from
financing activities - 7 533
------------------------------- ----- ------------ ------------ --------------
Net increase/(decrease)
in cash and cash equivalents (240) (170) 109
Cash and cash equivalents
at beginning of financial
period 381 272 272
------------------------------- ----- ------------ ------------ --------------
Cash and cash equivalents
at end of financial period 141 102 381
------------------------------- ----- ------------ ------------ --------------
UNAUDITED NOTES FORMING PART OF THE CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
For the six months ended 31 March 2017
1. Accounting Policies
Basis of Preparation
The unaudited condensed consolidated interim financial statements of TomCo Energy plc ("TomCo" or the "Company") for the six months ended 31 March 2017 comprise the Company and its subsidiaries (together referred to as the "Group").
The unaudited condensed interim financial information for the Group has been prepared using policies based on International Financial Reporting Standards (IFRS and IFRIC interpretations) issued by the International Accounting Standards Board ("IASB") as adopted for use in the EU. The unaudited condensed interim financial information has been prepared using the accounting policies which will be applied in the Group's statutory financial information for the year ended 30 September 2017.
Going concern
As at 28 June 2017, TomCo had approximately GBP51,000 of cash available to it, which is currently sufficient for approximately three months. As a result, the Directors have and continue to monitor and manage the Company's overheads and current and future liabilities very carefully and have, in order to preserve cash, agreed to accrue all fees due to them from the beginning of July 2017. The Directors have also prepared cash flow forecasts for the next 12 months from the date of approval of these unaudited interim statements and the Company needs to secure further funding in the short term to be able to meet its current and future liabilities as they fall due.
Under these forecasts the Group is reliant on raising further funds and on TurboShale Inc ("TurboShale") completing its current capital raise and subsequently reimbursing TomCo for all its costs to date, which have been financed by TomCo to date, and being able to meet its obligations in paying TomCo a monthly management fee. Should such funds be received from TurboShale, taking into account the Company's current cash positon, the Company would likely need to raise further funds by the year end.
Accordingly, due to the uncertainty of the timing and outcome of TurboShale's fundraise and given TomCo's current cash position, TomCo is currently seeking to secure alternative funding to ensure it is able to meet its working capital obligations as they fall due and the Board is currently exploring various options in this regard.
The Directors are confident that they can secure the requisite funding, either through debt or equity finance, which would provide sufficient funds to meet operating expenditure for the next 12 months. These conditions are considered to represent a material uncertainty, which may cast significant doubt over the going concern assessment and in the event that it is unable to secure the requisite funding, it is likely that the Company will not be able to meet its liabilities as they fall due and that it may therefore be forced into insolvency proceedings (be that administration or liquidation) and in such a case it is highly unlikely that there would be any value attributable to shareholders. Whilst acknowledging this material uncertainty, the Directors remain confident of being able to raise additional funds as required and therefore the Directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include the adjustments that would result if the Group and Company was unable to continue as a going concern.
2. Financial reporting period
The unaudited condensed interim financial information incorporates comparative figures for the interim period 1 October 2015 to 31 March 2016 and the audited financial year to 30 September 2016. The condensed interim financial information for the period 1 October 2016 to 31 March 2017 is neither audited nor reviewed. In the opinion of the Directors the unaudited condensed interim financial information for the period presents fairly the financial position, results from operations and cash flows for the period in conformity with the generally accepted accounting principles consistently applied.
The financial information contained in this interim report does not constitute statutory accounts as defined by the Isle of Man Companies Act 2006. It does not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 2016 Annual Report. The comparatives for the full year ended 30 September 2016 are not the Group's full statutory accounts for that year. The auditors' report on those accounts was unqualified, but included an emphasis of matter in respect of going concern, without qualifying their report and did not contain a statement under the provisions of the Isle of Man Companies Act 2006.
3. Revenue
Revenue is attributable to one continuing activity, which is oil production from a wholly-owned subsidiary of the Group, located in the United States.
4. Operating Loss
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 March 31 March 30 September
(unaudited) (unaudited) (audited)
2017 2016 2016
GBP'000 GBP'000 GBP'000
---------------------------- ------------- ------------- --------------
The following items have been
charged in arriving at operating
loss:
Directors' fees 68 85 167
Auditors' remuneration:
- audit services - - 29
Rentals payable in respect
of land and buildings 1 3 7
---------------------------- ------------- ------------- --------------
5. Loss per share
Basic loss per share is calculated by dividing the losses attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. Reconciliations of the losses and weighted average number of shares used in the calculations are set out below.
Losses Weighted Per share
average amount
number
of shares
Six months ended 31 GBP'000 Pence
March 2017
--------------------------- -------- ------------ ----------
Basic and Diluted EPS
Losses attributable
to ordinary shareholders
on continuing operations (203) 22,775,514 (0.89)
--------------------------- -------- ------------ ----------
Total losses attributable
to ordinary shareholders (203) 22,775,514 (0.89)
--------------------------- -------- ------------ ----------
Losses Weighted Per share
average amount
number
of shares
Six months ended 31 GBP'000 Pence
March 2016
--------------------------- -------- ------------ ----------
Basic and Diluted EPS
Losses attributable
to ordinary shareholders
on continuing operations (207) 15,784,168 (1.31)
--------------------------- -------- ------------ ----------
Total losses attributable
to ordinary shareholders (207) 15,784,168 (1.31)
--------------------------- -------- ------------ ----------
Losses Weighted Per share
average amount
number
of shares
Financial year ended GBP'000 Pence
30 September 2016
--------------------------- -------- ------------ ----------
Basic and Diluted EPS
Losses attributable
to ordinary shareholders
on continuing operations (5,143) 19,250,486 (26.72)
--------------------------- -------- ------------ ----------
Total losses attributable
to ordinary shareholders (5,143) 19,250,486 (26.72)
--------------------------- -------- ------------ ----------
The weighted number of average shares in issue for all periods has been restated for the consolidation of ordinary shares that occurred on 9 June 2017.
6. Intangible assets
Oil & Gas Oil & Gas
Exploration Technology Total
and development licence
licence
GBP'000 GBP'000 GBP'000
------------------------------ ----------------- ----------- --------
Cost
At 1 October 2014 7,501 1,314 8,815
------------------------------ ----------------- ----------- --------
Additions 117 - 117
------------------------------ ----------------- ----------- --------
At 31 March 2015 (unaudited) 7,618 1,314 8,932
------------------------------ ----------------- ----------- --------
Additions 1 - 1
------------------------------ ----------------- ----------- --------
At 30 September 2015
(audited) 7,619 1,314 8,933
Additions - - -
At 31 March 2016 (unaudited) 7,619 1,314 8,933
Additions 8 - -
Impairment of technology - (1,314) -
licence
At 30 September 2016
(audited) 7,627 - 7,627
Additions - - -
At 31 March 2017 (unaudited) 7,627 - 7,627
Net book value
At 31 March 2017 (unaudited) 7,627 - 7,627
------------------------------ ----------------- ----------- -------- At 30 September 2016 (audited) 7,627 - 7,627 ------------------------------ ----------------- ----------- -------- At 31 March 2016 (unaudited) 7,619 1,314 8,933 ------------------------------ ----------------- ----------- --------
The exploration and development licences comprise two State of Utah oil shale leases covering approximately 2,919 acres and independent natural resources consultants SRK Consultants Ltd, part of the internationally recognised SRK Group, declared a surface mineable JORC compliant Measured Resource of 126 million barrels on the main tract of TomCo's Holliday Block lease in 2012. The claim areas and the Group's interest in them is:
Asset Per cent Licence
Interest Status Expiry Date Licence Area (Acres)
ML 49570 100 Prospect 31/12/2024 1,638.84
ML 49571 100 Prospect 31/12/2024 1,280.00
The resource assessments in relation to its oil shale leases, by their nature, involve a significant degree of judgment and estimation regarding economic inputs. As such, changes to those inputs may result in changes to the estimated resources. In addition, if the required additional funding was not to be made available to the company to develop the oil shale leases, the carrying value of the asset might need to be impaired.
7. Share Capital
Six months Six months Year
ended ended
31 March 31 March ended
2017 2016
(Unaudited) (Unaudited) 30 September
2016
(Audited)
Number Number Number of
of shares of shares shares
Issued and fully paid
Number of ordinary
shares of no par value 2,847,189,198 2,072,455,744 2,847,189,198
During the period ended 31 March 2017 the Company issued an additional warrant instrument for 20 million ordinary shares at an exercise price of 0.17 pence. As at 31 March 2017 the number of warrants outstanding was for the potential issue of 139,142,857 ordinary shares at a weighted average exercise price of 0.20 pence per share. After adjusting for the consolidation disclosed in note 8, the revised number of ordinary shares subject to the warrant instruments is approximately 1.11 million at a weighted average exercise price of 25 pence per share.
8. Post balance sheet event
After the end of the reporting period the Company consolidated its ordinary shares with an effective 1:125 consolidation, and a repurchase of fractional interests. The earnings per share figures have been restated for the 1:125 consolidation.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR URUNRBAANOAR
(END) Dow Jones Newswires
June 30, 2017 12:30 ET (16:30 GMT)
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