REG - TomCo Energy PLC - Update re TSHII

TomCo EnergyAnnouncement

02/03/2023 08:45

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RNS Number : 6638R  TomCo Energy PLC  02 March 2023

2 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,
 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 28 February 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. There can be no certainty that the Option will be extended or
that the required funding can be secured to complete the 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)
  +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
(http://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.

 

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