TomCo Energy PLC Update re TSHII (1466Y)
02 5월 2023 - 9:38PM
UK Regulatory
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) +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.
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END
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May 02, 2023 08:38 ET (12:38 GMT)
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