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IN BRIEF: TomCo Energy subsidiary looks for acquisition funding

Tue, 28th Jun 2022 11:53

TomCo Energy PLC - London-based oil explorer in the US state of Utah - In the six months ended March 31, reports a narrowed pretax loss of GBP678,000. The figure stood at GBP777,000 the previous year. Revenue remains insubstantial at GBP23,000, up from none a year prior. Looking forward, TomCo's says focus is on its wholly-owned subsidiary Greenfield Energy LLC and its near-term potential production plans at the Tar Sands Holdings II LLC site in Utah. Adds that Greenfield is engaged in discussion regarding possible funding options to achieve a 100% acquisition of the Tar Sands site, as well as the proposed drilling of a number of oil wells. Company currently holds a 10% interest in Tar Sands.

Current stock price: 0.39 pence, down 2.4% in London on Tuesday

12-month change: down 34%

By Heather Rydings; heatherrydings@alliancenews.com

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