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TomCo Energy buys remainder of Tar Sand; seeks funding for subsidiary

Tue, 06th Jun 2023 11:26

(Alliance News) - TomCo Energy PLC on Tuesday said subsidiary Greenfield Energy LLC is buying the remaining 90% stake in Tar Sand Holdings II LLC.

TomCo, an oil development group operating in the US, said Greenfield, which already owns 10% in Utah-based tar mining services provider Tar Sand, will buy the 90% stake for USD17.3 million.

TomCo expects the acquisition to close by the end of the year. Meanwhile, it said it remains in discussions for a potential funding package for Greenfield, which could enable it to pursue wider development plans.

TomCo shares were down 13% to 0.12 pence each in London on Tuesday morning. The stock is down 73% over the past 12 months.

By Tom Budszus, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

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