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LONDON (Alliance News) - TomCo Energy PLC Tuesday reported a narrower first-half pretax loss, due to a reduction in administrative expenses.
In a statement, TomCo said it made a GBP357,000 pretax loss in the six months ended March 31, compared with GBP402,000 in the corresponding period a year earlier, as administrative expenses fell to GBP364,000, from GBP403,000.
In the six-month period, TomCo, which is an oil shale exploration and development company focused on unlocking unconventional hydrocarbon resources, submitted a notice of intention to the Utah Division of Oil, Gas and Mining to commence large mining operations.
It also submitted a ground water discharge permit application. In addition, technology supplier Red Lead Resources and its joint venture partners, Total SA, commenced mining at their commercial demonstration project.
TomCo Energy shares were Tuesday quoted at 1.30 pence, down 5.8%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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