LONDON (Alliance News) - TomCo Energy PLC on Tuesday said it has suspended the Makarie palm oil project in Sierra Leone after having been unsuccessful, as yet, in securing financing for the site.
TomCo said it has incurred "minimal" costs on the project to date and said no payments have been made nor are due on the boiler unit at the site.
TomCo said it continues the assess the feasibility of raising the funds it needs for Makarie but will focus its energies on its oil shale assets in Utah, US in the meantime.
Shares in TomCo were down 11% to 0.08 pence on the news.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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