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LONDON (Alliance News) - Oil shale exploration and development company TomCo Energy PLC said Friday it has "wasted no time" in preparing for field tests in Utah after raising cash in the first half of its current financial year.
In the six months to March 31, the company raised GBP600,000 via a placing in April and a further GBP650,000 in June. Following that, it said it has cash of approximately GBP1.0 million.
TomCo's pretax loss remained stable at GBP209,000 compared to GBP203,000 in the comparative year ago period.
The field tests are expected to cost around USD900,000.
"We have wasted no time in preparing for the upcoming field test programme, which could prove transformational for the group, and I am very pleased with the progress made by TomCo during the first six months of this year," Chief Executive John Potter said.
The company also secured two loans for an aggregate value of GBP250,000 from former chief executive Christopher Brown.
TomCo said it now has enough funding to complete the field tests and to last until the fourth quarter of its 2018 financial year, which ends September.
TomCo shares were trading up 1.5% at 6.09 pence each Friday.