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LONDON (Alliance News) - TomCo Energy PLC Friday said it has raised GBP1 million via a discounted conditional placing which will be used to complete the permitting process at the Holliday Block in Utah, US and working capital.
TomCo issued 200 million new shares at 0.5 pence per share. TomCo shares closed at 0.825 pence on Thursday.
The shale gas explorer said the placing would provide the company with sufficient working capital for the next 12 months.
TomCo recently submitted the final details required by the Utah Division of Oil Gas and Mining on its application to start mining operations at the site. A final submission it expected in the fourth quarter.
The company said it understands the first oil to be produced from the EcoShale In-Capsule technology, provided by its technology supplier Red Leaf Resources Inc, will come in 2015. It is also expecting Total SA to make its final investment decision regarding the joint venture with Red Leaf within 18 months.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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