TomCo Energy PLC - London-based oil shale exploration and technology company - Says pretax loss for its first half ended March 31 was GBP376,000, narrowed from GBP524,000. Adds that its Greenfield joint venture with engineering company Valkor LLC - in which TomCo owns 50% stake - is a major step to prove the commercial scale potential of Petroteq's oil sands separation process. The JV was formed to upgrade the existing Petroteq oil sands plant in the US state of Utah.
As at Thursday, TomCo had cash of GBP340,000 which it says - prior to the cost of any works to be undertaken under the JV agreement and associated upgrades to the Petroteq oil sands plant - will be sufficient to take it through to the end of the year
Current stock price: 0.62 pence
Year-to-date change: down 8.8%
By Ife Taiwo; ifetaiwo@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Tomco Energy (TOM)