(Alliance News) - TomCo Energy PLC on Friday said it has extended its option exercise period relating to the potential acquisition of the remaining interest in Tar Sands Holdings II LLC.
TomCo is an oil development group operating in the US, which is focused on using new technology to unlock unconventional hydrocarbon resources.
TomCo's wholly-owned subsidiary Greenfield Energy LLC owns a 10% membership interest in Tar Sands.
It also holds an exclusive option, exercisable at its sole discretion, to acquire the remaining 90% of the membership interests for additional cash consideration of USD16.3 million up to December 31.
The agreement has now been varied in order to extend the option's exercise period.
Greenfield can now exercise the option by delivering a notice of exercise on or before February 28, and making payment no later than March 3.
TomCo Energy shares closed 16% lower at 0.27 pence each in London on Friday.
By Holly Beveridge; Alliance News reporter
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Tomco Energy (TOM)