LONDON (Alliance News) - TomCo Energy PLC Thursday clarified that its announcement earlier this week concerning the reduction in the company's cost base was incorrect.
The company said on Wednesday that it had reduced its annual cost base to GBP155,000 compared to GBP457,000 18 months ago, representing a decline of GBP302,000, but said that was meant to be replaced with the following:
"The company has reduced its annualised cost base by approximately GBP300,000 per annum, compared with that 18 months ago and continues to monitor its overheads".
The other details published on Wednesday remain unchanged, including the estimate that it will need GBP500,000 for the construction of the company's new palm oil project in Sierra Leone and the associated processing plant. The bank balance at the end of June of GBP165,000 was also confirmed on Thursday.
TomCo shares were untraded on Thursday, last trading at 0.115 pence per share, giving it a market capitalisation of GBP2.2 million.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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Tomco Energy (TOM)