TomCo refreshes deal with US contractor, raises GBP550 million

Mon, 23rd Feb 2026 12:46

(Alliance News) - TomCo Energy PLC on Monday said it has revised partnership terms with its main contractor Valkor LLC and raised around GBP550,000 in working capital.

The London-based oil developer targets hydrocarbon resources in the US.

TomCo has issued new shares in Greenfield Energy LLC, making Greenfield an equally-owned joint venture between TomCo and Valkor. This brings Valkor into the operating agreement and supports "closer collaboration" as the partners aim to exploit Greenfield's oil-sands leases in the Uinta Basin, Utah.

In parallel, Valkor Chief Executive Steven Byle has been nominated to join TomCo's board as a non-executive director.

Valkor has also agreed to alter an existing loan to Greenfield by converting about half the outstanding balance into new TomCo shares at 1 pence each, which TomCo noted as "a substantial premium".

TomCo shares were down 27% to 0.040 pence each on Monday afternoon in London.

Additionally, TomCo has raised about GBP550,000 through a placing and subscription with certain existing investors and a new investor. This will fund "previously outlined strategic objectives", said Chief Executive Malcolm Groat.

"We are delighted to have reached agreement for closer collaboration and alignment of interests and purpose with Valkor, a well renowned service provider and operator in Utah, with their re-introduction as a co-owner of Greenfield to assist in unlocking its considerable potential," Groat noted.

"Valkor has also agreed, inter alia, to convert half of its outstanding loan facility into new equity in TomCo at a sizeable premium to help alleviate the group's indebtedness and we look forward to Steve shortly joining the TomCo board as a non-executive director to help realise our significant growth ambitions."

By Holly Munks, Alliance News reporter

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