Tomco Energy Regulatory News (TOM)

13 October 2023

TOMCO ENERGY PLC

("TomCo" or the "Company")

£100,000 Equity Fundraise

TomCo Energy plc (AIM: TOM), the US operating oil development group focused on using innovative technology to unlock unconventional hydrocarbon resources, announces that the Company has raised gross proceeds of £100,000 by way of a subscription for 125,000,000 new ordinary shares of no-par value each in the capital of the Company ("Ordinary Shares") (the "Subscription Shares") at a price of 0.08 pence per share (the "Subscription"). The Subscription has been undertaken with an existing shareholder in the Company.

The Subscription Shares will represent approximately 3.9 per cent. of the Company's enlarged issued share capital. The Subscription price represents a premium of approximately 45.5 per cent. to the mid-market closing price on AIM of 0.055 pence per Ordinary Share on 12 October 2023, being the latest practicable business day prior to the date of this announcement.

The Subscription has been undertaken to provide additional funds to cover the Company's anticipated expenditure as it seeks to progress its plans for its wholly owned subsidiary, Greenfield Energy LLC ("Greenfield"), in relation to the Tar Sands Holdings II LLC ("TSHII") site located in the Uinta Basin, Utah, United States. As previously announced, Greenfield owns a 10% Membership Interest in TSHII with an exclusive option, at its sole discretion, to acquire the remaining 90% of the Membership Interests for additional cash consideration of US$17.25 million up to 31 December 2023 (the "Option"), together with a matching right as detailed in the Company's announcement of 6 June 2023.

The Company continues to pursue a number of routes, as set out in its announcement of 17 August 2023, to secure a potential funding package for Greenfield, that would, inter alia, enable Greenfield to ultimately exercise the Option and pursue its previously announced wider development plans. Such funding exercise is taking significantly longer than expected in the current challenging economic environment, but the Company remains in active discussions and the Board remains optimistic that an appropriate transaction can be successfully agreed in Q4 2023. However, there can be no certainty that an appropriate funding proposal for Greenfield will ultimately be successfully concluded or as to the precise terms or structure of any such funding package or financing arrangement for Greenfield. Further announcements will be made in due course as appropriate.

Admission and Total Voting Rights

Application will be made to the London Stock Exchange for the 125,000,000 Subscription Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and that dealings in the Subscription Shares on AIM will commence at 8.00 a.m. on or around 18 October 2023.

On Admission, the Company's issued share capital will consist of 3,187,408,610 Ordinary Shares, each with one voting right. There are no shares held in treasury. Therefore, the Company's total number of Ordinary Shares and voting rights will be 3,187,408,610 and this figure may be used by shareholders following Admission as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Enquiries:

TomCo Energy plc

Malcolm Groat (Chairman) / John Potter (CEO) +44 (0)20 3823 3635

Strand Hanson Limited (Nominated Adviser)

James Harris / Matthew Chandler +44 (0)20 7409 3494

Novum Securities Limited (Broker)

Jon Belliss / Colin Rowbury +44 (0)20 7399 9402

IFC Advisory Limited (Financial PR)

Tim Metcalfe / Florence Chandler +44 (0)20 3934 6630

For further information, please visit www.tomcoenergy.com.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019. .