17 Aug 2016 16:19
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17 August 2016
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TomCo Energy plc (AIM: TOM )
("TomCo" or the "Company")
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Company Update
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Further to the announcement made by TomCo on 6 July 2016, the Company is pleased to provide a further update to the information provided in that announcement and in the report by Astratec Africa Limited ("Astratec Report"), which was published on the Company's website on 6 July 2016.
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TomCo has today published an updated corporate presentation, which includes new information on the Company's palm oil project (pages 11 and 16) and is available here http://www.rns-pdf.londonstockexchange.com/rns/4712H_-2016-8-17.pdf and on the Company's website at www.tomcoenergy.uk.comÂ
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The Company has reduced its annualised cost base to £155,000 per annum, compared with £457,000 per annum 18 months ago and continues to monitor its cost base. As at 30 June 2016, the Company had £165,000 in cash.
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The Company continues to review debt and equity financing options to fund the Palm Oil project and its Fresh Fruit Bunches processing plant (expected to cost approximately US$500,000), and to provide it with additional working capital. Any material delay in funding could lead to a delay in the start-up of the project.
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The Company will make further announcements in due course, as appropriate.
Enquiries:
For further information, please visit www.tomcoenergy.uk.com or contact:
TomCo Energy plc | Â |
Telephone +44 (0) 20 3823 3635 | Â |
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Chris Brown (CEO) | chris@tomcoenergy.uk.com |
Andrew Jones (Chairman) | andrew@tomcoenergy.uk.com |
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SP Angel Corporate Finance LLP (Nomad & Broker) | |
Telephone +44 (0) 20 3470 0470 | |
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Stuart Gledhill Richard Hail | stuart.gledhill@spangel.co.uk richard.hail@spangel.co.uk |
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Tavistock (Financial PR) | |
Telephone +44 (0) 20 7920 3150 | |
 |  |
Ed Portman/Jos Simson | eportman@tavistock.co.uk |
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