Tomco Energy Regulatory News (TOM)

10 May 2013

TomCo Energy Plc

("TomCo" or "the Company")

Unaudited interim results for the six months ended 31 March 2013

TomCo Energy PLC (AIM: TOM), the oil shale exploration and development company focused on using innovative technology to unlock unconventional hydrocarbon resources, announces its interim results for the six months ended 31 March 2013.

HIGHLIGHTS

·; Successfully raised £1.781 million through a share placing where proceeds will be used to advance permitting required for commercial production at the Company's Holliday project and for general working capital purposes

·; The United States Army Corps of Engineers has issued the Company's Holliday project a nationwide 401 permit

On 28 January 2013, the Group announced it had entered into a Liquidity Facility Agreement and an associated Promissory Note (together the "Liquidity Facility") with Windsor Capital Partners Limited ("Windsor Capital"). Under the Liquidity Facility TomCo has issued and allotted 100 million ordinary shares of 0.5p each ("Ordinary Shares"), representing an increase of 6% on the then current number of shares in issue, to Windsor Capital in exchange for the Promissory Note. The Liquidity Facility allows the Company to access capital using the natural liquidity that is available in the Company's shares in a more cost-effective manner than a traditional equity line product.

On 7 March 2013, the Group announced that it had successfully raised £1.781 million, before expenses, through a share placing of 148,406,526 new ordinary shares of 0.5p each at a price of 1.2p per share. The Placing was supported by a number of new financial institutions as well as certain existing shareholders. The net proceeds from the Placing are to be used by TomCo to advance the permits required for commercial production at the Company's Holliday project and for general working capital purposes.

During the reporting period, the United States Army Corps of Engineers issued the Group a nationwide 401 permit so the Group will need to prepare an Environmental Assessment ("EA") under Utah state environmental law and not an Environmental Impact Statement ("EIS") under United States federal environmental law. The EA is a far more expedient and economic option to prepare than an EIS. The Directors believe that the Utah government is supportive of the development of oil shale in the state, which should aid the EA process.

TomCo has previously reported that it was working on providing SRK Consulting (UK) Limited with the required technical reports to enable the Company's JORC compliant Resource to be upgraded to a JORC compliant Ore Reserve by the end of the first quarter of 2013. The Company continues to work with Red Leaf Resources Inc ("Red Leaf") to supply updated capital and operating costs for the EcoShale™ process on TomCo's Holliday Block. Accordingly, until these updated capital and operating costs are received, the Board cannot provide an accurate estimate on when the JORC compliant Ore Reserve will be published.

Red Leaf's focus is on executing the Early Production System ('EPS') phase of its joint venture with Total. The goal of the EPS is the construction of a large scale capsule. Questerre Energy Corporation has reported that capsule construction is planned for late 2013 with first oil expected in 2014.

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Condensed consolidated statement of comprehensive income

For the period ended 31 March 2013

Condensed consolidated statement of financial position

As at 31 March 2013

The financial information was approved and authorised for issue by the Board of Directors on 10 May 2013 and were signed on its behalf by:

Paul Rankine Miikka Haromo

Director Director

Condensed consolidated statement of changes in equity

For the six months ended 31 March 2013

Condensed consolidated statement of cash flows

For the period ended 31 March 2013

UNAUDITED NOTES FORMING PART OF THE CONDENSED CONSOLIDATED

INTERIM FINANCIAL STATEMENTS

For the six months ended 31 March 2013

1. Accounting Policies

Basis of Preparation

The condensed interim financial information has been prepared using policies based on International Financial Reporting Standards (IFRS and IFRIC interpretations) issued by the International Accounting Standards Board ("IASB") as adopted for use in the EU. The condensed interim financial information has been prepared using the accounting policies which will be applied in the Group's statutory financial information for the year ended 30 September 2013.

Going concern

The Directors are confident that the Group has sufficient funds to meet its working capital requirements and commitments for a period of not less than twelve months from the date of signing of this financial information and as a result the financial information has been prepared on the going concern basis.

2. Financial reporting period

The condensed interim financial information incorporates comparative figures for the interim period 1 October 2011 to 31 March 2012 and the audited financial year to 30 September 2012. The comparative figures for the interim period 1 October 2011 to 31 March 2012 have been restated following the final agreed treatment of the derivative valuation carried out at the audited financial year to 30 September 2012 The condensed interim financial information for the period 1 October 2012 to 31 March 2013 is unaudited. In the opinion of the Directors the condensed interim financial information for the period presents fairly the financial position, results from operations and cash flows for the period in conformity with the generally accepted accounting principles consistently applied.

The financial information contained in this interim report does not constitute statutory accounts as defined by the Isle of Man Companies Act 2006. The comparatives for the full year ended 30 September 2012 are not the Company's full statutory accounts for that year. The auditors' report on those accounts was unqualified, did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their report and did not contain a statement under the provisions of the Isle of Man Companies Act 2006.

3. Revenue

Revenue is attributable to one continuing activity, which is oil production from a wholly-owned subsidiary of the Group, located in the United States.

4. Operating Loss

5. Loss per share

Basic loss per share is calculated by dividing the losses attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Reconciliations of the losses and weighted average number of shares used in the calculations are set out below.

Weighted average number of shares is calculated on 9,324,169 shares which were sold into the market in the period under the Promissory Note. If all shares issued under the Liquidity Facility Agreement were sold into the market (see note 8), the weighted average number of shares would be 1,668,959,789 and loss per share would be (0.02)p.

6. Intangible assets

7. Available‑for‑sale financial assets

In March 2012, the Company invested $5 million (£3,147,735) in Red Leaf Resources Inc at $1,500 per share as part of a $100 million raising by Red Leaf in conjunction with the closing of a Joint Venture ("JV") with Total E&P USA Oil Shale, LLC, an affiliate of Total SA, the 5th largest international integrated oil and gas company. The purchase of the investment in Red Leaf was funded partly by the subscription by Altima Global Special Situations Master Fund Ltd , Dominic Redfern and Mark Donegan through 169 million TomCo shares at 1.75p per ordinary share for £2,957,500. The balance of the Investment was financed from TomCo's existing cash resources. Direct costs associated with the investment amounted to £113,976, of which £100,000 was paid in shares. The value attributable to the investment is stated at fair value of £3,261,711. Red Leaf is currently completing its permitting for Seep Ridge. Following this they are expected to start constructing an Early Production System capsule. The Directors therefore have concluded there has been no material change in the fair value of the investment since acquisition. As a post reporting event, on 9 May 2013, the License Agreement was amended such that in the event Red Leaf has not achieved commercial production of first Licensed Products between the effective date of the Original Agreement and the fourth anniversary thereof, then the definition of Royalty Rate shall be 5%.

8. Share Capital

During the period, the Group entered into a Liquidity Facility Agreement and an associated Promissory Note (together the "Liquidity Facility") with Windsor Capital Partners Limited ("Windsor Capital"). Under the Liquidity Facility TomCo issued and allotted 100 million ordinary shares of 0.5p each ("Ordinary Shares") to Windsor Capital in exchange for the Promissory Note. The Promissory Note delivers the proceeds of the sale of the Ordinary Shares over the life of the Promissory Note based on the occurrence of "Liquidity Trigger Days". Liquidity Trigger Days are those days on which the volume of shares traded is greater than 80% of the trailing 90 day weighted average daily trading volume. On Liquidity Trigger Days, Windsor Capital will seek to sell Ordinary Shares, up to a maximum of 10% of the daily volume averaged over any 5 day period, on a best effort basis at the AIM Market offer-price or higher. The Liquidity Facility can be suspended at the Company's discretion in periods of adverse market conditions and minimum share prices can also be stipulated. To date, the Group has raised a gross amount of £153,275 under the facility at an average price of 1.67p by the sale of 9,324,169 ordinary shares. Shares which remain unsold at the balance sheet date are not included within the share capital and share premium account as they are not considered called up.

The Group also successfully raised £1.781 million before expenses through a share placing on admission, of 148,406,526 new ordinary shares of 0.5p each at a price of 1.2p per share.