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TSHII Update

1 Sep 2021 07:00

RNS Number : 3066K
TomCo Energy PLC
01 September 2021
 

1 September 2021

TOMCO ENERGY PLC

("TomCo" or the "Company")

 

TSHII Update

TomCo Energy plc (AIM: TOM), the US operating oil development group focused on using innovative technology to unlock unconventional hydrocarbon resources, is pleased to provide an update with respect to the Company's now 100% owned subsidiary Greenfield Energy LLC's ("Greenfield") potential acquisition of up to 100% of the ownership and membership rights and interests in Tar Sands Holdings II LLC ("TSHII") (the "Membership Interests"), as announced on 9 June 2021 (the "Agreement").

Pursuant to the terms of the Agreement, Greenfield paid a non-refundable deposit of US$200,000 to secure a 90 day period to undertake due diligence and an exclusive option for up to 120 days to acquire an initial 10% of the Membership Interests for US$2 million, payable on or before 1 September 2021. The Agreement has been amended such that Greenfield can now exercise its right to acquire an initial 10% of the Membership Interests for cash consideration of US$2 million on or before 1 October 2021. A further non-refundable deposit of US$100,000 has been paid to secure this amendment. The total deposit of US$300,000 can be credited against the US$2 million cost of acquiring 10% of the Membership Interests, should Greenfield elect to proceed with the potential acquisition of the initial 10%.

Assuming a successful completion of the acquisition of the initial 10%, Greenfield will then have an exclusive option, at its sole discretion, to acquire the remaining 90% of the Membership Interests for additional cash consideration up to 31 December 2022, as detailed in the 9 June 2021 announcement.

TSHII owns approximately 760 acres of land and certain non-producing assets (the "Site") in Uintah County, Utah, USA. Subject to securing the requisite funding and satisfactory due diligence, Greenfield plans to use the Site, if ultimately acquired via TSHII, for the future mining of oil sands and construction of a commercial scale processing plant utilising the findings of the FEED study, and other knowledge and experience gained from Greenfield's operation of Petroteq Energy Inc's existing oil sands plant at Asphalt Ridge, Utah. (the "POSP"). The Site has existing infrastructure, plant and equipment, together with an existing Large Mine Permit No. M0470032, that could facilitate any future development by Greenfield.

Greenfield is in advanced discussions with potential off-takers of both oil and sand from the Site and the results from the due diligence exercise, that is substantially complete, have so far has been positive. However, there can be no certainty that the due diligence exercise will ultimately be concluded or that Greenfield can secure the required funding to complete the acquisition of a 100% Membership Interest.

Additionally, in parallel with working to secure the required funding, Greenfield has recently begun working with Stantec Inc, a global design and delivery firm with extensive experience in the oil and gas and mining sectors, on mine planning for the Site, and with Netherland Sewell & Associates, global petroleum consultants, on a Site reserves report, together with other preparatory work.

Further announcements will be made as and when appropriate.

Commenting, John Potter, CEO of TomCo, said: "Following our agreement with Valkor to acquire their 50% interest in Greenfield we have been aggressively pursuing the acquisition of the Site via TSHII. Whilst still ongoing, the due diligence undertaken on the Site to date has been positive such that it appears ideally suited for the construction, subject to funding, of Greenfield's first commercial scale plant.

"Greenfield's focus is now on both progressing the necessary funding package in order to, inter alia, secure the initial 10% Membership Interest and with the detailed planning to pursue construction of an initial 5,000 bopd facility at the earliest opportunity. We look forward to announcing further updates in due course."

 

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.

 

 

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Date   Source Headline
25th Mar 20249:09 amRNSHolding(s) in Company
22nd Mar 20243:58 pmRNSHolding(s) in Company
19th Mar 20244:01 pmRNSHolding(s) in Company
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21st Feb 20247:00 amRNS£300,000 Equity Fundraise
2nd Jan 20247:00 amRNS£50,000 Equity Fundraise and TSHII Update
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25th Oct 20237:00 amRNSHolding(s) in Company
13th Oct 20237:00 amRNS£100,000 Equity Fundraise
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17th Aug 202310:00 amRNSTSHII Update & Updated Independent Reserves Report
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2nd Aug 20235:05 pmRNSHolding(s) in Company
28th Jul 202312:24 pmRNSHolding(s) in Company
28th Jul 202312:11 pmRNSHolding(s) in Company
25th Jul 20234:09 pmRNSHolding(s) in Company
4th Jul 20232:48 pmRNSHolding(s) in Company
4th Jul 20237:00 amRNSConversion of Remainder of Convertible Loan Note
30th Jun 202310:58 amRNSHolding(s) in Company
30th Jun 20237:00 amRNSInterim Results
29th Jun 20234:37 pmRNSHolding(s) in Company
29th Jun 20233:11 pmRNSHolding(s) in Company
27th Jun 20231:59 pmRNSHolding(s) in Company
16th Jun 20232:20 pmRNSHolding(s) in Company
14th Jun 20237:00 amRNS£500,000 Equity Fundraise
6th Jun 20237:00 amRNSUpdate re TSHII
1st Jun 20235:27 pmRNSPartial Conversion of Convertible Loan Note
31st May 20234:27 pmRNSHolding(s) in Company
24th May 202312:30 pmRNSHolding(s) in Company
16th May 20232:34 pmRNSPartial Conversion of Convertible Loan Note
2nd May 20231:38 pmRNSUpdate re TSHII
28th Apr 20236:02 pmRNSHolding(s) in Company
28th Apr 20232:04 pmRNSHolding(s) in Company
28th Apr 20239:47 amRNSHolding(s) in Company
25th Apr 20232:44 pmRNSHolding(s) in Company
24th Apr 20237:00 amRNSDrawdown of initial Convertible Loan Note Facility
6th Apr 20231:30 pmRNSResults for the year ended 30 September 2022
6th Apr 20231:30 pmRNSRestoration - TomCo Energy Plc
3rd Apr 20237:30 amRNSSuspension - TomCo Energy Plc
3rd Apr 20237:00 amRNSSuspension of trading on AIM pending 2022 Accounts
30th Mar 20237:00 amRNSConvertible Loan Note Facility
6th Mar 20237:00 amRNSUpdate re TSHII
2nd Mar 20238:31 amRNSUpdate re TSHII
6th Feb 202310:39 amRNSHolding(s) in Company

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