Last checked at 2 Mar 2023 08:31
2 March 2023
TOMCO ENERGY PLC
("TomCo" or the "Company")
Update re TSHII
TomCo Energy plc (AIM: TOM), the US operating oil development group focused on using innovative technology to unlock unconventional hydrocarbon resources, provides an update with respect to the Company's 100% owned subsidiary, Greenfield Energy LLC's ("Greenfield"), potential acquisition of the remaining ownership and membership rights and interests in Tar Sands Holdings II LLC ("TSHII") (the "Membership Interests"). As previously announced, Greenfield owns a 10% Membership Interest in TSHII and holds an exclusive option (the "Option"), exercisable at its sole discretion, to acquire the remaining 90% of the Membership Interests for additional cash consideration of US$16.25 million which was scheduled to expire on 28 February 2023 (the "Agreement").
The Company is currently in discussions with the counterparty to the Agreement with a view to seeking a further extension to the exercise period in respect of such Option. There can be no certainty that the Option will be extended or that the required funding can be secured to complete the acquisition of the remaining 90% of the Membership Interests. A further announcement will be made 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, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.