TomCo Energy PLC Greenfield Update (3114N)
31 Maio 2022 - 3:01AM
UK Regulatory
TIDMTOM
RNS Number : 3114N
TomCo Energy PLC
31 May 2022
31 May 2022
TOMCO ENERGY PLC
("TomCo" or the "Company")
Greenfield 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 announce an
update with respect to the Company's wholly owned subsidiary,
Greenfield Energy LLC ("Greenfield"). As previously announced,
TomCo, via Greenfield, currently owns a 10% Membership Interest in
Tar Sands Holdings II LLC (" TSHII") together with an exclusive
option, at its sole discretion, to acquire the remaining 90% of the
Membership Interests for certain additional cash consideration in
the period up to 31 December 2022.
Loan Agreement
On 16 November 2021, the Company announced that the acquisition
of the initial 10% of the Membership Interests in TSHII had been
financed by way of an unsecured US$1.5 million loan from Valkor Oil
& Gas LLC ("Valkor") to Greenfield (the "Loan"). The Loan was
scheduled to be repaid on or before 30 May 2022, however the terms
of the loan have now been varied in order to extend the repayment
date to on or before 30 June 2022.
As a former JV partner, Valkor is considered to be a related
party of the Company (as defined in the AIM Rules for Companies)
and, accordingly, the variation of the Loan's terms is deemed to
constitute a related party transaction pursuant to AIM Rule 13. The
TomCo directors, having consulted with Strand Hanson Limited, the
Company's Nominated Adviser, consider that the variation of the
Loan's terms is fair and reasonable insofar as the Company's
shareholders are concerned.
TSHII Drilling Update
Further to the Company's announcements of 10 February and 10
March 2022, the Company is pleased to report that the drilling of
the three exploration wells on the TSHII site has been
completed.
Initial results from the drilling met with the Company's
expectations. The results of this drill programme are currently
being assessed and confirmed by Netherland, Sewell &
Associates, Inc. ("NSAI"). NSAI will then provide an update to its
initial TSHII reserves report, as announced by the Company on 13
January 2022, in the coming months.
Additionally, Greenfield is currently progressing the requisite
permitting for the planned production well programme on the TSHII
site following recent changes to the relevant permit legislation.
The Company currently anticipates that the necessary permits will
be secured in time for drilling of the wells to commence in Q3
2022, assuming the requisite funding has been secured, with initial
production then expected in Q4 2022. The number of wells to be
permitted has been increased from five to seven.
Commenting, John Potter, CEO of TomCo, said : "We continue to
make good progress with our plans for the TSHII site and are
pleased with the positive results we have already seen from the
three exploration wells. We are also advancing the previously
announced due diligence exercise being undertaken by a potential
financing party currently interested in backing our plans for
Greenfield, together with other matters in relation to the TSHII
site.
"The Company's Board has recently undertaken a site visit to
Utah and met with the Valkor team and our sand off-take partner.
Whilst in Salt Lake City the Board also met with the Company's
local professional advisers and were able to view some of the cores
recovered from the exploration wells, which are being stored at the
Utah Geological Society's core store. We look forward to providing
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, as amended.
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END
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