TomCo Energy PLC Granting of Utah Tax Credit to Greenfield (5727S)
15 Julho 2022 - 3:00AM
UK Regulatory
TIDMTOM
RNS Number : 5727S
TomCo Energy PLC
15 July 2022
15 July 2022
TOMCO ENERGY PLC
("TomCo" or the "Company")
Granting of Utah Tax Credit to Greenfield
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 that
the Company's wholly owned subsidiary, Greenfield Energy LLC
("Greenfield") has been awarded a 10 year marginal tax reduction,
with a potential aggregate value of up to approximately US$76.3
million, in relation to its planned project activities on the Tar
Sands Holdings II LLC ("TSHII") site located in the Uinta Basin,
Utah, United States. This post-performance corporate incentive is
part of the Utah Legislature's Economic Development Tax Increment
Financing ("EDTIF") programme.
As previously announced, TomCo, via Greenfield, currently owns a
10% Membership Interest in TSHII 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.
Under the EDTIF programme, Greenfield has entered into an
agreement with the Governor's Office of Economic Opportunity, such
that in return for investing in, and creating new jobs in, the
region, it may receive up to 50% of the additional state taxes it
will pay over the 10-year life of the agreement in the form of a
Utah Legislature-authorized Rural Economic Development Tax
Increment Financing (REDTIF) tax credit. Each year that Greenfield
meets the criteria in its contract with the state and new
incremental state taxes have been receipted and verified, it will
qualify for a portion of the total tax credit up to an aggregate
amount over the 10 year period of approximately US$76.3
million.
Dan Hemmert, the Utah Office of Economic Opportunity's Executive
Director, commented : "We are excited to see Greenfield's growth
plans in the Uintah Basin. Energy Independence has never been more
important to the nation, and we are proud to support this venture
which will provide significant investment into rural Utah. We are
also pleased to see the planned application of innovative
processes, aggressive carbon sequestration, and efforts to be
carbon neutral - from well to tailpipe."
Commenting, John Potter, CEO of TomCo, said : "The amount of
local support we have received in advancing our project to date has
been outstanding and I would like to thank everyone involved. We
believe our proposed development project in Uintah County is based
on an exceptional deposit with tremendous potential. We continue to
make good progress with our plans for the TSHII site and continue
to advance the previously announced due diligence exercise being
undertaken by a potential financing party currently interested in
backing our plans for Greenfield. 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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July 15, 2022 02:00 ET (06:00 GMT)
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