TomCo Energy PLC Palm Oil Update (8217P)
22 November 2016 - 9:30PM
UK Regulatory
TIDMTOM
RNS Number : 8217P
TomCo Energy PLC
22 November 2016
22 November 2016
TomCo Energy plc (AIM: TOM)
("TomCo" or the "Company")
Palm Oil Update
Further to the announcement made by TomCo on 7 October 2016, the
Company provides an update in respect of its proposed palm oil
project in Sierra Leone (the "Project").
The Company has, to date, been unsuccessful in securing the
requisite debt finance for its Makarie palm oil project in Sierra
Leone and has, accordingly, decided to suspend the Project. To
date, the Company has incurred minimal expenditure in respect of
the Project and no payments have been made or are due in respect of
the boiler unit. The Company will continue to assess the
feasibility of raising the requisite finance for the Project and
will make further updates as necessary.
The Company intends to focus its resources on its oil shale
assets in Utah and is actively investigating potential alternative
lower cost and scalable technologies which can be applied to such
operations.
The Company currently has cash reserves of approximately
GBP285,000, the reduction being predominately due to the settlement
of accrued liabilities.
Enquiries:
For further information, please visit www.tomcoenergy.uk.com or
contact:
TomCo Energy plc
Telephone +44 (0) 20
3823 3635
Chris Brown (CEO) chris@tomcoenergy.uk.com
Andrew Jones (Chairman) andrew@tomcoenergy.uk.com
Strand Hanson (Nominated Adviser and Broker)
Telephone +44 (0)20 7409 3494
James Harris / Richard Tulloch
Tavistock Communications (Financial PR)
Telephone +44 (0) 20 7920 3150
Jos Simson jos.simson@tavistock.co.uk
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
This information is provided by RNS
The company news service from the London Stock Exchange
END
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