Proactive Investors - Run By Investors For Investors

TomCo could make a bigger start to Sierra Leone palm oil venture

It told investors it may go straight to a 2 tonne per hour plant, rather than start with a 1tph starter operation.
Palm oil kernels to be processed
Talks are ongoing for project finance.

TomCo Energy Plc’s (LON:TOM) may commit to a bigger palm oil business, as it mulls scrapping the planned phasing of the new Sierra Leone venture.

The company told investors it may go straight to a 2 tonne per hour plant, rather than start with a 1tph starter operation.

In a stock market statement TomCo said talks with potential debt providers are continuing, and once funding has been secured it expects project start may take six to nine months.

It has start purchasing some long lead items from its current cash resources, including a boiler unit at a cost of US$27,500.

TomCo, which raised £400,000 in September, said on October 3 it had cash reserves of £375,000.

"I'm delighted to see the progress being made regarding our Palm Oil project as we consider moving straight to the larger scale production plant which will result in an increased return on our investment,” said Andrew Jones, TomCo chairman.

“We look forward to updating the market going forward."

TomCO also told investors that it is now talking to exports about a potential offtake arrangements.

It noted that drainage ditches were being dug at the Makarie site, and it expects to restart work to clear the site. The company has been sourcing materials and personnel locally so operations get can going as soon as financing is in.


Register here to be notified of future TOM Company articles
View full TOM profile View Profile

TomCo Energy Plc Timeline

Related Articles

September 20 2016
Cadogan has now stemmed its losses. The next step will be a real turnaround
A drill rig
April 06 2017
"The winning of the ONGC tender against 16 other well established drilling contractors is a confirmation of Greka Drilling's mastery within the CBM niche.”
June 19 2017
The City is now waiting for a new, updated competent persons report, analysts said

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use