07:00 Wed 08 Sep 2021
TomCo Energy PLC - AGM Statement
TOMCO ENERGY PLC
("TomCo" or the "Company")
AGM Statement
TomCo Energy plc (AIM: TOM), the US operating oil development group focused on using innovative technology to unlock unconventional hydrocarbon resources, announces that at the Company's Annual General Meeting ("AGM"), being held later today, TomCo's Non-Executive Chairman,
"These are exciting times for TomCo and I am particularly pleased with the considerable progress that has been made in recent months with our focus on Greenfield Energy LLC ("Greenfield") and its plans to pursue the construction of an initial 5,000 barrels of oil per day ("bopd") production facility at the earliest opportunity.
"On
"TSHII owns approximately 760 acres of land and certain non-producing assets (the "Site") in
"Greenfield is in advanced discussions with potential off-takers of both oil and sand from the Site and the results from the due diligence exercise, that is substantially complete, have so far been positive and it appears ideally suited for the construction, subject to funding, of Greenfield's first commercial scale plant. Whilst there can be no certainty that the due diligence exercise will be satisfactorily concluded or that Greenfield can secure the required funding to complete the acquisition of 100% of the Membership Interests, I remain optimistic, based on discussions to date, that the process can be completed and the required funding secured.
"Just over two months ago, on
"Towards the end of
"Further to an agreement reached with Valkor LLC ("Valkor"), as announced on
"To assist Greenfield in progressing its plans for the Site and the securing of further funding to develop and acquire the membership interests in TSHII, the Company has engaged specialist oil and gas industry advisers experienced in the structuring and securing of such financings. They are currently exploring a number of potential funding options.
"Additionally, Greenfield has commenced detailed engineering and design work in connection with its future plans for the Site including engaging Stantec Inc, a global design and delivery firm with extensive experience in the oil and gas and mining sectors, on mine planning for the Site, and working with Netherland Sewell & Associates, global petroleum consultants, on a Site reserves report, together with other preparatory work. This is in addition to the continuing detailed engineering design and planning work being undertaken by Valkor.
"The focus of everyone at TomCo remains firmly on completing the remaining due diligence on TSHII and the Site, and progressing the necessary funding package in order to, inter alia, secure the initial 10% Membership Interests and further progress the detailed planning to pursue construction of an initial 5,000 bopd facility at the earliest opportunity. These are very exciting times for TomCo as we look to realise Greenfield's significant potential."
Enquiries:
TomCo Energy plc
Strand Hanson Limited (Nominated Adviser)
James Harris /
Novum Securities Limited (Broker)
IFC Advisory Limited (Financial PR)
For further information, please visit www.tomcoenergy.com.
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