TomCo Energy PLC (AIM:TOM, OTC:TMCGF) told investors that its subsidiary Greenfield Energy has extended the deadline of its option deal to acquire the Tar Sands Holdings II LLC property in Utah.
The new deadline is set at 5 April 2023, extended from 28 February.
It gives the company a further month to exercise its option to acquire the remaining 90% interest in the property for a cash consideration of US$16.25mln.
In a statement, TomCo commented: “There can be no certainty that the required funding can be secured to complete the acquisition of the remaining 90% of the membership Interests and further announcements will be made as and when appropriate.”