TomCo Energy PLC (AIM:TOM, OTC:TMCGF), the US oil development group, said shares were restored to trading on AIM today following the release of its full-year results for the year to 30 September 2022.
The company said it is continuing to work on securing funding to develop its Greenfield project.
One option to raise the cash includes potentially disposing of a majority stake, which would allow it to continue its equity participation without the requirement for further capital contributions, according to a statement.
The group had roughly £150,000 in cash as of March 30, 2023.
Looking ahead, TomCo said it will continue to progress the Greenfield development project, as well as exploit other “significant potential” despite the current global economic headwinds.
Shares were up 10%, changing hands at 0.3p in mid-afternoon trading.