TomCo Energy PLC (AIM:TOM, OTC:TMCGF) said it has agreed to the latest amendment to its option deal to acquire the remainder of the Tar Sands Holdings II LLC (TSHII) property in Utah.
The new terms will allow the seller to market the asset to third parties from 1 July 2023, TomCo meanwhile retains its option to acquire the 90% of the asset it doesn’t already own through until 31 December 2023 by paying US$17.25 million.
Any third parties would be required to acquire any interest in the TSHII ‘on at least as favourable terms’ as TomCo’s Greenfield subsidiary.
Greenfield will be given 30 days notice to either match or exceed any such offer, and, make a US$100,000 holding payment.
TomCo noted that it continues to pursue funding to make the acquisition, though to do so it is seeking to sell a partial, majority interest in Greenfield – and, it said, that ultimately it will be up to the counterparty in that whether the TSHII option is taken up.