TomCo Energy PLC (AIM:TOM, OTC:TMCGF) said it remains optimistic it can find suitable funding to expand its Greenfield development, with cash and cash equivalents at the end of March at £132,000.
In an interim results statement for the six months to 31 March 2023, TomCo said its primary focus remains on its wholly-owned subsidiary, Greenfield Energy.
At Greenfield, it plans to construct two oil sand separation plants capable of processing 6,000 tonnes per day of oil sands at a site held by Tar Sands Holdings.
The current likely scenario for generating the extra funding for Greenfield is a sale of a majority stake in return for cash, continuing equity participation and a “sizeable funding package”, the company said.
TomCo said while there is no guarantee it can secure the funding necessary, it remains optimistic based on discussions with funders to date.