TomCo Energy PLC (AIM:TOM) chair Malcolm Groat told investors, via today’s interim results statement, that he is “very pleased” with the company’s progress and said the primary focus is on the Greenfield Energy LLC subsidiary.
Greenfield has near-term potential production plans for the Tar Sands Holdings II LLC (TSHII) site, in Utah, and the business is presently engaged in ongoing discussions regarding possible funding options, Groat noted.
He added that a due diligence exercise with a potential funder. It could lead to a deal for 100% of the membership interests, Groat noted, and could see the drilling of several oil production wells and the planned first 5,000 barrels of oil per day production plant.
“However, there can be no certainty that Greenfield can secure the requisite funding or the permitting required for such wells,” the chair stated.
In terms of the results statement itself, TomCo highlighted a number of operational and corporate activities during the six months ended March 31, including the acquisition of its initial 10% stake in the TSHII site and the receipt of a reserves report for the project.
A number of other agreements were entered into for opportunities to enhance the potential value to be generated from the site and provide income to the company, it added.
In January, TomCo raised £1.25mln of new equity to fund the drilling of three conventional oil wells which were completed post-reporting period and were in-line with the company’s expectations.
The company reported a £678,000 loss from continuing operations, down from £777,000 in the same period during 2021.
It ended March with £1.12mln of cash and equivalents.