News blog
TomCo Energy
- BY: Andrew Hore |
- POSTED: 27/01/2009 |
Oil and gas explorer and producer TomCo Energy believes it is a good time to look for oil investments.
The high price of oil had made it difficult to find viable investments in oil wells in the US. The fall in the oil price means there are realistic opportunities around the world. TomCo is retaining its oil shale interests in the US, which are at an early stage of development.
TomCo is also “considering other strategic options”.
Shares in TomCo fell 0.075p to 0.65p each, which values the company at £3.5m.
GEM Global Yield Fund Ltd has provided a £5m equity line of credit to TomCo, which can choose when the draw down happens over the next three years. GEM has been issued with 34.7m warrants exercisable at 1.5p a share. The arrangement fee was £50,000.
Some of the cash will be used to develop the Heletz oil fields in southern Israel in order to build production to at least 300 barrels a day.
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