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TomCo Energy

  • BY: Andrew Hore |
  • POSTED: 31/01/2011 |

Former Aim company TomCo Energy has appointed Westhouse to advise on its proposed return to Aim during 2011. 

Trading in TomCo shares was suspended on 11 February 2009 at 0.35p each, which valued the oil and gas company at £1.88m. The continued uncertainty about the financial position of the company led to the quotation being cancelled on 12 August 2009.

TomCo had disagreements with its partner Avenue Group Inc over two oil licences at Heletz in Israel. These have been settled by TomCo giving up its stakes in the licences in return for a 10% stake in Avenue Israel.

TomCo is concentrating on its US oil shale assets in Unita County, Utah. The company intends to raise cash when it rejoins Aim and this will be used to finance exploration and development of these assets.

These licences are estimated to hold up to 230m barrels of potentially recoverable oil. The majority of this is on the Holliday Block lease where TomCo has already commenced exploration drilling.

TomCo has signed a licence with Red Leaf Resources Inc, which has developed the EcoShale In-Capsule Technology extraction process. This is supposed to be a more environmentally extraction technology.

Sir Nicholas Bonsor was appointed non-executive chairman of TomCo last March. Kenglo One, which subscribed for a £2m convertible, has the right to appoint the company’s chairman. The conversion price is 1.5p a share. 

Kenglo invested £1.352m at 0.676p a share in December 2009 and at that time it conditionally agreed to underwrite a share placing to raise £2m at 3p a share when TomCo returned to Aim.

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