22 November 2016
TomCo Energy plc (AIM: TOM) ("TomCo" or the "Company") Palm Oil UpdateFurther to the announcement made by TomCo on 7 October 2016, the Company provides an update in respect of its proposed palm oil project in Sierra Leone (the "Project").
The Company has, to date, been unsuccessful in securing the requisite debt finance for its Makarie palm oil project in Sierra Leone and has, accordingly, decided to suspend the Project. To date, the Company has incurred minimal expenditure in respect of the Project and no payments have been made or are due in respect of the boiler unit. The Company will continue to assess the feasibility of raising the requisite finance for the Project and will make further updates as necessary.
The Company intends to focus its resources on its oil shale assets in Utah and is actively investigating potential alternative lower cost and scalable technologies which can be applied to such operations.
The Company currently has cash reserves of approximately £285,000, the reduction being predominately due to the settlement of accrued liabilities.
Enquiries:For further information, please visit www.tomcoenergy.uk.com or contact:
TomCo Energy plcTelephone +44 (0) 20 3823 3635
Chris Brown (CEO) chris@tomcoenergy.uk.com
Andrew Jones (Chairman) andrew@tomcoenergy.uk.com
Strand Hanson (Nominated Adviser and Broker)Telephone +44 (0)20 7409 3494 James Harris / Richard Tulloch
Tavistock Communications (Financial PR)Telephone +44 (0) 20 7920 3150
Jos Simson jos.simson@tavistock.co.uk
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
TomCo Energy plc published this content on 22 November 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 22 November 2016 14:23:06 UTC.
Original documenthttp://www.tomcoenergy.uk.com/get-file/files/rns-announcements/2016.11.22 - Palm Oil Update.pdf
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