Business
Half-year Report - replacement
Half-year Report - replacement.
About this update from Tomco Energy Plc
[{"type":"text","content":"\n \nRNS Number : 7589Y TomCo Energy PLC 19 May 2016 \n\nThe following announcement replaces the Half-year Report announcement made earlier today at 07:00 BST under RNS number 6692Y. \n \nThe contact details of the Company and its Nominated Adviser were omitted from the original announcement.\n \nAll other details of the announcement remain unchanged. \n \n19 May 2016\n \nTomCo Energy Plc\n(\"TomCo\" or \"the Company\")\n \nUnaudited interim results for the six month period ended 31 March 2016\n \nTomCo Energy Limited (AIM: TOM), the oil mining, announces its interim results for the six month period ended 31 March 2016.\nHIGHLIGHTS\nOperational \n· The Company continues to maintain its permits relating to its leases in Utah \n· No material outstanding licence commitments \n \nCorporate & Financial\n· Significant reductions in overheads achieved\n· £102k cash balance at 31 March 2016\n· Subsequent to the period-end Chris Brown joined the board as CEO on 6 April 2016\n· Company finalising terms of a £150,000 convertible loan note to provide additional working capital\n \nNew Opportunities\n· Although TomCo remains confident about the future development of its leases in Utah and absolutely committed to its flagship project in the US, the directors believe that examining low cost opportunities with near term cash flow would be beneficial to the Company and its shareholders while the EcoShale™ In-Capsule demonstration project is progressed.\n· Preliminary due diligence currently underway on a new palm oil milling project in West Africa, which has low capex costs and expected cash flow from mid-2017. Further announcements will be made in due course, as appropriate.\n \nDirectors' Report\nDespite the recent uplift in the price of oil, the sector continues to face significant challenges as the industry continues to adjust to the lower oil price environment. This backdrop has affected both Red Leaf's and TomCo's ability to progress their oil shale projects in Utah. In the meantime, the Board is prudently managing its cash resources the best it...