Business
Interim results
Interim results.
About this update from Tomco Energy Plc
[{"type":"text","content":"\n \nRNS Number : 9810S TomCo Energy PLC 29 June 2018 \n\n29 June 2018\n \nTomCo Energy plc (\"TomCo\" or \"the Company\")\n \nUnaudited interim results for the six-month period ended 31 March 2018\n \nTomCo Energy plc (AIM: TOM), the oil shale exploration and development company focused on using innovative technology to unlock unconventional hydrocarbon resources, is pleased to announce its unaudited interim results for the six-month period ended 31 March 2018.\n \nHIGHLIGHTS\n \nOperational\n· Restructuring of TurboShale Inc. (\"TurboShale\") completed \n─ Company now has an 80% interest in TurboShale, with JRT Technologies LLC (\"JRT\"), the Company's partner, holding the remaining 20%\n· The Group is on schedule with its to six-month field test programme of TurboShale's technology on the Company's Holliday block, Utah (the \"Field Test\")\n─ Field Test expected to cost approximately US$900,000\n─ Drilling contractor engaged and radio frequency (\"RF\") generators ordered\n─ Site preparation work expected to commence in August 2018 with testing expected to commence late September 2018 and is expected to last approximately six weeks \n· Exploration permit for the Company's Holliday block in Utah extended\n \nCorporate & Funding\n· Christopher Brown resigned as Chief Executive, and John Potter was appointed in his place on 1 February 2018\n· Raised £600k through a placing in April 2018 and £650k through a placing in June 2018\n· Christopher Brown has provided loans of, in aggregate, £250k\n─ £200k received during the period and £50k received in April 2018\n─ Repayable by 31 March 2019 or earlier at the Company's elect...