Business
Placing and Field Test Update
Placing and Field Test Update.
About this update from Tomco Energy Plc
[{"type":"text","content":"\n \nRNS Number : 9477I TomCo Energy PLC 14 August 2019 \n\n \n14 August 2019\n \nTomCo Energy plc\n(\"TomCo\", the \"Company\" or the \"Group\")\n \nPlacing and Field Test Update\n \nTomCo Energy plc (AIM: TOM), the US operating oil shale exploration and development group focused on using innovative technology to unlock unconventional hydrocarbon resources, is pleased to announce that it has raised £450,000 (gross) by way of a placing (\"Placing\") of 12,857,143 new ordinary shares of no par value in the Company (\"Ordinary Shares\") (the \"Placing Shares\") at a price of 3.5 pence per Placing Share (\"Placing Price\") through Turner Pope Investments (TPI) Ltd (\"TPI\"), the Company's broker.\n \nThe Company intends to utilise the net proceeds of the Placing to provide additional working capital to the Group. The Placing Price represents a discount of approximately 33% to yesterday's closing mid-market price of the Company's Ordinary Shares on AIM of 5.2 pence.\n \nField Test Update \n \nAs previously stated, the Company's primary objective for the field test programme is the recovery of oil from the Company's Holliday A Block through the application of TurboShale Inc.'s (\"TurboShale\") RF technology (the \"Field Test\"). The Company has an 80% interest in TurboShale.\n \nThe Company is pleased to confirm that the Field Test continues to be running to plan. Since the RF antennae were switched-on on 2 August 2019, supervised by the team from Continental Electronics, all the data recorded has been within normal parameters and the test area is heating at expected rates. \n \nThe Company intends to announce the completion of the Field Test in the coming weeks, before undertaking a period of analysis and assessment on any oil samples collected to confirm the quality and potential recovery rates, which is expected to last for several months. There can be no guarantee that the Field Test and any subsequent analysis thereof will be successful in establishing the suitability and/or commerciality of the RF Technology or the commerciality of the Group's oil shale leases.\n \nDirector's Dealings\n \nAndrew Jones, Executive Chairman of the Company, has subscribed for 285,715 Placing Shares at the Placing Price. Following admission of the New Ordinary Shares (as defined...