TOMCO ENERGY PLC
TomCo Energy PLC - £1.35m Investment by Kenglo One Ltd and Board Changes
FOR IMMEDIATE RELEASE
14th December 2009
TomCo Energy plc
("TomCo" or the "Company")
£1.35m Investment by Kenglo One Ltd and Board Changes
TomCo is pleased to announce the subscription by Kenglo One Ltd of 200,000,000
ordinary shares in the Company at an average of 0.676p per share to net £1,352,500
for the Company before expenses. Kenglo One Ltd has also agreed,
subject to certain conditions, to subscribe for £2,000,000 of additional shares
in the Company at an early date at 1.5p per share and, on terms to be agreed,
to underwrite at 3p per share a further placing of ordinary shares to raise £2,000,000
when TomCo returns to AIM.
John Ryan, Howard Crosby and Gerard Thompson have resigned from the Board and
Stephen Komlosy has stepped down from the post of chairman and has been
appointed CEO; Kenglo One Ltd has the right to appoint a new non-executive
chairman.
Stephen Komlosy CEO commented;
"We are extremely pleased with this arrangement with Kenglo One Ltd which will
form the basis of our overall financing strategy and offers TomCo the
opportunity to return to AIM and to focus on the early development of its
extensive oil interests."
Enquiries:
TomCo Energy plc
Stephen Komlosy +44 (0)20 7766 0078
Kenglo One Ltd
Ann Williams 01534 870 670
Notes:
TomCo has investments in conventional oil production in the United States and
Israel. The Company also owns leases on approximately 3000 acres of shale oil
holdings in Utah, estimated by SRK (an independent firm of mining consultants)
to contain some 230 million barrels of oil.