TomCo Energy PLC Company Update (4712H)
August 17 2016 - 10:19AM
UK Regulatory
TIDMTOM
RNS Number : 4712H
TomCo Energy PLC
17 August 2016
17 August 2016
TomCo Energy plc (AIM: TOM )
("TomCo" or the "Company")
Company Update
Further to the announcement made by TomCo on 6 July 2016, the
Company is pleased to provide a further update to the information
provided in that announcement and in the report by Astratec Africa
Limited ("Astratec Report"), which was published on the Company's
website on 6 July 2016.
TomCo has today published an updated corporate presentation,
which includes new information on the Company's palm oil project
(pages 11 and 16) and is available here
http://www.rns-pdf.londonstockexchange.com/rns/4712H_-2016-8-17.pdf
and on the Company's website at www.tomcoenergy.uk.com
The Company has reduced its annualised cost base to GBP155,000
per annum, compared with GBP457,000 per annum 18 months ago and
continues to monitor its cost base. As at 30 June 2016, the Company
had GBP165,000 in cash.
The Company continues to review debt and equity financing
options to fund the Palm Oil project and its Fresh Fruit Bunches
processing plant (expected to cost approximately US$500,000), and
to provide it with additional working capital. Any material delay
in funding could lead to a delay in the start-up of the
project.
The Company will make further announcements in due course, as
appropriate.
Enquiries:
For further information, please visit www.tomcoenergy.uk.com or
contact:
TomCo Energy plc
Telephone +44 (0) 20 3823
3635
Chris Brown (CEO) chris@tomcoenergy.uk.com
Andrew Jones (Chairman) andrew@tomcoenergy.uk.com
SP Angel Corporate Finance LLP (Nomad & Broker)
Telephone +44 (0) 20 3470 0470
Stuart Gledhill stuart.gledhill@spangel.co.uk
Richard Hail richard.hail@spangel.co.uk
Tavistock (Financial PR)
Telephone +44 (0) 20 7920 3150
Ed Portman/Jos Simson eportman@tavistock.co.uk
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This information is provided by RNS
The company news service from the London Stock Exchange
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August 17, 2016 11:19 ET (15:19 GMT)