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TomCo Energy raises new capital, Utah field programme continues as planned

The programme is Utah continues to advance, Tomco noted that the test area is now heating up according to plan.

TomCo Energy plc - TomCo Energy raises new capital, Utah field programme continues as planned
The expectation is that RF technology will unlock the hydrocarbons from shale

TomCo Energy plc (LON:TOM) told investors it has raised £450,000 of new capital as its field programme in Utah continues according to plan.

The specialist oil shale group has sold 12.85mln new shares priced at 3.5p each.

TomCo intends to use the net proceeds for working capital.

In Utah, the field test programme at the Holliday A Block, using RF technology developed by 80% owned associate TurboShaleInc to unlock hydrocarbons.

Since the RF antennae were switched-on on 2 August all recorded data has been within normal parameters, Tomco noted.

It added that the test area is heating at expected rates.

“The 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,” Tomco said Wednesday’s statement.

Executive chairman Andrew Jones was a subscriber in the placing, taking 285,715 shares to increase his holding to just over 1mln shares, or 0.76% of the company (post placing).

Quick facts: TomCo Energy plc

Price: 0.675 GBX

Market: AIM
Market Cap: £4.55 m

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