TomCo Energy PLC (AIM:TOM) chief executive John Potter and non-executive director Zac Phillips speak to Thomas Warner from Proactive London about recent developments at the company, which describes itself as US operating oil development group focused on using innovative technology to unlock unconventional hydrocarbon resources.
Potter reports on the recent AGM, updating shareholders on the company's oil sands project where they have recently been in discussions over a free carry farm-in agreement, along with reserve-based financing options, and are well on their way to securing the necessary funding for plant construction and land acquisition.
The initial plant is set to handle 6,000 tonnes of oil sands per day, followed by expansion to 8,500 tonnes daily. Phillips highlights the challenges in securing financing due to traditional banks withdrawing support for oil and gas projects, citing increased emphasis on ESG metrics.
Consequently, they've explored alternative funding sources and are currently pursuing several active financing channels, nearing exclusivity with one. Overall, Potter and Phillips express optimism about the company's positioning, aiming to close funding and progress further into their oil sands project in early 2024. Potter says TomCo Energy is "in a good spot" heading into the final part of 2023.
Proactive UK Ltd
Proactive UK Ltd
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TomCo Energy PLC
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