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TomCo Energy says it is not aware of any reason for recent share price rise

The oil shale explorer said it is currently working with JV partner Valkor to finalise planned upgrades to the Petroteq Energy existing oil sands plant in Utah

TomCo Energy plc - TomCo Energy says it is not aware of any reason for recent share price rise

TomCo Energy plc (LON:TOM) said it is not aware of any reason for a recent increase in its share price, saying it is currently working with the joint venture partner Valkor to finalise planned upgrades and a proposed work programme to the Petroteq Energy existing oil sands plant (POSP) at Asphalt Ridge in Utah.

The oil shale explorer said it believes it will take around three months to complete the upgrade works to the POSP, with the test programme expected to take a further four to six weeks, with third party verification of the process to then be undertaken following the testing.

WATCH: TomCo Energy: Analyst highlights attractive economics of a new oil sands separation technology

TomCo added that it has received notice of exercise of warrants by Novum Securities Ltd, the company's joint broker, to subscribe for a total of 18.37mln new ordinary shares that will be issued at a price of 0.4p each and relate to warrants issued as part of a placing on July 2.

The firm’s shares were 17.2% higher at 0.85p in late-afternoon trading on Friday.

Quick facts: TomCo Energy plc

Price: 0.6625 GBX

AIM:TOM
Market: AIM
Market Cap: £4.46 m
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