25 May 2012

TomCo Energy

ADD

19/10/2011 Robert Tyerman

Punters have been buying oil shale play TomCo Energy (TOM) as its partner Red Leaf Resources seeks funding for a nearby US project.

Headed by veteran small company player Stephen Komlosy and with experienced mining financier Paul Rankine on the board, the AIM newcomer intends to produce oil from its Holliday block in Utah, with a currently estimated resource of 123m barrels, using a relatively environmentally friendly process, 'EcoShale', developed by Red Leaf, a private US concern.

TomCo says Red Leaf is finalising funding arrangements and raising private equity for its Utah Project, 15 miles south-west of its own Holliday Block lease. If Red Leaf goes ahead with the Utah Project, that could well have positive implications for Holliday's prospects, argue bulls.

A former Israeli oil flop, TomCo returned to AIM in August with a £3m placing at 1p. Recommended by Growth Company Investor last month at 0.98p, the shares have already nearly doubled to 1.83p and, while still speculative, could go higher if the company makes progress with Holliday.

Tags: AIM market, Oil shale, Paul Rankine, Stephen Komlosy, Utah

Sector: Oil & Gas Producers

Companies: Tomco Energy

Market cap: £24m

PE Forecast: n/a

Share price: 1.83p

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