TomCo partially repays, extends Valkor loan further

14th Oct 2022 13:02

(Sharecast News) - US-focussed oil developer TomCo Energy announced a repayment of $0.25m and a further extension to the repayment date for the remaining $1m outstanding principal amount of the unsecured loan from Valkor Oil & Gas on Friday.

The AIM-traded firm said the loan was made to its wholly-owned subsidiary Greenfield Energy, and was used for the acquisition of the initial 10% of the membership interests in Tar Sands Holdings II in November last year.

On 31 May, 28 June, 1 August and 1 September this year, TomCo announced that the terms of the Valkor loan had been varied to extend the repayment date, with the last extension being to on or before 14 October.

"The company announces that the terms of the Valkor loan have now been further varied to extend the repayment date for the remaining $1m principal amount of the loan to on or before 31 October," the board said in its statement.

At 1236 BST, shares in TomCo Energy were down 4.9% at 0.39p.

Reporting by Josh White at Sharecast.com.