TomCo Energy plc (LON:TOM), the US operating oil development group focused on using innovative technology to unlock unconventional hydrocarbon resources, has announced its audited results for its financial year ended 30 September 2025.
Copies of the full 2025 Annual Report and Final Statements will be made available on the Company’s website at www.tomcoenergy.com and hard copies are today also being posted to shareholders.
CHAIRMAN’S STATEMENT
I am pleased to provide this statement to, amongst others, the stakeholders in TomCo Energy PLC as part of the Annual Report and Financial Statements for its financial year ended 30 September 2025.
Operational Review
Following the receipt of, in aggregate, $1.575m in Q3 2024 as gross proceeds for the redemption of the Group’s 10% ownership stake in Tar Sands Holdings II LLC (TSHII), which owns, inter alia, the land on which we continue to hold our leased oil mining and drilling rights, we were able to settle accumulated trade creditors, partly reduce our indebtedness to our principal contractor, technical partner and former joint venture partner, Valkor LLC (Valkor), and had sufficient working capital to operate the Group for some eighteen months thereafter without raising further capital from shareholders.
It became clear to the Board that progressing our plans for Greenfield Energy, LLC (Greenfield) in Uintah County, Utah, USA, would best be achieved via a renewed closer collaboration with Valkor who are advancing their neighbouring Asphalt Ridge project (Asphalt Ridge). We therefore engaged in detailed discussions and protracted negotiations with them with respect to re-shaping and building on our existing relationship for the common good. At the same time, Valkor was earnestly engaged in progressing Asphalt Ridge and has recently announced that it will shortly commence construction of a fully funded, full-scale, asphalt plant on its acreage, aiming to be in production by the end of 2026. Valkor is also trialing various techniques to drill for oil below the oil-sands layer with a view to optimising a commercially viable methodology during 2026.
Alongside our focus on Greenfield and discussions with Valkor, we have also continued to identify and evaluate several other new project opportunities in the energy and mining sectors, none of which have so far proved to be suitably attractive or feasible.
Most recently, in February 2026, we were delighted to announce details of a renewed and closer partnership with Valkor. The new arrangements resulted in us reinstating Valkor as a joint 50% owner of our previously wholly owned subsidiary, Greenfield, and Valkor’s founder and CEO, Steven Byle, joining our Board as a Non-Executive Director, with a view to jointly exploiting Greenfield’s subsidiary’s, AC Oil, LLC (AC Oil), existing leased oil-sands acreage (the “Lease Area”) in Uintah County and the Group’s intellectual and technological expertise.
Accordingly, TomCo now has the prospect, subject to additional funding being procured, of participating in the drilling of one or more well’s on AC Oil’s acreage (both the currently permitted six wells and any future wells), alongside Valkor and other potential investors, by the end of 2026 (if Valkor is successful in finalising an economically viable drilling methodology).
In the longer term, and again subject to funding, TomCo will have the potential opportunity of constructing a future oil sands separation plant with Valkor, via Greenfield, on the back of Valkor successfully completing and commissioning a similar plant on its neighbouring project area.
TurboShale RF Technology
The Company’s legacy TurboShale and Oil Mining Company assets, fully impaired historically from an accounting perspective, may well become viable for exploitation in the future if advances in technology and macroeconomic conditions allow. For the time being, the Company is simply maintaining the protection and good standing of its relevant rights.
Corporate Review
During the year, the Company was able to continue operating without raising any additional equity or debt. In late February 2026, the Company undertook a £550,000 gross fundraise, by way of a placing and subscription with certain existing and new investors, to provide additional working capital and strengthen the Group’s financial position. CMC Markets UK Plc (CMC) were appointed as the Company’s joint corporate broker following the fundraise.
As part of the aforementioned new partnering arrangements with Valkor, the existing loan facility between Greenfield and Valkor was also amended and restated to, inter alia, revise the repayment date and interest rate and settle half of the total amended outstanding balance via the issue of new ordinary shares in TomCo to Valkor at a deemed price of 0.1p per share representing a substantial premium to the Company’s then prevailing market share price.
As and when Valkor has optimised its methodology, such that economically viable and sustainable drilling operations can commence on AC Oil’s Lease Area, we anticipate that a typical well will cost in the order of $0.8m to $1.0m and would be held by separate special purpose vehicles outside of Greenfield and funded by a consortium of investors with each participant receiving a proportionate production/revenue share based on the funding contributed.
In the longer term, Valkor will afford TomCo the opportunity to pursue the potential financing, construction and commissioning of a similar mined oil sands separation plant on tract D of the Lease Area for a period of 18 months from Valkor’s plant on Asphalt Ridge coming onto commercial production, thereby significantly de-risking and proving the viability of such a future operation which would be operated by Greenfield and subject to certain profit sharing and royalty arrangements between the parties.
I would like to take this opportunity to record my thanks, once again, to my fellow directors and our loyal and supportive shareholder base.
The vision we are trying to achieve is not easy and a number of practical and financial hurdles remain. That said, progress is now being made and it feels like we are coming within range of the ultimate prize.
Malcom Groat
Executive Chairman
30 March 2026
