TomCo Energy re-joins AIM with plans to develop US oil shale project
Oil exploration group Tomco Energy (LON:TOM) returned to the Alternative Investment Market this morning, nearly two years after cancelling its original listing. The re-admission follows a £3.5 million share placing and open offer earlier this month ahead of plans to try and breathe new life into an oil shale project in the US.
By Jeremy Boak
Re: “Oil shale’s legacy of failure,” June 25 guest commentary.
Writer Craig Thompson repeated familiar tired tales about oil shale. These facts counter specific errors:
• Price guarantees enabled Unocal to produce 4.6 million barrels of shale oil, a little different from investment and production tax credits demanded by wind and solar energy producers.
• Developers of oil shale don’t ask for supports for a product economically viable at $38 to $50 a barrel and produced in China, Estonia and Brazil.