The energy firm had to suspend activities when the pandemic started, while its joint venture activity with respect to Greenfield is not expected to be significantly affected by COVID-19, it said.
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The company said it expects the FEED (Front-End Engineering and Design) study to be completed in the first quarter following third-party verification works.
A potential site on which to build Greenfield’s first 10,000 barrels of oil per day plant has been identified and is being assessed which includes a pre-existing Large Mining Permit and suitable site infrastructure to enable construction to commence swiftly once funding has been secured.
“Although there will be challenges ahead, our firm objective is to maintain momentum and make significant progress with this project in the near future,” TomCo said in its preliminary results.
The AIM-listed firm added that it has sufficient cash to fund Greenfield’s near-term requirements and to cover TomCo’s current working capital requirements and committed capital expenditure, after raising £2.4mln during the financial year and £3.5mln afterwards.
In the financial year to September 30, total losses amounted to £1.4mln while total assets were £10.7mln.