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TomCo Energy PLC on Tuesday said subsidiary Greenfield Energy LLC is buying the remaining 90% stake in Tar Sand Holdings II LLC.
TomCo, an oil development group operating in the US, said Greenfield, which already owns 10% in Utah-based tar mining services provider Tar Sand, will buy the 90% stake for $17.3 million.
TomCo expects the acquisition to close by the end of the year. Meanwhile, it said it remains in discussions for a potential funding package for Greenfield, which could enable it to pursue wider development plans.
TomCo shares were down 13% to 0.12 pence each in London on Tuesday morning. The stock is down 73% over the past 12 months.
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