- TomCo Energy chief executive Chris Brown has upped his shareholding in the company to 11.7% after he converted part of £250k worth of loans into equity.

The loans provided by Brown, which had an 8% per year interest rate, were due to repayment in March 2019.

Brown elected to convert £100k worth of the loans into 5m new TomCo Energy shares at 2p per share, with the balance of the loans being repaid in cash.

'I would like to thank Chris Brown for his continuing support to the company and our strategy, as we seek to continue to progress our oil shale interests during 2019,' chairman Andrew Jones said.

'We look forward to updating the market shortly on our work currently underway in Utah.'

At 1:05pm: [LON:TOM] TomCo Energy PLC share price was -0.1p at 2.45p

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