TomCo Energy plc (LON:TOM) said it is not aware of any reason for a recent increase in its share price, saying it is currently working with the joint venture partner Valkor to finalise planned upgrades and a proposed work programme to the Petroteq Energy existing oil sands plant (POSP) at Asphalt Ridge in Utah.

The oil shale explorer said it believes it will take around three months to complete the upgrade works to the POSP, with the test programme expected to take a further four to six weeks, with third party verification of the process to then be undertaken following the testing.

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TomCo added that it has received notice of exercise of warrants by Novum Securities Ltd, the company’s joint broker, to subscribe for a total of 18.37mln new ordinary shares that will be issued at a price of 0.4p each and relate to warrants issued as part of a placing on July 2.

The firm’s shares were 17.2% higher at 0.85p in late-afternoon trading on Friday.