Tomco Energy slims down; announces CEO resignation

Oil exploration and production company Tomco Energy said on Friday that it has embarked on a corporate restructuring plan to materially reduce its corporate costs, as it continues to explore various merger and acquisition options to deliver shareholder value.

As part of the plan, it has decided to scale down the board with chief executive officer Paul Rankine giving the company three months’ notice of his intention to stand down, although he will remain as a technical consultant.

The announcement follows news of a significant delay to a third-party operated project in Utah, as Red Leaf announced earlier this month that its EcoShale venture with Total would be set back by two years.