STOCK WATCH

IN ITS trading update this week TomCo, which owns two oil shale leases in Utah, confirmed it is seeking opportunities and is looking at palm oil projects in West Africa.

Last month Chris Brown was appointed chief executive. He was managing director at London Mining from 2005 to 2009. Brown has been given the task of acquiring assets.

The group said significant challenges remain for the oil industry, adding that it is managing its cash resources as best it can. Shares advanced 10pc or 0.02p to 0.16p.