A Manx-registered energy firm is looking to take advantage of the dramatic fall in oil prices.

The AIM-listed TomCo Energy PLC believes there are once again opportunities to acquire producing assets and reserves in the United States.

The decision follows a recent strategic review of its business.

The US oil shale industry remains at an early stage of development, well behind countries like Estonia and China, where it's a well-established sector.

On this basis, TomCo plans to maintain its strategy of holding the leases over approximately 2,918 acres of oil shale in the Uinta Basin in Utah, which it acquired last year as a long-term investment.

"The company is actively seeking such investment and acquisition targets whilst also considering other strategic options for the company with a view to delivering an enhancement in shareholder value", a spokesperson for the firm said.

Tomco also has conventional oil interests in Southern Israel.

Oil shale gained attention as an energy resource as the price of conventional sources of petroleum rose, and as a way for some areas to secure independence from external suppliers of energy.

Estimates of global deposits range from 2.8 trillion to 3.3 trillion barrels of recoverable oil, but mining it can have an big environmental impact.

(Picture: A close-up of a piece of fractured oil shale).