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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Tomco Energy Plc | TOM | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -0.0025 | -6.67% | 0.035 | 08:04:40 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.0375 | 0.035 | 0.0375 | 0.0375 |
| Industry Sector |
|---|
| OIL & GAS PRODUCERS |
| Top Posts |
|---|
Posted at 08/10/2024 16:04 by 1dutchman There's a lesson to be learned from investors' experience with both Valkor and the TOM board. Never invest in a venture in which the key players have not invested their own capital. |
Posted at 08/10/2024 15:56 by 1dutchman RMart is at it again. Even were TOM to have the cash (we don't and won't) how can anyone think it would be a good idea to invest alongside Valkor? This is the same company that was the prime mover behind TOM dumping millions into CORT (almost all of which went into Valkor's pockets as the operator). Valkor knew from early on that CORT was a bust, but it continued to drag out the 'testing' at the pilot plant so as to keep emptying TOM investors' pockets. John, bless him, knew nothing of the industry or the technology and so was completely at Bile's mercy. Now, Valkor has turned to drilling for heavy oil and has got another puppet on a string - Trio. For all of those who think that partnering with Valkor on heavy oil is a good idea - - take a look at Trio's performance over the last six months. No one is buying Valkor's new con. That said, you've got to hand it to Bile. He has managed to create an income stream for Valkor for more than seven years based on nothing more than his own hot air. Clever lad. |
Posted at 30/9/2024 11:12 by fenners66 I guess "AIM Rule 17 and Schedule Two(g) sub-paragraph (v) of the AIM Rules for Companies:"is to inform investors that - look this is what he allowed happen once , don't think it can't happen again ! |
Posted at 28/8/2024 20:22 by fenners66 Just read through the circular , what tosh.But they know their "shareholders" will lap it up. There are so many red flags where do you start ? 1, Note directors do NOT tell you what there shareholding pledged to support the scheme is as they barely hold any. 2, They admit that its sell this or they are bust - the year end is only weeks away. 3, They lost £2.3m last year. They paid the directors more money - when if memory serves - they said they were going to cut back. Since the last year end they raised nearly £500k but still did not have enough to pay for interim accounts - a trainee could do them in a few days ! 4, They say the money will pay for interim accounts and suggest they will be relisted as a going concern - but admit there is no other source of finance available so the year end accounts look impossible to issue without going concern qualification. 5, They do NOT declare what the balance sheet creditors amount is and how much of that is deferred directors remuneration - their "Skin in the game" but unable to pay for accounts 6 months ago suggests they already owe more than 50% of a years costs so at least £500k I would guess and perhaps much more. 6, The loss on the 10% interest is another £437k or so. 7, The Valkor loan was classified in the last accounts as Current so chances are Valkor who obviously need money for their drill to persuade anyone else to invest even more money in them will ask for it back. 8, The implication is Tomco cannot do anything in Utah on their own, their only route is to get back into bed with Valkor - "Subject to funding, there is a potential opportunity for the Company to participate and secure a working interest in one or more of the wells planned to be drilled in respect of Valkor’s Asphalt Ridge Project and/or to invest for a minority stake in the project and the Board will now take forward discussions with Valkor about the Company’s potential involvement" WITH WHAT ?! They already admit funding is either impossible or unpalatable. 9. They actually advise that its a doubt that a new lease would be granted... "Endeavor to negotiate in good faith an additional lease from TSHII for the mining of tar sands, which, if ultimately secured," means nothing remember all the caveats there can be no certainty that funding will be secured etc 10, Then the comes the stuff that is not said - why would Endeavor buy TSHII ? They need to convince some investors to put money in them, no one has done this in 10 years with the owners of TSHII except TOM ! Valkor need to secure investment just to drill wells to get data to .... Secure more investment. Its all about the narrative for all of the parties at the moment. So why kill TOMCO ? They have been shown to have the most generous shareholders of all - or is that gullible ? Don't kill the goose that lays the golden eggs. So give TOM some money make the narrative that TSHII is viable. TOM pays Valkor (if it can milk shareholdes for more) Valkor creates more narrative and Endeavor tries to sell that narrative elsewhere. Its the same money going round and TOMco shareholders have lost over £30million already ! 11, The shares might get to be tradeable again, what happens to the share price then? Surely there will be a run for the window of exit - but who would be daft enough to take any off anyones hands ? |
Posted at 28/8/2024 07:55 by fenners66 I normally jump past the header on the other thread but got distracted today and noticed thatProactive investor video - with the headline Tomco in a good spot going into 2024 Well this is 2024. Company has no money. Failed to produce accounts. Has been suspended and is about to be ejected from the FTSE according to Alliance News Is contemplating selling the rubbish it way over paid for with no prospect of ever developing for far less than it paid for it. Thus crystallising another massive loss for the balance sheet. Will use the funds to pay its existing creditors - which will include the directors no doubt. Will have no accessible source of new funds - all the bluster about financing over many years has achieved zero. Then will have a worse situation than the last 2 years of trying to convince an auditor that they are a going concern. Remember the last accounts actually had embedded links to a website for the auditors to consider it not a going concern - THE most embarrassing set of published accounts I have ever read ! No money No plan No personnel No expertise No prospects If any of the gullible waste their time and money going to any meeting they must have far more than they need..... |
Posted at 07/8/2024 10:46 by the diddymen Danmart they will be able to hunker down for a while. In doing so they will at some point cross a line on their financial ability to retain a listing. In reality that has probably already been crossed. It is unlikely that they are undertaking any exploration of financing, the substance was always a myth, therefore the next RNS will be a delisting followed by the administration of a private company. There will only be the one creditor who will have no action against the company.All we were doing on this thread was trying to prevent investors from losing their cash! |
Posted at 04/7/2024 11:01 by the diddymen Lopo, narrative companies find the shareholders they want and within the cohort of shareholders there will be those that scam fellow shareholders. Morally it is theft but almost unstoppable in legal terms.I suspect that if you look at the TOM's shareholder register there will be no institutional investors, ergo it is small shareholders who yet again get stuffed despite the numerous placings by the institutions. |
Posted at 03/7/2024 19:45 by lopodop TDWhy was CE paid such vast sums, likewise the non execs when not a bean has been earned over so many years? Why did Little and Damac push this investment and suddenly disappear? Recently there is the tragic and sudden death - in UK or US - in unpublished circumstances. Is this scenario less straightforward to understand than might initially have been thought. After all the promises, what does Vauch think as he is one of many badly affected investors? |
Posted at 03/7/2024 11:13 by lopodop If TOM had taken out key man insurance, this would have involved medical checks?If no key man insurance this would have been due to decision not to insure CE - medical issues, excessive cost etc. One might have thought the big investors would have needed some form of assurance re his health quite apart from key man insurance. Clearly there is no KM which places the Board at fault. Did the Board not at least insist on a full medical annually - if not why not? Some shareholders may want to know the cause of death bearing in mind this is / was a one band and there was no double cover. If stress etc was the cause of death, why did the non exec board - all well paid - allow CE to operate under such risk - or perhaps it appeased its conscience by paying a remarkably high remuneration to keep him on board. |
Posted at 05/4/2024 16:34 by 1dutchman Diddy - it's not just one week that has been wasted. It is several years and millions of shareholder's pounds that have been wasted. And it was all so predictable, as you and several others on this thread have expounded over the years. The litany of issues is long, but it starts with a Board and CEO who collectively have no experience in operating an oil company - - or a sand company, if it pleases Goulding. Would you hire a plumber to fix your car? A roofer to wire your house? Of course not. But both the Board and most investors deemed it ok to hire a caterer to build their oil company. And to keep him on, even when the results were nil. Kudos to Potter, I suppose, for he has got away with it now for over six(!) years, pocketing over a million pounds for having produced absolutely nothing. One way or another, the end is nigh, but I do hope that the Board is suitably called out for their ineptitude and profligacy and blocked from future Board roles. The AIM Regulation should also review what has gone on here; there are supposed to be safeguards in place so that AIM companies don't mislead investors in this way. |
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