 Trio Petroleum lined up for massive uptake of land in Utah
.
August 8, 2024 8:30 AM
.
Company Provides Update on Asphalt Ridge Project, Utah
.
"TPET currently owns a 2.25% working interest in 960 acres at Asphalt Ridge, and under the Option may acquire up to an additional 17.75% working interest in the same 960 acres and also a 20% interest in an adjacent 1,920 acres, and also has a right of first refusal to participate in an additional approximate 30,000 acres of the greater Asphalt Ridge Project on terms offered to other third parties. TPET has secured a two-month Option extension and now has until October 10, 2024, to exercise its right to acquire the remaining 17.75% interest in the initial 960 acres. TPET has until the earlier of the successful drilling and completion of 50 new wells, or November 10, 2025, to exercise its option on the adjacent 1,920 acres."
.
"The Asphalt Ridge Project is known to be one of the largest tar-sand deposits in North America outside of Canada, making it a potential giant oilfield, and is unique given its low wax and negligible sulfur content, which is expected to make the oil very desirable for many industries, including shipping. The project has the potential to be both immense and highly profitable. A typical project well has an estimated ultimate recovery (“EUR”) of 300,000 barrels of oil with an initial production rate of approximately 40 barrels of oil per day."
.
That means they are interested in being involved with at least 32,880 acres, which is massive.
.
I cannot see how they would not be interested in Tomco's plans for the TSHII land, especially as it is right next door to Valkor's land.
.
Will Trio come to the rescue of Tomco? Quite possibly I'd say. They want it all by the sounds of it, and why wouldn't they when they can produce QED's MSAR as a low Sulphur low CO2 (no refining involved) fuel.
.
Add what Tomco have said about drilling wells or joining up with Valkor on it's wells and you can see Trio has to be the #1 candidate to fund Tomco's plans to drill those wells.
.
"the Company intends to pursue the potential drilling of production wells for in situ oil sand on the Lease Area as a means of generating revenue and cashflow for the Group."
.
Now that Tomco has cash, it makes it way easier to get Trio on board and get drilling. |
Rmart, what were you going to say? Always interesting. |
Spreadex longs closing.
It is amazing how long a farce of a company can survive and generate an income for the Board. |
Well past performance is a pretty good reason. With luck Groat will get sanctioned with the investigation into misapplication of funds at H&W. As to a chill pill, perhaps wee jock should apply the same plan with his / her copy and paste button. |
That was so desperate yesterday
Somone buying 25m shares to try and start a market - thinking that would be enough to persuade the followers
only to sell them at a loss before the close.
Looks like another £2500 lost on top of the rest....
LOL |
Norfolk, he thinks it will do well, with figures to justify. Yours is just an opinion with nothing to back it up, apart from past performance. However they have changed tack for something more sensible. It is just opinions. Take a chill pill. |
Well, this makes my day. (Yes, I know, I really need to get out more). But I am so pleased to learn that the TOM entertainment channel is once again up and running. First off, kudos to you Fenners for continuing to warn any new punters about this company. There is no business and there never will be unless there is a reverse into a company with a new board. For all of those who are still hanging onto the potential for TOM to land an agreement with Valkor, note that the "good faith" lingo in the last RNS applies to Valkor, not TOM. In other words, Valkor was talked into allowing that statement to be put into the previous RNS so as to buy some time for the board. There will be no agreement because TOM has nothing to offer. There's not even a CEO to negotiate an agreement. I also note that today's accounts make no mention of one (or all) of the board starting to collect fees as a consultant. I suppose that won't show up until next year's accounts when the company and the board will be history. But know that the board has just lined their pockets with £10-15k each in 'deferred compensation'. And I will wager that next year's accounts will show that at least one of them is being paid to manage the company through to its demise. I am usually happy that we Brits aren't as litigious as our friends across the pond. But I do sometimes wish that someone would pursue these tin pot boards for their fraudulent activities. AIM would disappear overnight. |
True Fenners..
whilst i can't stand AIM, i've taken a decent punt on PANR, webinar last night sounded great, IF they can deliver, could be a good punt..
I'm still just trading LLoy on Fib charting.. some days it's good and I make a few hundred, other days flat and in front of screen all day for no return.. hope you are well .. not been over on the AHT thread for a while, hope Bracke and DiscoDave are still doing well.. |
Sooo desperate
Net assets on that balance sheet 6 months ago £5707
Now take off the £800k of losses to date £4907
Now take off the intangibles -£4525 why not impaired to zero yet ?
And left with £382 which would be mostly cash at the moment....
Keep trying |
Based on the Assets, Tax Losses and Cash, TOM should be 3x or even 5x the current Market Cap..Valkor have successfully drilled heavy oil wells right next door. If TOM join up with Valkor on it's wells, or get Valkor to drill the same type of unitized wells on TOM's land, the Market Cap of TOM would then be an eye watering increase from today's £1.17m..Cash for at least 12 months: "As announced on 14 August 2024, and as subsequently approved by the Company's shareholders at a duly convened general meeting held on 9 September 2024, the Company has recently completed the redemption of Greenfield's 10% membership interest in TSHII in return for aggregate consideration of US$1.575 million (approximately £1.234 million) before expenses. Pursuant to the Group's cash flow forecasts for the period to 30 September 2025, the net proceeds of the redemption, following settlement of the Group's pre-existing trade creditors and deferred Directors' salaries, are currently expected to provide sufficient working capital for the Group to remain as a going concern for at least twelve months from the date of publication of these interim results, based on the Board's currently anticipated and forecast outgoings." .Loss for 6 months £633k.NET Assets £5,707,000."The Group has tax losses in respect of excess management expenses of approximately GBP15 million available for offset against future Company income. This gives rise to a potential deferred tax asset at the reporting date of GBP3.75 million".Market Cap £1.17m."Alongside the tar sands development project, and subject to raising the requisite additional funding in due course, the Company also intends to pursue the potential drilling of production wells in in situ oil sands on the Lease Area as a means of generating revenue and cashflow for the Group, as it currently has no producing or revenue generating assets"."In summary, we remain hopeful of making progress and reducing the level of uncertainty in the short term as we continue work on a number of fronts" |
Based on the Assets, Tax Losses and Cash, TOM should be 3x or even 5x the current Market Cap..Valkor have successfully drilled heavy oil wells right next door. If TOM join up with Valkor on it's wells, or get Valkor to drill the same type of unitized wells on TOM's land, the Market Cap of TOM would then be an eye watering increase from today's £1.17m..Cash for at least 12 months: "As announced on 14 August 2024, and as subsequently approved by the Company's shareholders at a duly convened general meeting held on 9 September 2024, the Company has recently completed the redemption of Greenfield's 10% membership interest in TSHII in return for aggregate consideration of US$1.575 million (approximately £1.234 million) before expenses. Pursuant to the Group's cash flow forecasts for the period to 30 September 2025, the net proceeds of the redemption, following settlement of the Group's pre-existing trade creditors and deferred Directors' salaries, are currently expected to provide sufficient working capital for the Group to remain as a going concern for at least twelve months from the date of publication of these interim results, based on the Board's currently anticipated and forecast outgoings." .Loss for 6 months £633k.NET Assets £5,707,000."The Group has tax losses in respect of excess management expenses of approximately GBP15 million available for offset against future Company income. This gives rise to a potential deferred tax asset at the reporting date of GBP3.75 million".Market Cap £1.17m."Alongside the tar sands development project, and subject to raising the requisite additional funding in due course, the Company also intends to pursue the potential drilling of production wells in in situ oil sands on the Lease Area as a means of generating revenue and cashflow for the Group, as it currently has no producing or revenue generating assets"."In summary, we remain hopeful of making progress and reducing the level of uncertainty in the short term as we continue work on a number of fronts" |
And Groat is supposed to be an accountant ? |
As for the approximate proceeds see note 9 how appalling is that ?
They are using a $/£ exchange rate of $1.276 its over $1.32 today and has not been as low as $1.276 for over a month
Shocking lack of attention to any detail. |
Have you read these ....accounts ?
There is no trading
only balance sheet and expenses.
The accounts are 6 months old
All the comparisons were already on the spreadsheet
All the templates were already there too
The Cash flow will be linked and self populate.
The notes as well
I have seen sole traders accounts more complicated !
Yes these very simple , unaudited and not reviewed accounts could be done in a day.
Even the preamble was mostly a cut and paste. |
Knocked together in a day...now you're talking absolute nonsense. Clear as day deramper! |
You are conveniently forgetting they had no cash to pay the last 6 months costs - so that amount is burned even before they get it - remember without the cash they could not even produce a set of UNAUDITED interim accounts, which could be knocked together in a day ! |
Tax losses are ringfenced - this company has no business and therefore its difficult to justify in any way the losses can be offset against the same business.
No one has been interested in the losses for the last 14 years why should they start now ?
How far are you underwater haggis - you sound really desperate for an exit... |
Market Cap today GBP1.07m.Cash coming in GBP1.13m, more than the Market Cap, plus, in the results RNS of 28 June:."The Group has tax losses in respect of excess management expenses of approximately GBP15 million available for offset against future Company income. This gives rise to a potential deferred tax asset at the reporting date of GBP3.75 million".So if a reverse takeover was to still happen, the price at takeover should be multiples of the current, based on cash plus future tax offsets of GBP15m..Based only on the Net Asset Value of GBP1.13m in cash plus GBP3.75m deferred tax asset, the Market Cap should be almost 5x the current and, with farming into Valkor well(s) for a revenue stream you could argue it should be meaningfully higher. |
Wrong.
The accounts say they have at least 12 months worth of cash as they have to say otherwise they would be expecting to trade insolvantly at some point.
But the accounts also said - like in previous years that the Valkor loan was not falling due.
That however has not stopped them making repayments.
The last years cash burn - was whilst they were doing nothing.
I expect them to do the same in the next year too, to make that cash last as long and pay as much directors remuneration as possible - see Groats other appointment above for modus operandi.
But that means they would run out more quickly if Valkor ask them to stump up some costs of drilling - and Valkor are in charge so they either do nothing or run out of cash more quickly with what chance of raising any more after £30.5m of losses and no business or employees or technical skills etc...? |
Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.
Hot Features
Premium
