 Thanks to dustofnations on the LSE QED board for the heads up and link.
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I find it rather interesting that the Lafayette 'Working Capital' part of their fund raise has shot up from $1,017,000 to 1,473,000 and now $5,300,000. That's 3.6x their previous Working Capital figure and 5x the figure up to August last year. Very unusual for Working Capital to go up in such multiples in a 3 month timespan between announcements. I am wondering if they need the extra $3,827,000 to farm into the AC Oil (Tomco) wells?
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Use Of Proceeds:
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Latest filing December 27, 2024
"Begin development activities of at least 6 new wells in the Asphalt Ridge Acreage that are planned to be drilled within one quarter following the closing of this offering (1) $4,800,000
Working Capital $5,300,000
Total $10,100,000
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September 18, 2024
Post drilling and completing the first three wells expected to be drilled in the Asphalt Ridge Acreage, begin development activities of at least 5 new wells in the Asphalt Ridge Acreage, assuming the successful closing of the Farm-In Agreement that are planned to be drilled within one quarter following the closing of this offering (1) $3,000,000
Payments of amounts to Officers and Directors $120,000
Working Capital $1,473,000
Total $4,593,000
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August 30, 2024.
Post drilling and completing the first three wells expected to be drilled in the Asphalt Ridge Acreage, begin development activities of at least 5 new wells in the Asphalt Ridge Acreage, assuming the successful closing of the Farm-In Agreement that are planned to be drilled within one quarter following the closing of this offering (1) $3,000,000
Payments of amounts to Officers and Directors $120,000
Working Capital $1,017,000
Total $4,137,000
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August 19, 2024
Post drilling and completing the first three wells expected to be drilled in the Asphalt Ridge Acreage, begin development activities of at least 5 new wells in the Asphalt Ridge Acreage, assuming the successful closing of the Farm-In Agreement that are planned to be drilled within one quarter following the closing of this offering (1) $3,000,000
Working Capital $1,017,000
Total $4,137,000
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July 18, 2024
Post drilling and completing the first three wells expected to be drilled in the Asphalt Ridge Acreage, begin development activities of at least 5 new wells in the Asphalt Ridge Acreage, assuming the successful closing of the Farm-In Agreement that are planned to be drilled within one quarter following the closing of this offering (1) $3,000,000
Payments of amounts to Officers and Directors $120,000
Working Capital $1,017,000
Total $4,137,000 |
RNS out!!TomCo (AIM: TOM), the US operating oil development group focused on using innovative technology to unlock unconventional hydrocarbon resources, announces that its wholly owned subsidiary, AC Oil LLC ("AC Oil"), is party to an application made yesterday to the Utah Division of Oil, Gas and Mining for permitting to drill six holes on its lease area near Vernal, Utah.Subject, inter alia, to the relevant drill permits being granted, and sufficient financing being available, TomCo is currently intending and preparing to participate alongside its partners in potential drilling on the AC Oil lease acreage during 2025.The Company will provide a further update as this initiative develops in due course. |
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