Tomco Energy Share Discussion Threads

[lopodop] 18/2/2021 10:51

OR MALCOLM GROAT AND THE OTHERS SHOULD TENDER THEIR RESIGNATIONS AS SOON AS MORE APPROPRIATE BOARD CAN BE APPOINTED

[rmart] 18/2/2021 10:50

sorry guys, but long termers have been banging on about that for 14 years ! lol..

[lopodop] 18/2/2021 10:47

Perhaps MALCOLM GROAT should re read the appropriate sections about corporate governance and chairman's role.

LET's HAVE AN INFORMATIVE AND UP TO DATE STATEMENT WITHIN NEXT FIVE DAYS.

[goulding1215] 18/2/2021 10:47

Ducky Fuzz18 Feb '21 - 09:48 - 17867 of 17872
0 0 0
g .. I think John Potter has done an incredible job in getting us to where we are now.

Really? He has been a director and overseen the share price drop from a high of 14p to 0.0045 today. Taken the number of shares from 50 million to over 1 billion, and failed to update shareholders as is his duty whilst the share price has continued in its perennial slide, to get us where we are today.

I am glad he has not failed in his duty to shareholders, Ducky. In my opinion, with that record, he is unfit for purpose. He has no qualifications in mining, drilling or oil and gas.

That is why I have suggested that major shareholders should get involved as it is their money that is losing more than small shareholders like myself.

[the diddymen] 18/2/2021 10:47

Oh dear missing the point on t'other thread. Everyone is asking why they mentioned Turboshale in the report. Look at the Balance sheet. £8.8m of intangibles that relate to Turboshale. Is that an appropriate carrying value?

TD

[lopodop] 18/2/2021 10:41

MALCOLM GROAT is listed as being chairman. He is also said to be a Chartered Accountant so he of all people should understand the importance of being upfront with shareholders.
Based on the questions raised about communications, this seems to suggest he is not doing his job. If he wasn't a Chartered Accountant, one could perhaps be slightly sympathetic but this fellow has no excuse whatever and his professional body sets extremely high standards for all its members.
Surely the share price must be telling him something.

[freedom97] 18/2/2021 10:32

I've seen with other companies like JLP they sometimes instead of including latest on project news in the results RNS, they issue another RNS either later in the day or the next day.

[vauch] 18/2/2021 10:11

As i said before when we can attend an AGM this will be perused, and it wont be a cas like last time with empty promises of better coms. as I will be vocal in that the are accountable to shareholders and could be removed.

[lopodop] 18/2/2021 10:05

However successful the company is going to be, investors may not be included in that success and that is something which has to be wrestled with by all of us. Trouble is with no news we shall find out too late. Influential shareholders should be warning Potter. Are they?

[lopodop] 18/2/2021 09:57

Goulding1215
You are RIGHT!!
It doesn't matter what sort of job POTTER has done if the BOARD DO NOT CARRY INVESTORS WITH THEM.
WHO ARE THESE PEOPLE? ARE THEY FIT TO BE DIRECTORS?
UGH

[jaynealex] 18/2/2021 09:53

For me the 185m is chicken feed ...if this works and is scalable a big boy should be in scooping this up no probs

The same could have been said of Turboshale

The worrying thing is this constant question about lack of news , price suppression , secret agendas

The way this is going if a bid comes in , big boy , mbo , what's the price going to be ?? When we start at 0.5p

Sorry glass half full moment

[ducky fuzz] 18/2/2021 09:48

g .. I think John Potter has done an incredible job in getting us to where we are now.

Yes RNS's could be better worded. DF

[freedom97] 18/2/2021 09:47

TomCo have already paid out most of the costs involved last time for the Turboshale project. Holes already drilled maybe just needs re-drilling slightly larger but costs should be much lower this time to complete tests. Plus they currently as of 9 Feb have plenty cash in bank to pay for working capital into next year and pay for the Turboshale tests imo.

Remember, I think a year ago they only had £400k in bank now they have £2.45m!

"As at 9th February 2021, the Company had cash of approximately GBP2.45 million and management's cash flow forecasts indicate that the Group has sufficient funds to meet its currently foreseeable working capital requirements through to at least the end of June 2022"

[goulding1215] 18/2/2021 09:42

Lopodop, all successful companies have onE good asset in common. Successful communications with employees and shareholders. Well, there are no employees, just shareholders. I know that the Nomad is a dog of a Nomad. Well change him is one answer. Then update shareholders as progress is made on POSP. THE ACCOUNTS WERE A PERFECT TIME TO DO THAT!! But they failed to do that. I could weep at the incompetence. In my profession if you mere incompetent people could die. So, incompetence was not tolerated. I think it is time that the large shareholders acted in unison, and sacked this Board and got in some professional directors that know how to run a company.

[thesageofsaint] 18/2/2021 09:31

Turboshale was and is a con. It is a theoretical physics construct that cannot be demonstrated under experimental test conditions never mind any commercial production. The simple physics is obvious to those who can think and understand some basic constructs. Rock has an enormous specific heat capacity that is the amount of energy to move its temperate by a degree. It will be Mega Joules per cubic metre. The thesis is that the rf can locally heat an area and this heat will spread omnidirectionally through the rock. However the maths will show you that as the heat penetration increases by 1m the amount of energy required for the new volume increases by the 3rd power. So essentially if you need x energy for the first metre of rock you need 64 times x at just 4 metres from the probe and 1000 x at just 10m. This is why they use steam not RF as it is more efficient by penetrating through natural fissures not relying upon conduction from a point source.

[lopodop] 18/2/2021 09:25

Frankly Potter and his cronies are treating shareholders with contempt. Shareholders information is appalling and as a result investors are running around like headless chickens.
I don't think the Board will wake up to the need for proper information.
Big question is there a hidden agenda here?
Why for example was there a change in NEDs - what caused them to go?
Assuming the projects are successful which is likely, who will be the beneficiaries?
Very big question - are Board acting in best interests of shareholders?

[goulding1215] 18/2/2021 09:24

Cash required for Turboshale is minimal, except for 4 director salaries.

[rmart] 18/2/2021 09:16

Yes on thick oil, but not oil shale.

They were so close to proving turboshale worked, the only problem was the well head was getting dangerously hot and they had to switch off, it only needed modifications to go again. Then they got side tracked by oil sands. They have the cash now to go back. I know JP wants to complete the project and prove it works.

[vauch] 18/2/2021 09:11

The company also have an agreement with Valkor to use Turboshale in Trinidad

[rmart] 18/2/2021 09:06

Having said all that, I would be much happier with them going back to prove turboshale works, much less cash would be required to get to production, and cash flow would help fund the oil sands.

Spend the money you have on turboshale not the new lease imo.

[rmart] 18/2/2021 09:02

So the accounts say they have enough cash for greenfield and for general working capital.

Then they mention the possibility of going ahead with turboshale again, if they go ahead they will need cash for that as it is nothing to do with greenfield, it is 80% owned by Tomco.

[ducky fuzz] 18/2/2021 09:01

Hi v .. not now .. in the future.

[vauch] 18/2/2021 08:58

Come on Ducky they have only just started as a company.

[goulding1215] 18/2/2021 08:57

I guess the directors do not know FCA regulations. They are expected to keep shareholders updated at all times on a company’s progress. Plus at the AGM, they ARE ALLOWED TO BE MORE OPEN WITH SHAREHOLDERS, as they are with the ANNUAL REPORT.

I suggest that they renew themselves with the FCA regulations regarding responsibilities and duties toward shareholders. Plus learn to write an rns, theN every rns that they bring out won’t see a drop in share price I shouldn’t be telling them this they should know it and react accordingly in updates.