Tomco Energy Share Discussion Threads

[jaynealex] 05/7/2021 11:42

Once we're actually continuously producing the value of other unused leases should be clearer

[jaynealex] 05/7/2021 11:40

It's the usual 3rd party verification , and there are different categories of reserve based on ease of drilling etc ..

I'd expect them to go on the balance sheet and impact share valuation

The third party feed report we are waiting for may lead in this direction , we're breaking new ground with new methods ...so auditors going to err on the conservative side

[vauch] 05/7/2021 11:03

When a company drills for oil and finds it a log is taken on how much is their, this then has an inground value. it may only be 10$ a barrel but it exists and is proven to exist.

[hotfinance14] 05/7/2021 09:21

Indeed it does. So does Sand it would appear.

[vauch] 05/7/2021 09:16

Oil in ground has a value.

[hotfinance14] 05/7/2021 08:55

It is important to note oil still in the ground is not considered an asset until it is extracted and produced. Once the oil is produced, oil companies generally list what isn't sold as products and merchandise inventory.

[ducky fuzz] 05/7/2021 08:27

Quite a bit of buying.

[wilson2] 05/7/2021 08:20

Yes I agree

[ducky fuzz] 05/7/2021 08:16

Online 0.54p sell and 0.555p buy

So should go up.

[goulding1215] 05/7/2021 07:53

Forgive me for querying an intangible asset, but an intangible asset is:-

incapable of being touched : having no physical existence, Oxford dictionary.

So with a means of extraction the oil in the ground now has a physical existence and by extraction, capable of being touched.

[lopodop] 05/7/2021 07:43

GOULDING1125
How do you assess the risk of Valkor walking away from Greenfield at this stage in order to pursue alternative interests or due to disagreement?
Could Greenfield proceed without Valkor from here?
How would TOM mitigate such risk bearing in mind it has no engineering / technical ability? What further costs would be entailed.

[hotfinance14] 05/7/2021 07:38

The land will have a market value and this amount should be shown in the balance sheet as a fixed asset.If more is paid for the land than the market value due to the oil prospects this will be shown as an intangible assett in the balance sheet.

[ajj2003] 05/7/2021 07:14

Sorry Goulding, not my area I am afraid but a very good question ;)

[goulding1215] 05/7/2021 06:59

A question for an accountant re oil in place. So far we know roughly that the Greenfield site that is being bought contains roughly 49nmillion barrels of oil. The Feed report should indicate that the CORT Petroteq method is capable of extracting oil and sand from tar sands. Is it right that when you own land with oil and a viable means of extraction that the oil then becomes a financial asset that can go onto the company’s accounts.

As a consequence of these actions, Greenfield:--
1. After Raising the finance
2.buying the lease
3. Feed proving up CORT

Owner of approx 49 million barrels of oil with a proven extraction system.


If so. TOM being a 50% owner of Greenfield, can that count as an asset to TOM’s books? Forgive my ignorance but this needs an expert to answer. AJJ?

[petromod] 05/7/2021 05:06

Latest Videos From The Petroteq Plant in Asphalt Ridge, Utah - July 04, 2021.

www.reddit.com/r/Petroteq/comments/odnmlj/latest_videos_from_the_petroteq_plant_in_asphalt/

[wilson2] 04/7/2021 22:30

Tomco is dead, you've all lost the deposit in life

[talais] 04/7/2021 20:23

Yephttps://twitter.com/PetroteqI/status/1406985049816371200?s=20

[vauch] 04/7/2021 20:17

I was told as from tomorrow Wilson will never post on a Tomco board again.

[wilson2] 04/7/2021 20:10

Tomco trades could be suspended tomorrow indefinitely ive heard

[vauch] 04/7/2021 19:45

Will the PQE offer be extended to USA and Canada

[ajj2003] 04/7/2021 19:02

https://twitter.com/petroteqi/status/1411743866118717447?s=21

[lopodop] 04/7/2021 18:16

Goulding1215
If, what if etc etc. Tom sails on in a fog of unanswered
Questions and Speculation. And the market is apparently so uncertain??

[goulding1215] 04/7/2021 17:45

I think it is just for Petroteq to continue on the site. However, Greenfield have withdrawn from the site, to continue with their own new site. Unless Petroteq agree a new contract with Valkor. Aimho

[thesageofsaint] 04/7/2021 17:18

You really should not be investing if you do not understand these matters. It is essentially a long preamble of background which attempts to pivot an argument about the cost of site demolition/reinstatement. When the works were authorised then bonds were required to paid or committed to, to ensure the land was recovered back to a reasonable condition at the end of the mining and processing. It seems they have 2 bonds, one of $75k and the other value unstated. They claim that because of the potential use of the sand and that the process is much cleaner than Canadian tar sands processing that the reinstatement cost will be less than the value of the bonds committed. This being stated either to ensure further bonds are not demanded or the precursor to a claim for monies held in escrow to be returned. Run of the mill ops stuff particularly for a cash strapped company.

[talais] 04/7/2021 17:09

Bit of a long read seems like the cessation order was unlawfully issued.https://fs.ogm.utah.gov/bbooks/2021/05_May/Docket/2021-012_M0470089_GreenfieldEnergyLLC/Masterfile_M0470089_2021-012_Greenfield_20210521.pdf