Tomco Energy Share Discussion Threads

[goulding1215] 31/8/2021 11:28

Rmart, the recent rns said that:-

As at 31 March 2021, Greenfield had unaudited total assets of approximately US$4.67 million and incurred an unaudited loss before tax for the period from incorporation to 31 March 2021 of approximately US$0.11 million. Tom’s assets should be separate from that. So, Greenfield can surely pay the $1•5million, But wtfdik

[damac] 31/8/2021 11:28

Fenners,

It is blatantly obvious why they are only buying 10% initially which then gives then exclusivity to purchase the remaining 90% by December 2022.

They are only buying 10% as the money raised in a previous placing specifically for securing a site allows this. The money has ​been earmarked for such a transaction since it was raised. It was all explained in the placing RNS at the time.

They are only buying 10% initially as that is all they have the funds for at present. The intention has always been to raise the funds for the further 90% in with the plant finance and that is why the $110m required includes the money to complete the full purchase of Tar Sands II.

As for the deadlines to purchase the initial 10% and then the further 90%, have you not for one minute considered that these deadlines were driven by the seller?

[goulding1215] 31/8/2021 11:25

Rmart, the recent rns said that:-

As at 31 March 2021, Greenfield had unaudited total assets of approximately US$4.67 million and incurred an unaudited loss before tax for the period from incorporation to 31 March 2021 of approximately US$0.11 million. Tom’s assets should be separate from that. So, Greenfield can surely pay the $1•5million, But wtfdik

[thesageofsaint] 31/8/2021 11:10

Don't dispute your figures, however, 5 months have passed since the report and we know nothing about the spend profiles other than it is fair to assume that, given the implied spend rates and general overheads they seem to incur, that if they commit to the land deposit they will need to place for general working capital requirements. A few hundred £K is not going to be acceptable to any nomad. If they can get the land deal over the deposit hurdle they will be desperate to capitalise on the perceived 'good news' and will sell shares in to the short potential window it will provide. Why? Because after that there is a gapping hiatus in the story and the price will just drift for months across the dark winter months. That people cannot see the story has stalled is very concerning. You are left with John Potter, a very unaccomplished and unconvincing front man for what is essentially a shell company, with a tragic history of wasting every penny it has ever had, with 10% ownership in some desert and a 'FEED' report; that suggests there is a proven technology that can extract 10000BOPD, based on the extrapolation of some failed test, that took twice as long as it had intended, and still failed to deliver the rates and verified quality at commercial costs. He will be laughed out of the foyer of every financial house in every city, with his FEED report tucked under the arm of his cheap suit. Reality check gents. You are also sat on shares that are grossly overpriced against the prevailing company fortunes. This means that the next few months of drift have a hell of a long way to drift to before a realistsic value is obtained.

Suck it in Goulding, you will never pay for your council house!

[rmart] 31/8/2021 10:49

Cash at end of March was £2.25m.
Approx £1.5 is need to complete the 10% purchase.

Leaving £750k.

Costs since end March? I dont know.

2 things,

1. If they sign off on the 10% it means they will have finance sorted for the plant = NO PLACING (they have headroom for running costs included in the finance).

2. They dont sign off on the 10%, then they dont have finance sorted and therefore still have the £1.5m + whatever is left in the bank = No Placing.

BUT. If they dont sign off, what do they do next ? Turboshale ?

[the diddymen] 31/8/2021 10:30

SoS, brilliant piece on the other thread. One or two need to hold up the mirror and take a close look at their motivation.

Objectivity is critical and it is very difficult when two bbs have to be run. The good news with two bbs is that it is not necessary to torture yourself if you do not want to. Don't venture.

[lopodop] 31/8/2021 10:25

At Groat's training ground PWC he will have been trained about handling bad news.
Don't give it or if it has to be given bury it. Well he could say due diligence was wobbly so best to give up $200,000. Who will challenge that?

So here TOM is right on the deadline and not even RMART appears to know. Groat should be reminded of rule about timely financial info so maybe investors may hear PM.

If Groat is in a JAM he may have to call in receiver - presumably before AGM to avoid shame. But a skilled receiver may be what is needed at this time to find out what has been going on.

[thesageofsaint] 31/8/2021 10:07

Could be the capitulation point! No partner, no money, no site, no employees, no future!

[thesageofsaint] 31/8/2021 10:05

But yet again Damac is the deceiving Pied Piper. Be careful following and believing this individual. He is presenting you with assumptions as facts. You must remember where the proceeds of the placing went and the financial report from the last accounts. Greenfield has a $2m debit, now owed to TOM and repayable next year along with its accrued interest. Tom does not have the money to pay this and allowed Valkor to walk away from its obligation to repay its 50% share. They stated at the placing that £1.5M would be held to secure a site but this was a year ago before the many months of delay and incurred cost, all incurred by Greenfield and ultimately Tom. So the ASSUMPTION that there is still £1.5M spare cash in the bank alongside the necessary going concern working cap is fundamentally flawed. Go check the last accounts if you need the evidence. Simply, if they commit to the 10% they will have to raise money through a placing. Either because they do not have the principal sum left or they will have insufficient working capital. Then you will be waiting a very long time. This is the story stalling point. You have been warned!

[fenners66] 31/8/2021 09:45

Like I previously asked , what is the rush to pay 10%?
Why was the initial option set up with a deadline for the 10%?
Is there another party or parties waiting to buy the same ground?
I have not read anywhere that explanation, we have an option because XYZ are going to buy the ground etc.
Has anyone else seen names of potential buyers?

As for the acreage, is this the Only place where the extraction "works" ?
If it really works it will NOT be scaleable if it is.
So either its not scaleable or there are other land areas to go an buy instead.

So back to the original question , why create a deadline for the 10% by paying a non-refundable deposit in the first place ?

[ducky fuzz] 31/8/2021 09:43

Hi rmart .. I would think there could easily be a time extension. But the above does indicate news one way or another today or tomorrow.

[ducky fuzz] 31/8/2021 09:42

TomCo Energy plc (AIM: TOM), the US operating oil development group focused on using innovative technology to unlock unconventional hydrocarbon resources, is pleased to announce that Greenfield Energy LLC ("Greenfield"), the Company's 50/50 joint venture with Valkor LLC ("Valkor"), has entered into a membership interest purchase agreement (the "Agreement") with Endeavour Capital Group LLC ("Endeavour") and Tar Sands Holdings II LLC ("TSHII") with respect to the potential acquisition by Greenfield of up to 100% of the ownership and membership rights and interests in TSHII (the "Membership Interests"). TSHII owns approximately 760 acres of land and certain non-producing assets (the "Site") in Uintah County, Utah, USA.


Greenfield plans, subject, inter alia, to the completion of satisfactory due diligence and securing of the requisite funding, to use the Site, if ultimately acquired via TSHII, for the future mining of oil sands and construction of a commercial scale processing plant utilising the findings of the FEED (Front-End Engineering and Design) study, once finalised and the process independently verified, and other knowledge and experience gained from Greenfield's operation of Petroteq Energy Inc's existing oil sands plant at Asphalt Ridge, Utah. (the "POSP").


The Site has existing infrastructure, plant and equipment, together with an existing Large Mine Permit No. M0470032, that could facilitate any future development by Greenfield.


Pursuant to the terms of the Agreement, Greenfield has paid a non-refundable deposit of US$200,000 to secure a 90 day period to undertake due diligence and an exclusive option for up to 120 days to acquire an initial 10% of the Membership Interests. Greenfield can exercise its right to acquire an initial 10% of the Membership Interests for cash consideration of US$2 million (against which the deposit shall be credited) on or before 1 September 2021. Following completion of the acquisition of the initial 10%, Greenfield will then have an exclusive option, at its sole discretion, to acquire the remaining 90% of the Membership Interests for additional cash consideration of US$15.25 million, if acquired on or before 31 December 2021, or US$16.25 million if acquired between 1 January 2022 and 31 December 2022. Greenfield has the right to unilaterally terminate the Agreement at any time during the initial 120 day period from its execution for no penalty save for forfeiting the upfront US$200,000 deposit. The Agreement also contains certain commercial and other representations and warranties between the parties customary for a transaction of this nature.


There can be no certainty that Greenfield's due diligence exercise will be satisfactory or that the required funding can be secured to complete the acquisition of a 100% Membership Interest and further announcements will be made as and when appropriate.

[rmart] 31/8/2021 09:26

So are we down to RNS tomorrow or game over? Is the deadline for the 10% tomorrow?

[thesageofsaint] 31/8/2021 08:57

Evil for having an opinion contrary to yourself?Evil for holding a mirror of objectivity to those who are unable or unwilling to see.Evil for trying to ensure that unsuspecting individuals drawn to this share through lies and deceit are able to find the truth amongst the rampant self serving ramping.You my friend need to look at yourself. Perhaps in this inverted world it is indeed you who is on the wrong side. Unwilling or unable to accept a differing opinion, so filled with greed that anything that brings you financial reward is acceptable irrespective of the harm it brings to others. Willingly silencing criticism, and not wise enough to see what stares back at you. A sorry individual. You deserve my pity!

[lopodop] 31/8/2021 08:16

News of any kind is an extremely scarce commodity here and when it does appears it begs more questions. As for good news what have you in mind? Surprises yes definitely but not necessarily good ones.
The Board has brainwashed many of the punters to believe in dreams not reality.

[freedom97] 31/8/2021 07:56

Morning All, hope you all had a good summer bank holiday.

I note the derampers thread was very active over the bank holiday weekend, can only mean they must be very worried that good news is very close and the share price will go north. Why else would they waste their time posting 24/7.

[lopodop] 31/8/2021 07:02

TD
TOO MUCH BAD HISTORY HERE! Groat will probably wish to offload most of GREENFIELD, revert to RF and offload most of that too. Then attempt to make TOM an investment vehicle.

[lopodop] 31/8/2021 07:02

TD
TOO MUCH BAD HISTORY HERE! Groat will probably wish to offload most of GREENFIELD, revert to RF and offload most of that too. Then attempt to make TOM an investment vehicle.

[lukeisbackontrack] 30/8/2021 23:36

£2 soonish. Rmart and skidboy confirmed

[the diddymen] 30/8/2021 21:44

Good memory SoS - five years narrative - five years salary.

[thesageofsaint] 30/8/2021 21:38

Was not PQE, but $5m to Red Leaf for a part in its EcoShale plans. Around 10 years ago and this was the story for the early to mid part of the last decade. Came to nothing but it strung out a narrative for the best part of 5 years and related fund raises. Same old same old!

[the diddymen] 30/8/2021 21:09

lopo, when it comes to the future with cash, the past is irrelevant. Step 1 is possible but there might be a bit of blood on the floor.

Just another thought - years back did TOM not lend PQE £5m (they lent someone £5m). If it were PQE and PQE are able to get their BS in order, then that could finance the working capital side of the business.

Step 2 is the K2 (without ropes and oxygen). How do they make themselves credible. It could only be Valkor at the moment - unless PQE are 'sorted'

[lopodop] 30/8/2021 19:27

TD
The share price remains so very low which is down to the Board's inability to inspire confidence and enthusiasm.
The Board must realise they have handled the communication side incompetently and many investors will argue their behaviour has been contemptuous.
The Directors probably know things are not good in perception terms. Possibly there will be a board change or two. But a fairly major route change will be needed to convince the market about the future, especially if the massive funding requirement cannot be achieved.

[busamitch] 30/8/2021 18:37

It was revoked last week on the 24th. Trading resumption will be notified here for TSX and German exchanges: