Tomco Energy Share Discussion Threads

[chadwick123] 09/9/2021 13:27

Yes I met Zac a few years ago, his knowledge with regards to the finance should be extremely beneficial to Tomco/ Greenfield

[hotfinance14] 09/9/2021 13:26

Excellent stuff Damac.

[vauch] 09/9/2021 13:20

He may be a shareholder and as such allowed to attend

[pyritie] 09/9/2021 13:17

damac,

I can't quite understand why Jason was present at the meeting as there were no test results to announce !

Did he have anything to say either formally during, or informally after the meeting.

It's intriguing really !

What was your impression ?

Cheers

[fishyneck] 09/9/2021 13:16

Chadwick, I had a 10 minute chat with Zac after the AGM. Very enthusiastic about the current project. We also had a chat about the previous RF tech too, (some might remember his "water, water everywhere" article for share price angel) much of which went over my head! He finished by saying that he still thinks RF could succeed in the right environment. Like you say a very knowledgeable and likeable chap.

[fenners66] 09/9/2021 13:15

Damac, thanks for adding your report

"4. When do you anticipate reaching financial closure on the required plant funding?

Response: Hopefully, by current calendar year end."

No one seems to be surprised by this.
All of the talk on here has been , get the funding in place , then commit to the land deposit etc.
Almost everyone has agreed that you would not pay the 10% without the financing.

However with "Hopefully, by current calendar year end." either the land is being paid before hand or the time limit runs out , hence the question what happens then?

I suspect that will now be a route to pay out $100k a month until "current calendar year end" or they write off the $300k , or they spend whatever they have on the "hope (fully)" that they get funding.

One question that was not specifically answered above , why the initial deposit and deadline?
Who else would be interested imminently in the land?
Petroteq arguably have as much a funding problem as Greenfield / TOM so I have not had an answer yet as to why.

[damac] 09/9/2021 13:06

Yes, Zac Phillips is very knowledgeable when it comes to (amongst other things) advising start up companies/projects such as Greenfield as to what potential oil & gas sector funders need from these companies to satisfy their lending arrangements. That is why he has been acting as an advisor/consultant to Greenfield.

[chadwick123] 09/9/2021 12:59

It was really interesting to hear Zac Phillips was there, such a knowledgeable guy, hope you managed to chat with him.

[goulding1215] 09/9/2021 12:57

Damac, thank you. If we get a good rise in share price should encourage warrant holders out of the woods.

[pyritie] 09/9/2021 12:55

damac,

Thank you for your time and effort, much appreciated.

[damac] 09/9/2021 12:53

pyrite,

Yes, Jason from QFI was in attendance and was in agreement with the statement that a report on the oil samples analysis will be with Greenfield by end of September.

[damac] 09/9/2021 12:49

Stuart,

Well spotted, I have edited the post to read end of September. I had a brain fart, for some reason I thought we were currently in October.

[damac] 09/9/2021 12:44

goulding,

There was a bit of a discussion around the current MCAP. The general consensus was that once financial closure of the full funding is secured then the resources in the ground becomes bookable assets which should then see a re-rate in the MCAP. The only thing to be ironed out at that point is if they are P1 or P2 assets.

[pyritie] 09/9/2021 12:42

damac,

Could you please advise if Jason Miles (QFI) was in attendance at the AGM.

Thanks

[vauch] 09/9/2021 12:41

Wont it be duck shooting season soon in the states

[stuart little] 09/9/2021 12:41

I'm sure that should read end September Damac, 1st October. Unless another delay is envisaged.

[goulding1215] 09/9/2021 12:39

Thank you Damac, looks like all the ducks are lining up in a row.

As they start to get the funding, and the on oil present on the lease, from the DD, will this, hopefully, increase the MCAP? Thanks

Of course, the most reassuring thing to come out of the AGM, no placing for plant finance, should keep the other board quiet.

[lopodop] 09/9/2021 12:37

Well today is the day after! How things can / may change. The woolly answers are exactly what one might expect from a bunch of amateurs.
How many experts are involved in devising the strategy? For a couple of non exec chartered accountants, it really does lack substance.

[damac] 09/9/2021 12:31

rmart,

Yes, to clarify if anyone is unsure, that questions relates to the full funding package.

In relation to the 2nd part of your question, another off the cuff remark that was not is response to any question was that they are still on track for 10% Tar Sands II purchase by end of September 2021.

[damac] 09/9/2021 12:27

Stuart,

Yes at present, the have funds available to them to use for this purpose and that is why they can categorically state that, at present, and obviously barring any unforeseen events, they do not need a placing to raise funds for the 10% purchase.

Eggs well and truly dispatched.

[rmart] 09/9/2021 12:27

Thanks Damac.

re Q4.

4. When do you anticipate reaching financial closure on the required plant funding?

Response: Hopefully, by current calendar year end.

I assume this means the full finance not the 10% requirement? and if so does this mean they are still on track for closure on the 10% by end of this month?

Thanks.

[stuart little] 09/9/2021 12:21

Good work Damac....appreciated. I'm taking 'funds available' as another option being used for the 10% (as mentioned on here last week) rather than a placing....if that's confirmed the share price should react positively. Oh and copious amounts of egg will be dispatched to faces.

[damac] 09/9/2021 12:17

Devon, there is a small amount outstanding to Greenfield from Petorteq in relation to sales from POSP. I'm pretty sure the figure quoted was only £18k, it was just an off the cuff remark, it wasn't part of any response to any particular question.

[chadwick123] 09/9/2021 12:15

Many thanks damac, much appreciated