Tomco Energy Share Discussion Threads

[rmart] 28/9/2021 07:30

Oil at a 3 year high will be doing wonders for the pre feed numbers and all that clean high value sand on top!

[lopodop] 28/9/2021 07:25

Fenners66
Yes. It's a muddle and unclear what happens now. Usual Board silence at important times is a big concern for less than confident investors.

[vauch] 28/9/2021 07:09

Ditto. regarding Wilson, he is in deed the board idiot

[fenners66] 28/9/2021 00:31

damac - the points are

1, 2 months ago everyone on the lets say "optimists thread" agreed that paying a 10% deposit without finance in place was a stupid thing to do.
2, QED therefore getting the 10% paid by the deadline would mean the finance was in place
3, The deadline passed and an extension was added.
4, Everyone's expectations were moved to Sept.
5, Alleged AGM feedback was finance unlikely before the end of the year.
6, Lots (esp rmart) change their mind on getting the 10% land deposit paid before financing now seeing it as done before the new deadline, transformational land deal this week...
7, Since it never made sense to do 1 without the other, and it was NOT done on time without finance it makes no sense to pay the deposit now , without finance.
8, Chances are finance not yet done so we should have another missed deadline.
9, That gives landlord the option of saying they walk ... got another offer so long and thanks for all the cash.

If the landlord (who had the land for sale for 5 years ) was really driving the deal.

If they don't care , why buy the option in the first place....?

Anyway we find out by the weekend....

[damac] 27/9/2021 23:56

Fenners, you are making a mountain out of a molehill and pushing it as a major indicator that something is seriously wrong.

To condense it….

1. Tomco hoped to complete the necessary due diligence by the 1st September that would satisfy potential lenders (of the follow on funding) and give Greenfield the confidence/peace of mind to go ahead and make the initial 10% purchase of TS2.

2. Sometime in August, Greenfield engaged the services of industry renowned expert Zac Philips to review the due diligence that was being compiled to satisfy potential lenders. On review, Zac advised that Greenfield would still require two critical pieces of due diligence to be completed to satisfy potential lenders, a Mining Plan and a Site Reserves report.

3. On consultation with Stantec and Netherland Sewell (who were brought into deliver these two items), it was clear that these two items of due diligence would not be completed by 1st of September so Greenfield in turn had to seek amendment on the option to buy the initial 10% to change it to ‘on or before 1st October’.

The delay on the initial purchase is 100% down to due diligence and nothing else, as confirmed at the AGM.

That is the long and short of it. Nothing more, nothing less, nothing sinister. Yes, the due diligence is ultimately required to satisfy lenders and provide the finance, but they also have to complete the due diligence to acquire the 10%. The due diligence serves two purposes and you are mixing the second with the first, you are blurring the lines.

[fenners66] 27/9/2021 23:21

damac - blurring what ?
Read my reposting of details from the RNS's earlier

Let me help...

"fenners66 - 27 Sep 2021 - 10:18:44 - 12582 of 12637

Time to look back at the published details rather than all this hype.

So looking at the RNS 9-6-2021 "Conditional Site Purchase Arrangement"

"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%"

Everyone took that to be 90 days to make their mind up - BUT read it , they had an INITIAL 120 days to acquire it .... "on or before 1 September 2021"


Initial 120 days now day 147
They already gave the detail on "due diligence" read the rest of that previous post.

Seems to me your post is in agreement with mine and you are suggesting the reason for any delay is in fact the financing - which we are allegedly told from the AGM reporting is not due until the end of the year.....

[damac] 27/9/2021 23:03

Fenners, you are deliberately blurring the lines here and you know it. Stop twisting the facts to try and suit your agenda.

It was originally intended for the initial 10% purchase of TS2 to be completed on or before the 1st of September as publicly stated in an RNS.

On the 1st of September they released an RNS stating that the purchase option had been amended for them to purchase the 10% on or before the 1st October. The same RNS further stated that a Mining Plan and a Site Reserves report were now required to be completed.

At the AGM on the 8th September, Tomco confirmed that these additional two items of due diligence had been advised by the recently appointed Zac Philips as being necessary to satisfy potential lenders and that these two items were the remaining critical items of due diligence requiring completion and also the reason for deferring the option to buy by one month. Very prudent business.

The AGM RNS on the 8th September further stated…..

“ To assist Greenfield in progressing its plans for the Site and the securing of further funding to develop and acquire the membership interests in TSHII, the Company has engaged specialist oil and gas industry advisers experienced in the structuring and securing of such financings. They are currently exploring a number of potential funding options.

"Additionally, Greenfield has commenced detailed engineering and design work in connection with its future plans for the Site including engaging Stantec Inc, a global design and delivery firm with extensive experience in the oil and gas and mining sectors, on mine planning for the Site, and working with Netherland Sewell & Associates, global petroleum consultants, on a Site reserves report, together with other preparatory work . This is in addition to the continuing detailed engineering design and planning work being undertaken by Valkor.

"The focus of everyone at TomCo remains firmly on completing the remaining due diligence on TSHII and the Site, and progressing the necessary funding package in order to, inter alia, secure the initial 10% Membership Interests and further progress the detailed planning to pursue construction of an initial 5,000 bopd facility at the earliest opportunity . These are very exciting times for TomCo as we look to realise Greenfield's significant potential."

[wilson2] 27/9/2021 22:20

We all know you'll sell out minutes before the obvious news comes, you're a snake rmart and your happiness will grind to a halt , no one gets away with the crime you commit

[lopodop] 27/9/2021 22:17

RMART
The 'failed' director you apparently know walked off with around £150k plus salary - dependent on certain events he may have to repay this to shareholders. Let's see.
Who would do his bidding?
You have to face reality - in three days the news or lack of news may give an unfavourable signal and then TOM will be back in the hitherto shambles. You cannot say it is a good state of affairs.

[rmart] 27/9/2021 22:13

Woof woof wilson2, you keep drinking whatever you are on. Lol PATHETIC.

[fenners66] 27/9/2021 22:09

stuart - but as I posted above ,when you look closely at the "option" it was originally 120 days to pay the deposit .

We are now on day 147.

They say they needed to complete the due diligence on the engineering and land survey .....

5 months to complete ?

So really its financing that is and arguably will still be the problem by the end of the week....

[wilson2] 27/9/2021 22:05

Who are you rmarts dog ?

[stuart little] 27/9/2021 22:01

The last RNS stated deal concluded by 1st October. But they've already missed one deadline I hear you say. With good reason, to gather the extra reports already discussed. Therefore I think the likelihood of news this week is very high. The market is preparing for positive news.

[wilson2] 27/9/2021 22:01

Answer the question rmart you pathetic piece of scum

[fenners66] 27/9/2021 21:53

rmart - could you just answer this ?

To be clear - you categorically state that the deposit for the land will be paid by the 1st Oct 2021 - yes?

You have not yet edited this post

rmart - 24 Sep 2021 - 08:33:14 - 22600 of 22764

"Must be totally crackers to sell now with the land deal about to be completed! Company transformation only around a week away."

I sure I read you being specific, possibly in one of your edited posts - but you can just answer and clarify.

[rmart] 27/9/2021 21:51

Blah blah blah, if if if, but but but, maybe maybe maybe, what if, what if, what if, will they, will they, will they, WHAT A PATHETIC BUNCH are WILSON2, fenners, lopodop and the diddymen.

Onwards and upwards despite these losers best efforts.