Tomco Energy Share Discussion Threads

[damac] 16/11/2021 17:55

Ducky, TSHII stands for Tar Sands Holdings II, the company that Greenfield have just bought 10% of. TSHII are the owners (now only 90% of) the land known as TS2.

[ducky fuzz] 16/11/2021 17:37

OK .. THANKS.

Just checked and at the end of the RNS and John Potter does say TSH11 not TS2.

[rmart] 16/11/2021 17:36

just look at all that ready made infrastructure we have now!

[fishyneck] 16/11/2021 17:31

It's the same.

[ducky fuzz] 16/11/2021 17:28

Serious point rmart .. Is it a different lease TSH11 not TS2

[rmart] 16/11/2021 17:26

who are TSH eleven? lol....

[ducky fuzz] 16/11/2021 17:26

Is it a totally different lease ?

[ducky fuzz] 16/11/2021 17:25

Also in todays RNS it says .... "Greenfield has been granted a lease over approximately 320 acres of the 760 acre site owned by TSHII (the "Lease Area"), for a nominal consideration and annual rental of US$320, together with a 12% of net sales royalty per barrel of conventional oil, gas or sulphur produced and removed from the Lease Area"

It says owned by TSH11 .. Surely that is not TS2 .. ??????

Now is this an intelligent question?

[fishyneck] 16/11/2021 17:21

The answer I don't yet have is why set up the subsidiary. I hope to get more answers soon, would have been better if the RNS had expanded on it. Maybe tax reasons, risk diversification...

[rmart] 16/11/2021 17:21

2 tweets in one day ! this is a nice one showing the site. Maybe they could not tweet this before they had a lease. Hopefully now we will see more from them as they are leaseholders !

[ducky fuzz] 16/11/2021 17:21

Ahhh thanks Fishy .. We've missed you. Or at least I have. I reckon all the other posters are dead jealous of you. I'm not. Well maybe a little. DF

[fishyneck] 16/11/2021 17:16

Only own, iPhone posting!

[fishyneck] 16/11/2021 17:14

Very pleasing rns today, major progress on a number of fronts. To answer your question Ducky. Greenfield only one 10% of TS2 until such time that they own the other 90% royalties are agreed with TS2. The subsidiary needed a lease in place to submit the permits, you need to prove you have use of the land. Hopefully greenfield will complete the 90% before production thus no royalties.

[ducky fuzz] 16/11/2021 17:06

Thanks rmart .. So who gets the 12% ?

[rmart] 16/11/2021 16:58

it is the same site Ducky.

"TSHII owns approximately 760 acres of land and certain non-producing assets (the "Site") in Uintah County, Utah, USA. "

Greenfield have only secured 10% of the membership rights. The lease would have been part of the deal. So when they paid the balance of the 10% the lease was issued for the area that Greenfield want to drill for the deeper sands and to build the 5,000 bopd plant.

No one would invest money/lend money without a lease in place allowing Greenfield to work.

Its all good now. IMO we can now look forward to the feed study info that JP said he would share with shareholders, IMO we will also see the funding deal go through from the third party who want to test drill (as per last rns). None of these things could go ahead without land rights and a lease.

Its done now so onwards and upwards.

[ducky fuzz] 16/11/2021 16:48

Additionally, Greenfield has been granted a lease over 320 acres of a 760-acre site owned by TSHII, for a nominal consideration, and an annual rent of US$320 plus a 12% royalty on conventional barrels of oil, gas and sulphur produced and removed from the lease area. It opens up a project to quickly establish revenue-generating conventional oil production.

++++++++++++++++++++++++++++++++++

damac / anyone brighter than me.

This is from the proactive released today .. To me it reads that this 320 acres is
another lease owned by the TS2 previous owners. It is obviously close by.

Any ideas please?

[ducky fuzz] 16/11/2021 16:44

TomCo Energy’s Greenfield acquires first stake in Utah land package
“The acquisition provides Greenfield with a base from which to accelerate its plans," said TomCo chief executive John Potter.

TomCo Energy PLC - TomCo Energy’s Greenfield acquires first stake in Utah land package

TomCo Energy PLC's (AIM:TOM) Greenfield subsidiary has now acquired the first 10% interest in the Tar Sands Holdings II (TSHII) land package, which will be used for its proposed commercial-scale plant.

The company, in a statement, said it exercised its option for TSHII and has acquired the 10% interest for a US$2mln cash consideration, of which US$500,000 was paid by crediting deposits paid previously. It retains an exclusive option to acquire the remaining 90% of the property.

Additionally, Greenfield has been granted a lease over 320 acres of a 760-acre site owned by TSHII, for a nominal consideration, and an annual rent of US$320 plus a 12% royalty on conventional barrels of oil, gas and sulphur produced and removed from the lease area. It opens up a project to quickly establish revenue-generating conventional oil production.

“The acquisition provides Greenfield with a base from which to accelerate its plans to pursue both the drilling of certain near term oil production wells and thereafter the acquisition of the balancing 90% of the membership interests and its first commercial-scale plant, subject to funding,” said John Potter, TomCo chief executive.

“We expect the permitting process for the production wells to be completed in Q1 2022, following the drilling of three exploration wells intended to occur in December 2021.”

"Greenfield is currently focused on commercial negotiations with third parties in order to seek to secure the funding for its future plans, together with progressing the required permitting and other preparatory work. We look forward to providing further updates in due course."

TomCo funded the initial TSHII transaction with the backing of a new unsecured US$1.5 million loan from Valkor Oil & Gas LLC, formerly a stakeholder in Greenfield and a funding partner to TomCo.

The US$1.5mln is to be repaid by the end of May 2022, and, that could come by Greenfield granting Valkor a share of potential net production revenues.

In the meantime, TomCo said Greenfield is engaged in ongoing discussions regarding funding options to potentially achieve the ultimate acquisition of 100% of the TSHII assets, along with a programme of well drilling to establish the first phase of the planned plant to produce up to 5,000 barrels per day.

The plans for Utah plant follow a successful pilot operation completed earlier this year.

[ducky fuzz] 16/11/2021 16:25

That wasn't helpful was it?

[ducky fuzz] 16/11/2021 16:24

Ahh I now understand your question. I have thought about your question deeply
and my answer is errrrr No Idea mate, not a clue.

[ducky fuzz] 16/11/2021 16:17

Hi Talais .. Oil.

[talais] 16/11/2021 16:08

Does anyone have an idea what theses wells can produce.

[talais] 16/11/2021 16:06

Sp has held strong

[vauch] 16/11/2021 16:05

Those that did jump out will not get back in under .7 now