Tomco Energy Share Discussion Threads

[wilson2] 29/12/2021 07:26

Almost a year since 500 barrels per day were going to be produced

[vauch] 28/12/2021 08:39

end of October it popped through the $80 mark

[goulding1215] 27/12/2021 22:24

This could be a good start to the New Year, WTI $75.57. First time I have seen it that high.

[rmart] 24/12/2021 13:56

Have a great Christmas everyone, let’s hope the new year brings lots of cheer such as drilling, reserves report, funding for plant etc.

[jaynealex] 24/12/2021 08:33

Merry Christmas everyone ...I'm.also.looking forward to Tom going places in 2022 !

[goulding1215] 23/12/2021 21:55

One more piece of good news is WTI now at $73.8.

[busamitch] 23/12/2021 21:04

Big, but short lived spike on OTC:PQEFF towards close. 158,419 bought at $0.25

[stuart little] 23/12/2021 20:22

Some good posts on here today. Thanks for taking the time.Best wishes to all

[rugrat2] 23/12/2021 19:57

Seasons greetings to all.

An observation on the Petroteq report - call me old fashioned, but I expect the Proved reserves to be a lot more valuable per barrel than Probable!

26 mmbbls Proved leaves 56 mmbbls Probable from the combined total of 82 mmbbls

US$ 265m for Proved (10.192 $/bbl) leaves US$ 752m for Probable (13.428 $/bbl) from the combined total of US$ 1,017m

Creative accounting or what!

By the way the NorWest report put the In Place Reserves on Greenfield's Tract D (once the deal is complete)at 25.6 to 29.2 mmbbls (from shallow and deep horizons combined).
Quite a large proportion of the Petroteq lease area will have no tar sands in the top 300 ft because of the dip to the SW and the fault to the east - hence the relatively low total compared with tract D when comparing acreages - 320 v 3458

[mashman] 23/12/2021 19:16

The chart is still intact'ish. A blue day tomorrow would see it right.

Bon Noel :-)

[damac] 23/12/2021 17:07

Approaching the end of any year is always a time for reflection for me in all aspects of my life. When reviewing my various investments, I can confidently say that I am pleased with the massive strides forward that Tomco/Greenfield has achieved in the last 12 months. Compared to a year ago where we only had the distant vision of an operational CORT plant to wet our appetite, we now find ourselves in the likely situation of having revenue streams (yes, that is plural, you read it right) generating finance in Q1 2022 and providing financial stability and longevity of the business as a going concern, some 15 months before a single barrel of oil will be produced from the proposed CORT plant.

As Fishy already alluded to, Tomco currently has sufficient funds to see them through to mid-Summer of 2022. If things go as planned in Q1 next year, the previous possibility of a small amount of working capital for Tomco being required should be eliminated entirely.

Obviously, there is disappointment that the drilling of the exploration wells never commenced this month as hoped but when you are at the mercy of bureaucracy there is not much you can do but sit and wait for the process to conclude. I have been told that if the drilling commences in early January, it should hopefully not have any detrimental knock-on to the ultimate timescale of all 5 production wells being drilled and producing by mid/late April 2022. That goal is still very much achievable.

I also remain confident that news on the Site Reserves Report will be with us soon in the New Year, followed by financial closure for the CORT plant, news on secured off-take agreements, and more details on the in-situ wells programme (including field development). There are so many things to be positive about with Tomco/Greenfield in the coming year, it will be like looking forward to Xmas every month lol.

Thank you, John Potter (and the rest of the Tomco team), for all the time & effort you have put into this in the last year, it is very much appreciated. I look forward to the long overdue success of the company in 2022.

Seasons greeting to all, including the short-sighted and cerebrally challenged on the other thread.

[ajj2003] 23/12/2021 15:10

Great minds ;)

[talais] 23/12/2021 15:09

https://www.accesswire.com/viewarticle.aspx?id=679249

[talais] 23/12/2021 15:09

Petroteq Announces Reserve and Economic Evaluation Report on the Asphalt Ridge NW Leases

[busamitch] 23/12/2021 15:09

Petroteq Announces Reserve and Economic Evaluation Report on the Asphalt Ridge NW Leases

"Based on the Report, the reserve profile of the Asphalt Ridge NW Leases as at November 30, 2021 is summarized below:

Canadian Evaluation:
26 million stock tank barrels ("MMSTB") of Proved Undeveloped bitumen reserves
82 MMSTB of Proved Plus Probable Undeveloped bitumen reserves
US$265 million before-tax net present value ("NPV") of future net revenue for Proved Undeveloped bitumen reserves, discounted at 10%
US$1,017 million before-tax NPV of future net revenue for Proved Plus Probable Undeveloped bitumen reserves, discounted at 10%

US Evaluation:
Proved Undeveloped valuation US$213 million at 10% discount (BIT)
Proved Plus Probable valuation US$790 million at 10% discount (BIT)"

[ajj2003] 23/12/2021 15:09

Fron sjannes on LSE board

PQE just released an Reserve and Economic Evaluation Report, which gives their lease a valuation of between 213M USD and 1B USD. I have no idea if the Tomco fields are comparable to the PQE area, but if it, than this report should bode well for Tomco!

hxxps://www.accesswire.com/viewarticle.aspx?id=679249

[lopodop] 23/12/2021 14:08

FN
Re the chairman, he is an accountant and that is the problem - he gets too bogged down in day to day financial business as well as trying to ameliorate the auditors.
Accountants generally do not prove to be good chairmen! In this case he came in by default and if you look at the web data for him, he does not have synergy with oil.
A sound chairman would not have allowed the continuing absence of shareholder communications which many will find irresponsible. At this stage of the game, rather in the same way as JP needs technical support, TOM needs an appointee from the inner circle with an oil track record. Sure it will cost but is it not better to pay 100k for someone with a pedigree rather than £30k for an accountant who doesn't understand the role. Also note that the chairman brought in friend Castro - was that wise.
Give TOM a good shakeup and one may find a restatement of the share value based on a more experienced and capable leadership. However if your view is to maintain status quo, expect more of the same indefinitely and a dwindling value.

[goulding1215] 23/12/2021 13:27

Thank you for update Fishy, informative and reassuring. I do agree with this sentence
‘ Tomco still have improvements to make, especially with shareholder relations in my opinion. I have told them this.’

As regards John Potter, he has done a good job in Utah. However, I feel that too much lies on his shoulders, and he needs help. You cannot run a company when away from the HQ most of the time. I think he needs a full-time director looking after the shop back in London. JP to be a full-time Technical director, concentrating on the work in progress. Or appoint an American director looking after TOM’s affairs in Utah. JP going to Utah at critical stages of the progress as needed. Just a thought, as I wish all TOM shareholders a Merry Xmas and a Prosperous New Year.

[fishyneck] 23/12/2021 10:55

I don't agree with changing Malcolm. In my experience AIM chairmen are generally purely supportive figureheads. Malcolms main input, in my view, is as an accountant. I do however support your view on bringing in experienced NED's. Something John would appreciate and I believe is constantly exploring. I'm sure we will have board additions in 2022.

[fishyneck] 23/12/2021 10:47

"It's always wise to look ahead, but difficult to look further than you can see" Sir Winston Churchill.

[lopodop] 23/12/2021 10:47

FN
You are right to expound in positive spirit. This project could be successful but it urgently needs a change in leadership at non exec level. TOM needs a chairman with relevant experience of oil which is presently very absent!
In regard to JP he needs to have someone sitting alongside him with engineering oil production skills which JP does not have.
To be successful the whole business needs to sharpen up and show shareholders that is a serious business.
As a first step the chairman should find a reason to resign and appoint someone who can inspire - then 2022 could be really dynamic and the market as a whole will respond positively irrespective of inherent delays which will be tolerated.

[fenners66] 23/12/2021 10:43

“Those who fail to learn from history are doomed to repeat it.” Sir Winston Churchill

[fenners66] 23/12/2021 10:04

On the other thread,
the "permit " for drilling is supposed to be holding things up - again its out of TOM's hands so, their optimism was not misplaced, but these dealings with govt agencies always happen you cannot speed them up - so it was always misplaced.

A permit would be easy - despite the fact it clearly has not - because its only exploration, but of course exploration license does not pay any bills so if its months to get an exploration license (I cannot believe that given the plan they started the application in mid Nov. Any business capable of planning , would have started the application when they came up with the plan) - so how long would a production license take on top ?

Should we assume 6 more months compared to the 3 months so far ?

Also being told that drilling test wells will be a couple of days work...

How does that square with previous owners going bust spending $100m and not doing the "simple drilling" ?

Oil has been explored for here since the 1960's-70's but no one ever thought to send a simple drill down ?
Curious?

It's so easy a one man band with no money , employees , capability can do it,
we are told. Everyone else who tried must have been daft.

This is of course quietly forgetting all about TOM's other failures , Turbo and RF.
What's different this time ?
TOM are on the hook for 28% interest to Valkor.