Tomco Energy Share Discussion Threads

[ducky fuzz] 21/1/2022 14:51

Are there US / Utah [tax] incentives for us to invest in Utah.

[ducky fuzz] 21/1/2022 14:49

Does Tomco pay tax in the US. Either local or National. Or are we just UK taxes.

[vauch] 21/1/2022 14:46

Absolutely DF

[ducky fuzz] 21/1/2022 14:37

Has Tomco got a lot of historic losses to write off ...

[damac] 21/1/2022 14:21

A lot of companies split their income streams into different subsidiaries, makes it easier (and far quicker) to sell parts of a company off if the board want to hold onto other parts.

So the subsidiary above will cover the operations on the in-situ wells programme, in time I'd expect see another subsidiary to be overseeing the CORT plant operations.

[vauch] 21/1/2022 14:08

Why did they need a new subsidiary?

[vauch] 21/1/2022 14:08

Im trying to get to the bottom of this part
Alongside the acquisition of the initial 10% of the Membership Interests, a newly incorporated subsidiary of 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.

The lease provides Greenfield's subsidiary with the exclusive right to explore, drill, and mine for, and extract, store, and remove oil, gas, hydrocarbons, and other associated substances on and from the Lease Area, together, inter alia, with the right to erect, construct and use such plant and equipment and infrastructure as required. The lease is for an initial term of 10 years and will continue thereafter for so long as any oil, gas or other hydrocarbons are being produced from the Lease Area or drilling operations are being prosecuted or as the parties may agree.

[damac] 21/1/2022 13:26

Vauch,

Are you asking who is doing the drilling of the exploration wells or who is the third party that Greenfield will be working with on the initial 5 wells?


If you are asking who the third party is, the answer has already been provided in previous RNS's.


From 29th September RNS.....


"Greenfield is currently in detailed discussions with a third party which is funding an extensive in-situ oil production programme adjacent to TSHII's land, accessing resources deeper than Greenfield envisages mining for its purposes. As part of these discussions, the third party would potentially provide sufficient funding to Greenfield to enable up to five wells to be drilled on TSHII's land along with the requisite infrastructure, with an associated 'off-take' agreement serving to provide sufficient upfront funding to enable Greenfield to acquire the initial 10% of the Membership Interests in TSHII to be repaid from the sale of the oil produced."


From 16th November RNS.....


"Loan Agreement

The US$1.5 million balance of the consideration paid to secure the acquisition of the initial 10% of the Membership Interests has been financed by way of an unsecured US$1.5 million loan from Valkor Oil & Gas LLC ("Valkor") to Greenfield (the "Loan").

The Loan is repayable by Greenfield through a number of potential options, or combination of such options, at its sole election, such combination adding up to the US$1.5 million principal amount of the Loan, plus any applicable interest or fees incurred. The repayment options include granting a share of potential net production revenues to initially offset the principal amount and for a period of five years thereafter from any oil well(s) planned to be drilled on the Lease Area, but for which the requisite further funding and permits have not yet been secured; and/or straight repayment of the principal amount plus interest and fees amounting to 15% of the principal amount of the loan, payable on the maturity date. In any event, a minimum of US$1.5 million must be repaid on or before 30 May 2022. To the extent that any part of the principal amount has not been paid by the scheduled maturity date (which may be extended by mutual agreement of the parties) then interest of 2% per month shall be applied to such unpaid amount from time to time until it has been repaid in full."

[vauch] 21/1/2022 12:08

The three drill is parts of a subsidiary is it not, do we know if it is Valkor or another company?

[the diddymen] 21/1/2022 09:58

F66, there is an assumption that they have any collateral, or collateral that Valkor would want? The Valkor loan is high risk but Valkor are not daft they have already persuaded TOM to do their R&D for free; one way or another it will be covered.

[fenners66] 21/1/2022 09:32

No one lends a 1 man band $ms without collateral

[the diddymen] 21/1/2022 08:50

F66 you have put your finger on the question - what collateral. Valkor lent TOM the cash to pay the 10% deposit. Do they have any security over that or any other assets, or do the payday lender interest rates represent the incremental risk?

[vauch] 21/1/2022 08:33

Well i'm not but Ducky has been around to long and the meat will be tough.

[freedom97] 21/1/2022 08:25

No need to fear me Ducky as I'm Vegan😁

[fenners66] 21/1/2022 07:19

Its ok Diddy that loan is going to accrue a "charge" of 15% which I guess immediately is capitalised and then the loan +15% then has a 28% interest charge...

$1725k

Valkor don't mind its an earner. And if TOM cannot pay - just take the collateral...

[the diddymen] 21/1/2022 07:12

No RNS again. There is a small matter of the Valkor loan to be repaid in May and right now they do not appear to have a plan.

The full T&Cs of that loan could yet be very relevant.

[vauch] 21/1/2022 07:09

Should be all year duck, each time im in the city I go to China town for peeking duck
yum yum

[ducky fuzz] 21/1/2022 00:18

Hi Aj ..I'm only nervous around Xmas and Chinese people calling me number 13 on
their menu.

[the diddymen] 20/1/2022 21:39

The drilling came out of nowhere, but it just makes the point that unless you know the facts, you cannot come to judgements. The Directors are the only ones who know what is really going on.

The trading today had the whiff of an organised attempt to do something - maybe there is an RNS tomorrow. Again I do not know.

Much as the lala thread may say all is OK with the drilling, generic history would say that there is a problem with the licence. Even if they obtain it now it is tardy. Why?

If there is a problem with the licence then all the BoD can do is mea culpa to the shareholders and find out if they are prepared to back them. By that I am saying that the above circumstance would make it very difficult to get a placing away.

A whiff of blood and all that.

[lopodop] 20/1/2022 20:16

TD
Given that drilling appears delayed / suspended, what options are there to raise adequate funding for the project as a whole?

[ajj2003] 20/1/2022 18:05

Watch out Ducky, Elmer's going to get you!

[ducky fuzz] 20/1/2022 16:17

Hi damac .. quack.

[vauch] 20/1/2022 15:58

Well im of to play Population One

[damac] 20/1/2022 15:57

Just waiting on the news my feathered friend.