Tomco Energy Share Discussion Threads

[talais] 24/1/2022 07:10

Commenting, Malcolm Groat, Chairman of TomCo, said :"We are very pleased to have secured funding, via the Placing, to, inter alia, assist Greenfield in progressing its plans in respect of the TSHII site. Specifically, the net proceeds of the Placing will be applied to the drilling of the planned exploration wells and facilitate the due diligence exercise to be undertaken by a party currently interested in backing our plans for Greenfield.

[damac] 24/1/2022 07:08

As announced on 16 November 2021, the Company had previously intended to drill three exploration wells on the TSHII site during December 2021. All information requested by the Utah Division of Oil, Gas and Mining has been submitted by Greenfield's wholly owned subsidiary, AC Oil LLC, in order for permits to be issued for these planned wells, with such permits expected shortly. Additionally, the permitting process for the planned initial production wells has commenced and it is currently anticipated, subject to the requisite permits being received and further funding being obtained in addition to that being provided pursuant to the Placing, that these will be drilled by the end of H1 2022.

[terminator101] 24/1/2022 07:07

Placing huh. No wonder there was so much ramping

[damac] 24/1/2022 07:06

The Company is pleased to announce the appointment of Zac Philips as a non-executive director of the Company with immediate effect. Zac has and continues to be engaged by the Company, through his company, Oil & Gas Advisors Limited, to provide advice in respect of a number of financing initiatives.

Zac has over 22 years' experience in oil and gas, and finance, working for companies such as BP, Chevron, DB Petroleum, Merrill Lynch and ING Barings, where he undertook finance or finance related roles. He is an expert in the valuation of oil and gas exploration and production assets at all stages of the cycle. Previously, Zac was the CFO for Dubai World's oil & gas business (DB Petroleum), with responsibility for risk management, valuation and authoring of investment proposals. Zac has an Honours Degree in Chemical Engineering and a PhD in Chemical Engineering. He is a member of the Society of Petroleum Engineers, Institute of Chemical Engineers, American Association of Petroleum Geologists and the Association of International Petroleum Negotiators.

[damac] 24/1/2022 07:04

"Additionally, the net proceeds will be applied to cover the Company's expenses in relation to a due diligence exercise, expected to commence shortly, in order to secure funding of up to US$145 million to Greenfield. Whilst there is no certainty that such funding arrangements will be concluded, or as to the terms of any such funding, such non-equity funding, if secured, would enable Greenfield to acquire the remaining 90% of the Membership Interests in TSHII and cover the currently estimated construction costs of an initial 5,000 barrel per day oil production plant and requisite associated supporting infrastructure to enable the future mining of oil baring sands at the TSHII site."

[minja19] 24/1/2022 06:46

all my indicators pointing to a firm buy

[goulding1215] 24/1/2022 06:06

hxxps://oilprice.com/Energy/Oil-Prices/OPECs-Shrinking-Capacity-Could-Send-Oil-Above-100.html

[the diddymen] 23/1/2022 17:36

Announcements are normally through RNSs!

[ducky fuzz] 23/1/2022 15:57

With the lack of chatter here it is difficult to believe that there will be news tomorrow. Hope there is of course. DF

[thrgef] 22/1/2022 19:19

You two implying to know an RNS is dropping Monday?

[ducky fuzz] 22/1/2022 17:26

I just want some excitement [the good kind].

[ducky fuzz] 22/1/2022 17:26

I hope they clear up the "subject to funding" killjoy.

[ducky fuzz] 22/1/2022 17:05

And the Weather forecast?

[damac] 22/1/2022 16:50

Vauch,

A lot more than just drilling news ;o)

[mikecoster] 22/1/2022 14:13

That's not actually a Petroteq Twitter account, its a shareholder who set up a twitter page to gain interest.

[goulding1215] 22/1/2022 12:16

Damac, will that Petroteq statement affect TOM’s progress? TYIA

[stuart little] 22/1/2022 09:57

This must surely be in the top percent of easiest aim companies to audit. Nothing at all to worry about with an audit to be announced in a couple of months time. Loads of progress to announce in the short term. Just adding some balance here.

[lopodop] 22/1/2022 09:48

TD
The auditors will have their work cut out this time!

[vauch] 22/1/2022 09:18

Mews on drilling Monday.

[the diddymen] 22/1/2022 09:04

It is an unsecured loan. I am sure that Valkor will have it protected.

They could have easily secured it against the £8m of leases on the TOM Balance Sheet, and did not bother - perhaps something the auditors might pay attention to!

[lopodop] 22/1/2022 07:55

TD
Rest assured SB Is steps ahead in this game and will have protected VALKOR's position in the event of difficulty. He will do extremely well however events unfold.
Tom needs his flair on its board!

[vauch] 21/1/2022 15:59

Ducky you are on a roll today

[vauch] 21/1/2022 15:58

Damac many thanks for reply.