Tomco Energy Share Discussion Threads

[jaynealex] 24/1/2022 08:38

Yes but if that's because it's much more profitable to fund it ourselves fine ...but there's no explanation for the abrupt change in tactics

It's like they forget what they've previously said , which shareholders or potential shareholders have acted on

[hotfinance14] 24/1/2022 08:36

The bottom line is the well drilling has been delayed by 6 months and there is further dilution.

[jaynealex] 24/1/2022 08:29

Correct me if I'm wrong but ....

Haven't we gone from fully funded untill we get the biggy for the 5000 plant ...and the bonus of money from the production wells ( because the driller was providing the finance )

To a placing and a comment more funding required for the production wells

Beggars belief without a better worded more upbeat RNS

[goulding1215] 24/1/2022 08:28

Thank you for that Damac, if we are not given full information by the Company, it is difficult for shareholders to be aware of progress or lack of progress in this matter. So, we are in the hands of the Utah authorities, normally quite fast.

[damac] 24/1/2022 08:12

goulding,

It is the applications for permits on the production wells they have now recently submitted.

Applications for permits for the exploration wells were submitted last year, these are the initial permits they are still waiting on.

[vauch] 24/1/2022 08:10

I have a feeling the did apply last yer but had missed something so it had to go back again

[hotfinance14] 24/1/2022 08:06

Talais where does it state the drilling will ne completed in the next 8 weeks ?

[goulding1215] 24/1/2022 08:05

Why have they just started applying for the permits knowing that they were needed last year?

[vauch] 24/1/2022 08:04

Still this will peg it back for my big top up with PQE sale

[vauch] 24/1/2022 08:03

What happened to the other new bod that was suppose to be a funding expert, hel now we have two of them.

[talais] 24/1/2022 07:57

The three wells will be drill and completed in the next 8 weeks.if that happens I will be pleasantly surprised.

[hotfinance14] 24/1/2022 07:56

The share price will tank om opening by about 15% IMHO.

[jaynealex] 24/1/2022 07:54

Originally these production wells were to be funded by the driller

Now if there's been a change of tactic because it's much more beneficial profit wise ...why not say so

And to open up with we are pleased to announce a placing ..you couldn't make it up

The RNS could have been constructed way better ..with all the positive spin ...then the ..were doing a placing to maximise the benefits for shareholders

I wonder what they're upto or who's advising them on these communications

Incompetent ...or contrived is the question

[jaynealex] 24/1/2022 07:49

Sorry the way I read this ...is that more funding is required for the production wells

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.

[talais] 24/1/2022 07:47

Was expecting some sort of placing for the drilling. Once the results of the drilling start coming in this placing will be forgotten. Gla

[damac] 24/1/2022 07:47

Goulding,

I never apply spin, that's for others.

The main positive I am taking from the RNS is...

"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.

Surprised by the news that they have now switched the funding source on the wells drilling, from a previous RNS it was supposed to be through the third party connected to the project.

[butwhyhello] 24/1/2022 07:46

Oh a placing… what a surprise /s

[talais] 24/1/2022 07:44

Funded to next year, happy with the board changes some new blood,

[stuart little] 24/1/2022 07:43

Apologies to you all. You called this one better than I did. A couple of positives in the rns but some of it goes against what I believed to be happening. I'll now lick my wounds and consider my strategy. We may not speak again....who knows?! :-)

[rmart] 24/1/2022 07:41

19% dilution, funded until way after production from the wells, someone doing due diligence for the full funding for the 5000 bopd plant and zac brown on the bod.

Any other company would be delighted with this news, let’s see what Tommy does,

[ajj2003] 24/1/2022 07:41

"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.

Wonder who the party is

[goulding1215] 24/1/2022 07:33

Can you put a positive S pin on that Damac/Fishy?

Having bought the remaining part of Turboshale, maybe they intend to sell it?

Bringing Zak on Board Is positive for finance.

[pugugly] 24/1/2022 07:17

PI's screwed yet again - If it smells like a dead duck it may well be a dead duck. But of course DYOR as usual.

[pooler1] 24/1/2022 07:15

So no oil until end of H1 at the earliest, no need to keep on stating price of oil then. The share price will fall to 0.5 now.

[the diddymen] 24/1/2022 07:10

T101, exactly. No placing required in lalaland - placing on the RNS.

Repayment of the Valkor loan dependent on timely and successful drilling.

(Oh and no leaky ship here)