Tomco Energy Share Discussion Threads

[the diddymen] 02/3/2022 07:59

Another day and no heads of terms. Accounts by latest 4 weeks tomorrow.

Fenners will correct me if I am wrong (!) but failure to announce the results will result in suspension. Facts will be facts and therefore there should be no risk of this but given the crunch decisions and current lack of evidence watch it go to the line.

[talais] 02/3/2022 07:49

Come on Tomco give us some news,

[fenners66] 01/3/2022 21:53

Price of oil and therefore petrol is relevant - it means higher admin expenses....
Director has to drive to and from .....the office(?) or the airport or maybe their allowed private miles in something....

[lopodop] 01/3/2022 20:07

Vauch
Quite right - silence, more silence and yes more silence. A number here have warned over and over again about this rediculous situation. Yet you refuse to see what is so obvious. In the absence of proper communication, what conclusion do you draw - it will be ok on the night - or have you been mislead by a so called accomplished MD who in reality is out of his depth.

[lopodop] 01/3/2022 20:07

Vauch
Quite right - silence, more silence and yes more silence. A number here have warned over and over again about this rediculous situation. Yet you refuse to see what is so obvious. In the absence of proper communication, what conclusion do you draw - it will be ok on the night - or have you been mislead by a so called accomplished MD who in reality is out of his depth.

[talais] 01/3/2022 16:39

Brent at $110 Wti $106

[ducky fuzz] 01/3/2022 16:08

Shhhhhhhh !!!!!

[vauch] 01/3/2022 16:01

Are we in for another week of silence?

[lopodop] 01/3/2022 15:20

GROAT AND CASTRO, both being Chartered Accountants should have known BETTER - a great deal better. Not so perhaps POTTER but he will be first to admit he is inexperienced etc etc.

[fenners66] 01/3/2022 14:47

"in thrall "
Well put , can anyone think of a better example ?

[1dutchman] 01/3/2022 14:41

My guess is that the day will once again be ‘saved’ by Valkor and their mystery Canadian backers (because Valkor certainly won’t risk their own cash), with TomCo falling even deeper in thrall to them. Who knows, maybe that’s the best outcome? Maybe someone there has a plan. But there’s usually a dark reason as to why backers remain mysterious. For the sake of shareholders, I hope that the Board (or their successors) will conduct appropriate due diligence to find out what has happened to the previous companies with which these mysterious Canadians have been involved. The AIM regulation may be very interested as well.

[1dutchman] 01/3/2022 14:39

Note should be taken of Valkor’s stranglehold on the company. Perhaps Potter was naïve enough to accept the terms of the Valkor loan, all the while accepting without question their assurances that a) CORT ‘works’ and can get funding, and b) Valkor’s new ‘in situ’ process for producing from newly drilled wells will pay for the go-forward plans. Potter is Byle’s puppet. But the Board, with Groat and Castro both being CFAs, should have known better. This current storyline may yet ramble along for some time, but at some point it will become evident that the only asset of any real value is the company’s AIM listing (~2-3 million). But even that value has now been destroyed by the financial arrangements with Valkor. Which means Valkor has effectively taken control of TomCo for peanuts. Does it really matter for Valkor whether CORT or ‘in situ’ works? They’ve been paid regardless, and have fled whenever a cash call is close (remember the Greenfield JV?) No doubt Valkor now believe they have control of a vehicle with which to raise funds for any of their own future ventures. All they have to do is pull the puppet strings.

[lopodop] 01/3/2022 14:08

Ominous silence - if TOM is not deemed to be a going concern, the company faces limited choices including insolvency.
Whatever views the BOD has, BDO will not accept a botch up so investors have to wait.
In their examination, BDO should look at the extra payments made to KIRCHNER AND HORSMAN to confirm these were made for valid reasons and ascertain the circumstances of their departure because it could have a

bearing on the current situation. Did these gentlemen warn the chairman of problems ahead?
JP will already know the issues that can arise with an insolvent company.
It is all very well Jayne-Alex posting cobbled together enthusiastic forecasts but this only confuses the situation because the presumption being made ie TOM is financially sound etc with a valid business and income stream is not, at least so far, supported by hard facts.
May be there is a white knight in hover here but at what price for investors. As has been repeated so many times, the chairman has to tell investors NOW.

[talais] 01/3/2022 12:33

Oil just gone though $100 , and Boris talking about slowly restricting Russian gas and oil,

[fenners66] 01/3/2022 10:25

"payment of the 90% within the next 12 months."

Correction

Next 10 months.

Not seen an explanation of what happens when they fail to fund it.

But since the land was costing $24,000 an acre instead of the $140 an acre that Valkor paid next door , perhaps it should fail ?

[the diddymen] 01/3/2022 10:03

No great surprise that there are no heads of terms yet.

The TOM narrative has now got to a stage where it can morph no further. March will be a big month. The auditors need to sign off on the balance sheet and going concern.

The former will take a hammering - the auditors will be concerned about their PI and the £8m of leases should be written off. In its own right that is not critical, but there will be no hiding the substance of the company as the BoD tout around to fund the unfundable.

Second up will be the cash/going concern. This will be absolutely dependent on the drilling and TOM do not have time to prove up the cash flows within the next 4 weeks. Solvency will ultimately depend on the detailed terms of the loan from Valkor, but that will leave the auditors feeling uneasy.

Setting aside the Valkor loan there is the small matter of payment of the 90% within the next 12 months. Again no great surprise but the auditors will want to see tangible assurance that the funding is likely to be in place, and that is why the current delay on the heads of terms should be of concern.

The problem for the Directors is that the Balance Sheet will be a major consideration of any lender. Net assets and cash are going to be proximate, and frankly there are better caopitalised corner shops. As I have mentioned before none of the Directors have taken any personal risk in this one and with a corner shop balance sheet it will convince no one.

[ajj2003] 01/3/2022 09:58

A closet Phil fan I see ;)

[vauch] 01/3/2022 09:43

Another day in paradise

[lopodop] 01/3/2022 08:36

If any investor feels an overwhelming sense of puzzlement, quite possibly the auditors BDO may themselves be experiencing similar feelings. On the positive side audited accounts are due this month so in continuing absence of reliable data from TOM, the auditor's statement may give a realistic insight into what is happening and the financial state of affairs.

[talais] 01/3/2022 08:19

Just thinking outside the box , do you think Viston could be our backer, they have move their date to April which is when the board said are backer wanted to finalise the finance.

[lopodop] 28/2/2022 16:31

RMART
The BOD should be grateful for the loyal support of yourself and your cohort. You are so accepting and unquestioning of the company's propaganda - just the shareholders any board will desire.

[fenners66] 28/2/2022 16:26

Looks to me like rmart has made his turn and sold again - now he timidly asks the same questions we do consistently.

I guess if it gets low enough he will buy back and the incessant ramping will recommence.

But if he has found a way of making money so be it , that's why they are gambling on TOM in the first place

[lopodop] 28/2/2022 14:14

Rmart
Ask DAMAC what he understands is happening.

[rmart] 28/2/2022 13:55

no news since they said early march for drilling so should we assume all is on track?

then again no word since they said funding sheet in 2 weeks which is now almost 4 weeks ago so as per usual we have no idea.