Tomco Energy Share Discussion Threads

[ajj2003] 01/4/2022 10:40

Excellent Talais, April looking like an important month for Tomco on a number of fronts.

[fenners66] 01/4/2022 10:40

Louis Castro and Zac Phillip's other companies worked for get a name check

MG and JP don't !

Especially JP as we know he has previous experience of his projects being liquidated.

So obvious what is not being said.

[talais] 01/4/2022 10:38

A recording should be on there website.QUADRISE FUELS INTERNATIONAL PLC - Interim results which will start at 1st Apr 2022 at 10:00am BST.

[fenners66] 01/4/2022 10:35

"The Company has engaged leading advisers to assist it in securing relevant permits or licences to operate"

adding cost to the overheads....

[ajj2003] 01/4/2022 10:34

Morning Talais, great news and have you got the source for that disclosure please.

[fenners66] 01/4/2022 10:32

"The cash currently held by the Group is sufficient to fund ongoing overhead costs for approximately 12 months, beyond which further funding will be required"


Cash running costs in the period reported were £1.235m
But without repaying the loan they need to fund about £26k a month in interest as well
or by 31-3-2023 another £260k

So they reckon approximately £1.12m will be sufficient vs perhaps £1.5m of costs ?

How ? Cut costs , not pay JP ?
Stop the 3rd party "experts" spend ?

[talais] 01/4/2022 10:28

QFI, have just said that a oil supply agreement in Utah we be signed by end of this month,

[fenners66] 01/4/2022 10:26

At last a warning...


"TSHII option by 31 December 2022 of $16,250,000 requires sufficient additional funding to be raised prior to December 2022 otherwise the option lapses"

[fenners66] 01/4/2022 10:25

They do not entertain the idea of the Valkor loan page 6 - actually being paid !


This is incredible - they have enough cash to last a year - they say - provided they do not pay the liabilities that
they agreed to , when they fall due !

Worse

"and a loan due to Valkor of approximately £1.14 million ($1.5 million)"

Which MISSES the accrued charges of 15% mentioned earlier $225k

How can they state the charges are due 30-5-22 then convert the liability as just $1.5m as of March 22 ?

[fenners66] 01/4/2022 10:19

Given the share price performance you can see why they delayed until now the publication of these accounts.

[fenners66] 01/4/2022 10:18

$1.5m principal and 15% - $225k is due to be repaid to Valkor on the 30-5-2022

so a little over 8 weeks , unless a deferment is agreed.

What if they do not agree?
Give them the 10% of TSHII ?

If they do agree a deferment , its 2% per Month on $1725k
so $34,500 a Month

nice little earner on their $1500k lent
does the 2% compound and roll up?

Its at least 27.6% pa

Junk bond rates.... WHY?

[fenners66] 01/4/2022 10:11

Then Valkor who had 50 % of Greenfield walked .....
They should know best
They prefer to be an arms length third party supplier.

[fenners66] 01/4/2022 10:10

Valkor worked on the POSP - paid for by TOM

Valkor then wrote a FEED study

Really ?

Valkor said that the plant Valkor spent all that money on works....

But no one evidenced 500bpd for a day , not even 1 day.

[fenners66] 01/4/2022 10:05

Is this the standard of management ?

Acquire the remaining 20% of Turboshale (why was there a willing seller?)
then write it off !

[fenners66] 01/4/2022 10:03

RED Flag alert

"the site itself contains the remnants of a third-party facility that has not been in operation for more than 10 years. As a result, a detailed review of the historic plant has been arranged to make sure that there are no potential liabilities"

They agree a price and pay nearly $2m for 10% - then decide to have a look see if they are taking on "liabilities"

Since they have mentioned it for the first time , what are the chances ?

[fenners66] 01/4/2022 09:59

"In early November 2020, Stephen West and Alexander Benger stepped down from the Board"

"we appointed two new non-executive directors, Richard Horsman and Robert Kirchner"

"Robert subsequently resigned in June 2021"

"January 2022, Richard Horsman left the Company"

4 BOD resignations in just over a year !!

With 1 staff and a small board , 4 resignations , just when things that have not materialised yet (ironic) were supposed to get going ....

What does that tell the gamblers?
Those closest to the company are no longer associated with it ????

[thesageofsaint] 01/4/2022 09:01

The irony of the company posting its final year report on the 1st April seems to be lost on the fools and dreamers here. What an absolute sham it is. That you are all still spouting your imbecilic nonsense of oil jam tomorrow is actually pitiful as the share re-enters the sub halfpenny range. A pantomime of clowns!

[talais] 01/4/2022 08:27

Vivakor should have their plant up and running by early June , and hopefully the three wells will be producing as well, that will be the start of some income,

[vauch] 01/4/2022 08:16

The Board is committed to maintaining good communications and having constructive dialogue with its shareholders. Shareholders and analysts have the opportunity to discuss issues and provide feedback at meetings with the Company and management.

All shareholders are encouraged to attend and participate in all shareholder meetings called by the Company, in particular its Annual General Meeting (AGM). Investors also have access to current information on the Company and the Group through its website at: www.tomcoenergy.com.

[vauch] 01/4/2022 08:02

Like the good news that in the next two weeks we will hear terms of note, that was some weeks back now.
At the next AGM I hope all will attend as was mentioned in the RNS

[minja19] 01/4/2022 08:01

Morning Stuart .. yes you highlight a section which in my opinion was written rather clumsily
“If the funding is not secured, our current business plan would be curtailed, but a viable project, albeit a fraction of the size, would remain.”

my version
“Our current project, which generates $8-10m a year revenue, will be considerably enhanced, once funding is secured for our forward business plan”

[talais] 01/4/2022 07:56

Just need some good news from the three wells drilled.

[vauch] 01/4/2022 07:53

As I have said many time can they just get one over the line to start with and not now add any further projects to prolong the development.

[vauch] 01/4/2022 07:52

They blame delays on covid and now Ukraine, was the initial loan linked to a Russian bank, as I don't see why they would mention Ukraine.

[jaynealex] 01/4/2022 07:47

I keep posting in my opinion the goalposts have moved ..we have more breathing space , more room to manoeuvre ..maybe the original funding terms were onerous and we're fighting for better terms by developing more options to get cash flow going

The critical thing though is getting that 90% or even extending the Dec 2022 deadline

But you'd have thought there would be other interested parties ready to buy the lease if our option expired

Come on Tommy let us now what's going on