Tomco Energy Share Discussion Threads

[ducky fuzz] 02/4/2022 15:48

I agree with Stewy. I think funding news will be after Easter [2022 lol].

I think there are two possible funders and TOMco are in no rush to conclude as they won't need money till they drill the production wells.

Next news will be on the exploration results which could come next week or in the coming weeks.

[the diddymen] 02/4/2022 10:33

Stuart, the point was for Lopo. As the accounts go they are pretty matter of fact and BDO would have no problem standing by what they have signed off.

I am more interested in the accounting principles. TOM is simple, it is a punt on one of two technologies. One really because as you identify the drilling is the most likely route to survival. As stated previously I do not know if the extraction techniques are real or pie in the sky. The accounts are irrelevant because they are subservient to the risks of the process.

There is too much box ticking irrelevance in statutory accounts these days.

[stuart little] 02/4/2022 10:23

Isn't the going concern of any business the ability to carry out its business plan? Stating the obvious a little there my friend.

[the diddymen] 02/4/2022 09:07

Lopo

Anyone reading the accounts will know of the uncertainty of cash flows from the statements made.

The going concern of the business relies on raising the $195m, or the success of the drilling. The only chance is the latter and anyone investing would be on notice that they would have to understand the extraction technology.

What is clear is that despite all the moans from the other thread we on this side are far closer to what is going on at TOM.

The other irony of this set of accounts is that it demonstrates the complete hole that International Accounting Standards have backed themselves into. I could not find a single FTSE company that referred to a pandemic in their risk register pre March 2020. I suspect the same will be for a substantive war pre Feb 2022. What is the point of the 'risk' section in a very high risk company such as TOM. Box ticking gone mad.

[ajj2003] 02/4/2022 09:03

Hi SL certainly agree with you there ;)There should be plenty of news to come from Tomco in the near future regarding the three in situ wells, oil supply deals etc so plenty to look forward to. The c$145 million funding package will really make people sit up and take notice of the huge opportunities in a very new and exciting oil shale sector.

[stuart little] 02/4/2022 08:18

Morning AJ. History doesn't fill me with confidence of that timescale being hit. One can hope! What I would say (if john reads this?) is that the loyal shareholders he talks about in the accounts deserve a full update of the funding progress, should the Easter timescale slip.

[ajj2003] 02/4/2022 08:05

Hi vauch, as you know from previous interviews, big funding news for the 5000 bopd plant and associated other projects is anticipated to be signed off around Easter time from memory.

[lopodop] 01/4/2022 21:18

Well BDO seems reluctant not to accept the going concern basis. Why?

[vauch] 01/4/2022 20:49

I thing all in this are in no dough of the company potential and the fantastic returns
It is more that the funding is dragging on when it is suppose to be a no brainer and as such funders should be falling over it.
Is our funder a PQE holder and reason for delay?

[ttboy72] 01/4/2022 19:44

Ok guys just to show you the potential. As an investor in Quadrise here are 2 potential customers that we've possibly identified




hxxps://www.utah.com/things-to-do/attractions/rio-tinto-kennecott/

Both these opportunities use large amounts of fuel oil. So with the low Sulphur oil from Utah then being converted into MSAR / BioMsar they could fully displace the conventional fuel oil being burned in just these 2 operations.

In our presentation today it was also mentioned that rather than restarting coal fired power plants, that coal could be replaced by MSAR instead.

To give you an idea how much. Quadrise produced Msar for a trial in a power station in Lithuania in 2008. After the successful trial the number calculated that they would produce was 350,000 tonnes per year. For that one refinery. Which would be used by the local electricity company to power their generators.

So the potential in the US just for Power and Industrial applications alone is considerable.

That is not taking into account turning the Utah oil into Msar/BioMsar for MARINE use.

Which then takes it to another level.

[fenners66] 01/4/2022 19:28

Does your Jack Russell trouser £200k for doing it though ?

[damac] 01/4/2022 18:55

"Greenfield is engaged in ongoing discussions regarding funding options to potentially achieve the ultimate acquisition of 100% of the TSHII Membership Interests, together with the proposed drilling of a number of production oil wells and further construction of the planned first 5,000 barrels of oil per day production plant, whilst progressing other preparatory work. Whilst there can be no certainty that Greenfield can secure the requisite funding or the further permitting required, I am optimistic, based on discussions with potential funders to date, that the required funding to implement our plans can ultimately be secured.

These are very exciting times for TomCo as we look to realise Greenfield's significant potential."

Malcolm Groat

[1dutchman] 01/4/2022 17:48

One of the common themes throughout the company's history is the lack of management experience. As for now, I have no doubt that poor Potter is trying his damnedest. But it is like asking my Jack Russell to herd the sheep. He’ll have a real go, scurrying all about the place, but in the end the sheep will be spread to the five counties. He’ll know he failed, no doubt be disappointed, but he's a clever boy and knows he’ll still have a good meal and a warm place next to the fire in the evening.

[1dutchman] 01/4/2022 17:44

Of course this is only a guess and I’m sure it seems outlandish. But if you think about it, is it really very different than the history of this company over the last 10 years? No one could have made it up, and if they did, no one would believe it. Time and time again, the company finds someone with a new technology, investors’ pockets are picked, but nothing ever comes of it.

[1dutchman] 01/4/2022 17:43

That said, I refer to my last note. The drilling news is likely to be fantastic: There are tens of thousands of barrels down there! No water! No sulfur! But with vague details as to how the extraction process actually works. JP and the Board will live for the next year on this new dream.

[1dutchman] 01/4/2022 17:42

For the punters, I would suggest getting in early on Monday. It is typical for companies to announce the bad news on a Friday so as to clear the decks of all the negatives, and then follow up the next week with the good stuff. The next most likely news will be on the drilling, which by now should most certainly have been assessed. The fact that it wasn’t released today makes it likely they will try to position it as good news next week. So get in early and often!

[1dutchman] 01/4/2022 17:41

This is all getting rather entertaining.

[goulding1215] 01/4/2022 16:55

I like the word advanced.

[vauch] 01/4/2022 11:29

From Tom Board on LSE
Interesting that Jason Miles in the QFI IMC discussion today said the 3 wells had been done and permits expected by end June. Tomco updates from outside sources again!!!

[devon12] 01/4/2022 11:26

Excatly - also agreed end of years tend to be more an opportunity to buy but would hope they get some feedback on wells next week otherwise if will drift

[thesageofsaint] 01/4/2022 11:25

How long have you and your like been spouting the tale of commercial oil being produced? It is at best fanciful foolhardiness at worst self serving deceit and lies. Every day, month or indeed year that goes by the merry go round still turns and, as is by design of such funfair attractions, it always arrives back at the same place, accomplishing only the passage of time and a waste of energy all in the delivery of a bit of a cheap thrill for the horse riding or fire engine bell ringing infants. Actually a decent metaphor for you lot. You are a bunch or fools, chancers or grifters. Take your pick which fits, but you have all lost your investments. There can be no sympathy for anyone who is still left holding. That you cannot piece together the facts that stare you in the face or delude yourself that they don’t, is no excuse. But you denigrate the truth tellers. A microcosm of society.

[stuart little] 01/4/2022 11:00

"Greenfield is in advanced discussions with potential off-takers of both oil and sand from the TSHII site and it appears ideally suited for the future construction"Advanced. Why would you waste your time on this you might ask if the project wasn't viable?

[talais] 01/4/2022 10:59

Yep, just MMs taking advantage,

[stuart little] 01/4/2022 10:56

Twice as many buys than sells showing. Difficult to buy in quantity as that 5m over the offer shows. This morning is a very typical reaction to accounts on AIM, it'll bounce back later in my opinion as people look forwards again rather than backwards.

[fenners66] 01/4/2022 10:50

Interesting - although I think ultimately irrelevant the audit report says this about the potential Valkor stake

"The consideration for the acquisition is the issue of 592.8 million shares. The issue of the shares is contingent upon the Company receiving funds from, or drawing down on, a loan or credit facility granted for construction of an oil sands processing facility by August 2024"


It declares a number of shares , not a % of the company....

So by August 2024 given more fund raises (if any can be done) that is likely to be a LOT lower than 29% stake.

Now Valkor are aware of that too , so either they have made a mistake , or the audit report detail is not correct, or they don't actually care , because they judge there being no prospect of raising $175m.