Tomco Energy Share Discussion Threads

[ducky fuzz] 15/7/2022 07:10

Are you still optimistic?

[vauch] 15/7/2022 07:08

Wow a 10 year tax relief that would be half of the loan amount.
That is incredible for Greenfield Tomco. The funding is now not if. it is when.
And it will be real close.

[ducky fuzz] 15/7/2022 07:05

RNS Number : 5727S

TomCo Energy PLC

15 July 2022

15 July 2022

TOMCO ENERGY PLC

("TomCo" or the "Company")

Granting of Utah Tax Credit to Greenfield

TomCo Energy plc (AIM: TOM), the US operating oil development group focused on using innovative technology to unlock unconventional hydrocarbon resources, is pleased to announce that the Company's wholly owned subsidiary, Greenfield Energy LLC ("Greenfield") has been awarded a 10 year marginal tax reduction, with a potential aggregate value of up to approximately US$76.3 million, in relation to its planned project activities on the Tar Sands Holdings II LLC ("TSHII") site located in the Uinta Basin, Utah, United States. This post-performance corporate incentive is part of the Utah Legislature's Economic Development Tax Increment Financing ("EDTIF") programme.

As previously announced, TomCo, via Greenfield, currently owns a 10% Membership Interest in TSHII with an exclusive option, at its sole discretion, to acquire the remaining 90% of the Membership Interests for certain additional cash consideration in the period up to 31 December 2022.

Under the EDTIF programme, Greenfield has entered into an agreement with the Governor's Office of Economic Opportunity, such that in return for investing in, and creating new jobs in, the region, it may receive up to 50% of the additional state taxes it will pay over the 10-year life of the agreement in the form of a Utah Legislature-authorized Rural Economic Development Tax Increment Financing (REDTIF) tax credit. Each year that Greenfield meets the criteria in its contract with the state and new incremental state taxes have been receipted and verified, it will qualify for a portion of the total tax credit up to an aggregate amount over the 10 year period of approximately US$76.3 million.

Dan Hemmert, the Utah Office of Economic Opportunity's Executive Director, commented : "We are excited to see Greenfield's growth plans in the Uintah Basin. Energy Independence has never been more important to the nation, and we are proud to support this venture which will provide significant investment into rural Utah. We are also pleased to see the planned application of innovative processes, aggressive carbon sequestration, and efforts to be carbon neutral - from well to tailpipe."

Commenting, John Potter, CEO of TomCo, said : "The amount of local support we have received in advancing our project to date has been outstanding and I would like to thank everyone involved. We believe our proposed development project in Uintah County is based on an exceptional deposit with tremendous potential. We continue to make good progress with our plans for the TSHII site and continue to advance the previously announced due diligence exercise being undertaken by a potential financing party currently interested in backing our plans for Greenfield. We look forward to providing further updates in due course."

Enquiries :

TomCo Energy plc

[lopodop] 12/7/2022 19:15

Vauch
Do you not think you were given the nod by JP for a reason! Groat and his compatriot Castro are seasoned operators and must know the chances of funding are zilch BUT as non execs the operation is conducted by its employee and when the business turns sour they can try to offload criticism on to JP. So following your report, the share price lifted raising joy and optimism. However the market corrected the position this week and investors remain in the customary desert of uncertainty. Give it a few months or so and then you may have a realistic assessment.

[ducky fuzz] 12/7/2022 18:07

Good to see you optimistic once more.

[vauch] 12/7/2022 17:59

If this was around 1p before AGM we wold have had a mass of warrants hitting the markets.
After going to the AGM I will be looking forward to financing going through and not worried about the share price at this time.
Im in this for the plant production not the 7 wells or the other add on projects.

[vauch] 12/7/2022 17:54

I hope it will go to £2.00 but it will do whatever until we have funding and I can except that

[talais] 12/7/2022 16:15

You hope it will drift back down. Lol

[vauch] 12/7/2022 16:15

No No Ducky, We all know Rmart is a trader.
I have mad good money trading stocks in the past but have not the time now to be watching the screen all day.

[ducky fuzz] 12/7/2022 16:09

Hi rmart .. so that is you that's been selling ?

[rmart] 12/7/2022 16:08

Well the agm brought the usual rise in anticipation of good news followed by another rise from the good feedback.

Now it is out of the way I suspect we will drift back down until funding news hits. Who knows when that will be???

[vauch] 12/7/2022 15:59

Yes Ducky, go to the next AGM

[ducky fuzz] 12/7/2022 15:26

damac's stopped doing his dates so I'll have a go ..

John in Utah for the next X weeks. Till end July ?

31st July .. Valkor loan payment due.

August .. Get Production well drilling permit for 7 wells.

September .. Start drilling.

September .. Reserves update.

Funding .. Before we start drilling in September. Those attending the AGM think it will only be weeks.

Anything to add anyone.

[ducky fuzz] 12/7/2022 15:07

PQE taking another rogering today.

Investors and me don't believe the sale will go through.

Vivakor also struggling of late.

[ducky fuzz] 12/7/2022 11:46

Funny how there has been a bit of a sell off first thing these past two days.

Might be a trader trying to bring down the share price or someone taking profits from the 0.37p last week.

[goulding1215] 12/7/2022 10:49

Good info there Ajj, thank you.

On a broader picture, I wouldn’t be selling any oil stocks, the mass murderer, genocidal Putin is blocking oil from Khazakstan, a large oil producer. Trying to blackmail the world now.

[damac] 12/7/2022 10:04

Ducky, he is back in Utah.

[ajj2003] 12/7/2022 08:04

Hi Talais,

If you look on the Vivakor website you can see their Utah in operations and pics in the media sections.

hxxps://vivakor.com/utah/

hxxps://vivakor.com/video-images/

As you can see the first Vivakor plant is very much up and running and ramping up to full production. They are also due to set up and start production on three more RPC units this year so definitely all systems go there with 3 percent oil, 50 percent sand and costs for providing the oil shale going in the kitty ;)

[talais] 12/7/2022 07:50

Hi ducky, Just gets a bit Frustrating,

[ducky fuzz] 12/7/2022 07:46

Wonder where John is at the moment.

[ducky fuzz] 12/7/2022 07:43

Hi Tal .. The share price will take care of itself as (funding) progress is made.

[talais] 12/7/2022 07:41

Vauch , hi Was there anything mention at the Agm about Vivakor plant in Utah, ie if it had been started or nearly finished, I know it has been mentioned on this board a few weeks ago,, just wandering if it came from the horse's mouth,.

[talais] 11/7/2022 13:58

I expected this to be pushing .60 after Friday finish, might pick up this afternoon,

[cheshire2] 11/7/2022 13:54

I emailed the company a couple of hours ago stating the warrants shown was wrong 584,552,350 unless there was something shareholders were not being told ?. They have not replied but i have just checked and it is now showing 397,427,350. So they are viewing emails if not replying and no conversion of warrants for £1.5m. Must be confident of the loan in the near future !!

[fenners66] 11/7/2022 12:25

As for the latest defence is the best form of attack....

Faced with questions of how a one man band expects to raise $200m in financing ,
they are now claiming a reason for any delay would be down to .....

not borrowing far too much ,

but borrowing far too Little !!

Oh well an indefinite delay is still an indefinite delay whatever the reason given...