Tomco Energy Share Discussion Threads

[talais] 15/7/2022 13:46

https://business.utah.gov/news/heavy-sweet-oil-expanding-headquarters-in-uintah-county/

[talais] 15/7/2022 13:46

More positive News,July 14, 2022Today, the Utah Governor's Office of Economic Opportunity (Go Utah) awarded Heavy Sweet Oil, LLC a temporary, marginal tax reduction for its expansion in rural Utah. The post-performance corporate incentive is part of the Legislature's Rural Economic Development Tax Increment Financing (REDTIF) program.As part of the agreement, Heavy Sweet Oil plans to bring up to 213 new high-paying jobs and invest $330 million in rural Utah during the next 10 years."We are excited to see Greenfield Energy and Heavy Sweet Oil growing in the Uintah Basin," said Dan Hemmert, the Office of Economic Opportunity's executive director. "Energy independence has never been more important to the nation, and we are proud to support this joint venture which will provide significant investment into rural Utah. We're also pleased to see both companies' innovative processes, aggressive carbon sequestration, and efforts to be carbon neutral - from well to tailpipe."Heavy Sweet Oil intends to sell a range of petroleum products having a substantially reduced carbon footprint and near-zero sulfur, including a blended biodiesel product to the shipping industry, asphalt cement for roads and infrastructure, and specialty chemicals to industry. The company has an agreement with TomCo Energy, which assists with permitting and government relations."Heavy Sweet Oil is extremely excited to develop our project in the state of Utah, especially in rural Utah. It is there that we believe we can make the largest positive impacts with our investment and operations," said Steven Byle, chairman of Heavy Sweet Oil. "We have developed a world-class team to develop this major asset. In fact, we have relocated our entire operations and management team to Utah to advance this project for decades to come. Together with the other producers in the basin, we believe that Utah will be established in the years to come as a major player in the U.S. energy economy. We further intend to show our appreciation to the state and local communities by giving back over time through building recreational, wildlife, and community infrastructure as we move forward together."Heavy Sweet Oil 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 (U.C.A. 63N-2-106(2)). Each year Heavy Sweet Oil meets the criteria in its contract with the state, it will qualify for a portion of the total tax credit."While our involvement in this expansion project was limited, we welcome Greenfield Energy and Heavy Sweet Oil to Utah's energy industry," said Theresa A. Foxley, president and CEO of EDCUtah. "These two companies are innovating the extraction process and moving the industry to more sustainable methods.

[talais] 15/7/2022 13:20

https://www.voxmarkets.co.uk/articles/rns-hotlist-angle-n4-pharma-ncondezi-novacyt-sdx-tertiary-tomco--2944ac2

[ajj2003] 15/7/2022 12:43

TomCo Energy (TOM), the US operating oil development group, announced that the company's wholly owned subsidiary, Greenfield Energy LLC has been awarded a 10 year marginal tax reduction, with a potential aggregate value of up to approximately $76.3 million, in relation to its planned project activities on the Tar Sands Holdings II LLC 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 programme.

hxxps://www.voxmarkets.co.uk/articles/rns-hotlist-angle-n4-pharma-ncondezi-novacyt-sdx-tertiary-tomco--2944ac2

[lopodop] 15/7/2022 12:39

Does a one man 'band' really need three non execs?

[talais] 15/7/2022 12:29

https://www.voxmarkets.co.uk/articles/trader-s-cafe-with-zak-mir-bulletin-board-heroes-july-15-cdd1c61/

[talais] 15/7/2022 11:54

Expected a bit more buying on that news, seems like a stand off at the moment,

[goulding1215] 15/7/2022 11:37

It takes a lot of profit to pay $76. So why are the usual dopes selling, hoping to bring the share price down thinking that they will buy back in cheaper. I don’t think do this time. At a 50% tax rate, you need to earn about $150,000,000 to pay that, except the $76 million goes into Greenfield's pockets. Think about it sellers. That is a lot of profit.

[joeblogg2] 15/7/2022 11:13

how will the funding be structured ??

[wilson2] 15/7/2022 10:36

The story of tomco energy is nothing more than a play you would go and see in a theatre, a one man band who writes a new story every 6 months like Ken Barlow of coronation st. he never change's he just gets older.

[goulding1215] 15/7/2022 10:19

Well done John of a real winner for TOM. I can only imagine that this is a result of a lot of hard work on your part. From the AGM, it is obvious that the Board is backing JP 100%. I can’t see this financial incentive not being awarded if the funding wasn’t close to being agreed. Well done for this success, let’s crack on with oil production now.

[lopodop] 15/7/2022 10:01

R Mart should stick to CORCEL where his strategic advice may be most welcome.

Unfortunately his view re TOM on tax credits in US is nonsense for many reasons and therefore unhelpful to say least but he clearly knows better. TRY selling that line to any financier!

However good to know that JP IS STILL LOOKING FORWARD and that his inherent optimism is indestructible. This will greatly Comfort the market.

[cheshire2] 15/7/2022 09:26

At current $ to £ conversion and assuming all the warrants are taken up in november and no more are issued, over the 10 year period would be a saving of equivalent to 3p per share !!!

[jaynealex] 15/7/2022 09:23

Always just enough selling to dampen any rise

Yeah I know sellers make a market etc but it happens here again and again .... Just as you think " there's no stopping us now , we're on the move "

hxxps://youtu.be/ZEWkZb11pss

McFadden and Whitehead

[rmart] 15/7/2022 09:18

for the dimwit.

$76m of tax credits on tax paid from income from oil production, sand sales, refinery percentages etc.

$25m of funding is less than 1/3rd of that tax credit.

Assuming they only qualify for half the tax credits it pays the finace off with ease.

and he knows that.

[fenners66] 15/7/2022 09:11

This is just plain ignorant or worse its total ramping BS and he knows it.

"rmart
15 Jul '22 - 09:02 - 27198 of 27198
IMO we will now get the funding ($25m) for the remaining 90% of TSH11. Basically free funding with the tax credits paying it back with ease."

Tax credits only after tax is paid and most likely used to offset future tax.
Any loan needs its own repayment and loan interest on its own does not even qualify as they HAVE to create a business and jobs , let alone make a profit and PAY tax on it !

Lets assume he's not totally stupid and that was a very poor attempt at ramping BS.

[minja19] 15/7/2022 09:08

my long term chart finally turning positive on a number of indicators.
I want to see this close above .55 asap (which is both the daily 200 and weekly 50)
from there, there's a lot of blue sky to circa 1.45
just my view

[rmart] 15/7/2022 09:02

IMO we will now get the funding ($25m) for the remaining 90% of TSH11. Basically free funding with the tax credits paying it back with ease.

Then we move on, get to production and income and then the full plant funding will follow.

[damac] 15/7/2022 08:53

Full state backing is another nail in the coffin of the naysayers and doom merchants who claim this in nothing more than a charade or scam.

Well done to John and the team for the exceptional work put in to date. Now announce the funding 😉

[stuart little] 15/7/2022 08:45

There’s a good amount of work required to be awarded these incentives. Revenue numbers, employment figures, investment into the local economy will all need to be shown in the application.
That, on top of the recent support over the legislation changes is evidence enough for me that we are on the cusp of great things here.

[shaunx] 15/7/2022 08:42

This must be the news that lights the fuse gla

[ajj2003] 15/7/2022 08:42

TomCo Energy: Greenfield Energy venture lands Utah tax relief programme
“Energy Independence has never been more important to the nation, and we are proud to support this venture," said Utah Office of Economic Opportunity's executive director Dan Hemmert.

TomCo Energy PLC - TomCo Energy: Greenfield Energy venture lands Utah tax relief programme
TomCo Energy PLC (AIM:TOM) told investors that Greenfield Energy LLC, its wholly owned subsidiary, has been awarded a 10-year marginal tax relief.

The tax reduction could be worth up to US$76.3mln, it said in a statement.

It noted that the benefit is the result of an investment incentive in Utah. In return for investing and creating jobs in the region, the company may receive up to 50% of the state taxes over a ten year period.

"We are excited to see Greenfield's growth plans in the Uintah Basin,” said Utah Office of Economic Opportunity's executive director Dan Hemmert.

“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."

TomCo chief executive John Potter, meanwhile, added: "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."

The tax credit system is a EDTIF (Economic Development Tax Increment Financing) programme, run by the Utah Legislature.

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 the aggregate cap of US$76.3mln over the ten-year period.

[fenners66] 15/7/2022 08:30

So finally the news they have all been waiting for.....!

Drill results ? No.
Purchase of TSHII ? No.
Funding for the drills ? No.
Massive financing over $200m ? No.

A tax credit just in case they ever pay any tax ? You guessed it !

So a company that currently has 1 employee and no operating business , is told 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"

It has to Pay the tax first and then it "may" get up to 50% back as a credit to future taxes I suppose.

First it needs all the other things , then it actually needs to start a business.
Then it actually needs to make a profit and pay tax on it.


In the meantime some politician at no cost to the current tax base claims to be supporting Utah jobs....

Win /win , may never cost a cent.

[talais] 15/7/2022 08:25

Wouldn't want to be out of this over the week, lol