Tomco Energy Share Discussion Threads

[thesageofsaint] 06/3/2023 07:55

Well quelle surprise! Not really of course. Interesting that the can has only been nudged this time. Knowing that they will never acquire funding for the land then it is potentially very telling. If they wanted this narrative to be the core tactic going forward they would have plumped for a much longer delay. Remember, the vendor is going nowhere and there are no other buyers and $2m is banked, so no pressure to complete on a purchase that grossly overvalues this scrub land. The only conclusion is that the story line will be pulled this month and a new narrative will be penned. Of course this was always planned and in preparation, but they are obviously now close to releasing the change of tack! To think that mugs like Little and Dimac want you to believe that funding is possible is ridiculous. Any funder would want the backing of equity. Just like purchasing a house, the bank takes first charge on the asset and covers their risk with your deposit to derisk any potential negative shift in value of a very tangible and fungible asset, the house. No lender would lend against this land as an asset. It is worth mere pennies in the pound of the agreed price. Given they have no other assets to guarantee the loan, then it ain't happening. To believe otherwise shows such an infantile understanding of the most basics of commerce. Those that utter such moronic rationale are of course morons, and those that follow must also be ... yes you guessed right, morons. So at least I have been fair and equal to you all. Dear me!

[vauch] 06/3/2023 07:54

Each time we had news of an extension the share price dropped heavily but not this time

[lopodop] 06/3/2023 07:54

However Groat and Castro are well versed in 'other funding' so could dig CEO out of hole at a price - what happens then?

[the diddymen] 06/3/2023 07:53

This time the extension is 4 weeks, last time it was 8.

It is irrelevant really. TOM have no negotiating position because they bring nothing to the party except a bunch of shareholders who are willing to share the narrative.

Perhaps this time they will manage to get the RNS out in a timely manner at the end of the month.

[vauch] 06/3/2023 07:53

Well if it all now going to plan I expect the share price to move up as those in the know get positions.

[goulding1215] 06/3/2023 07:48

Now the BOD need to get on with putting some meat on the bones and rns’s with facts like timings, drillings, reserves, etc. I cannot believe it has taken so long to get where we are today. We need answers.

[lopodop] 06/3/2023 07:47

SL
TOM cannot run on a few bob in the bank - think about it - what is the overall creditor position - solvency etc etc or otherwise?

Yet again as per Fenners66 audited accounts held till last minute - what will Board and BDO end up by doing? This is getting silly and possibly indicates deadlock situation but can CEO conjure up enough funds in time through other means?

[jaynealex] 06/3/2023 07:40

Stuart ..why not another extn , if there were other interested parties ..they'd have jumped in by now

Maybe there are other parties but offering far less money..and as you say they may have been shown evidence of funding negotiations which keeps us at the front of any queue

But for all our sakes let's hope it gets done this month !!

[fenners66] 06/3/2023 07:33

Said next would be another delay , and there it is another delay

This time - no more musing on how they might pay for it and of course

"There can be no certainty that the required funding can be secured"

Question is , have they bought enough time to publish the annual accounts before any actual decision....?

[danmart2] 06/3/2023 07:32

RNS out

There can be no certainty that the required funding can be secured to complete the acquisition of the remaining 90% of the Membership Interests and further announcements will be made as and when appropriate.

Once again, they are spelling it out

[stuart little] 06/3/2023 07:24

Vauch, they are well funded, see my previous posts on this! (Or check previous placing date!)Remember, a few days ago there were thoughts that the land deal has collapsed. It hasn't. john has bought himself a couple of weeks to finalise this. I think the odds are better than a coin toss, but clearly not without risk!

[thrgef] 06/3/2023 07:16

Well it's already 6th March and two weeks lead in time is required to hold a GM. Suggests news is days away

[talais] 06/3/2023 07:14

Going to be a toss of a coin,

[stuart little] 06/3/2023 07:11

2 weeks to finalise things and call an EGM. I can't see TSH2 allowing another extension. Were they shown some evidence of funding to facilitate this extension? Let's hope so.

[vauch] 06/3/2023 07:09

Why don't they just extend it indefinitely.
Also will the co need more working capital now it has dragged on another month?

[eric120] 06/3/2023 07:05

TomCo Energy plc (AIM: TOM), the US operating oil development group focused on using innovative technology to unlock unconventional hydrocarbon resources, is pleased to provide an update with respect to the Company's 100% owned subsidiary, Greenfield Energy LLC's ("Greenfield"), potential acquisition of the remaining ownership and membership rights and interests in Tar Sands Holdings II LLC ("TSHII") (the "Membership Interests"). As previously announced, Greenfield owns a 10% Membership Interest in TSHII and holds an exclusive option (the "Option"), exercisable at its sole discretion, to acquire the remaining 90% of the Membership Interests for additional cash consideration of US$16.25 million which was scheduled to expire on 28 February 2023 (the "Agreement").



Further to the announcement on 2 March 2023 which noted that the Company was in discussions with the counterparty to the Agreement with a view to seeking a further extension to the exercise period in respect of the Option, the Company is pleased to announce that the Agreement has now been varied in order to extend the exercise period of the Option. Accordingly, Greenfield may now exercise the Option, at its sole discretion, by delivering a notice of exercise on or before 31 March 2023 and making payment of the US$16.25 million cash consideration by no later than 5 April 2023.



There can be no certainty that the required funding can be secured to complete the acquisition of the remaining 90% of the Membership Interests and further announcements will be made as and when appropriate.

[talais] 06/3/2023 07:05

Another 4 week extension,

[vauch] 05/3/2023 19:06

I see why Vivakor have plant on site. but not operating
Tar Sands Holdings II llc is another failed tar mine permitted for tar mining by Utah department of oil gas and mining. Tar Sands Holdings II acquired the Crown asphalt mining project in 2013. They made no inspection report for 2020. The inspection report for 2019 is included below.

Crown asphalt struggled for two decades to process tar before going bankrupt in 2012.

Tar sands Holdings II is connected to Vivakor who is claiming to be operating here.

[vauch] 05/3/2023 18:48

Greenfield Energy to add a facility in Uintah County
by Press Release July 15, 2022
Salt Lake City — The Utah Governor’s Office of Economic Opportunity (Go Utah) awarded Greenfield Energy, 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.

Greenfield Energy plans to provide up to 214 new high-paying jobs and invest $150 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,” says Dan Hemmert, the Office of Economic Opportunity’s Executive Director. “Energy independence has never been more important to the nation, and we’re proud to support this joint venture which will provide significant investment into rural Utah. We are also pleased to see both companies’ innovative processes, aggressive carbon sequestration, and efforts to be carbon neutral — from well to tailpipe.”

Greenfield Energy (a wholly-owned subsidiary of TomCo Energy PLC) intends to develop and extract oil from tar sands deposits in Uintah County and other surrounding counties in the eastern parts of Utah. As part of its operation, Greenfield Energy will inject carbon dioxide into the tar sand deposit, which will assist in the enhanced recovery and then be sequestered within the geologic formation. With this expansion, the company will deliver its products throughout the state of Utah and the western United States.

“Each oil and gas deposit is unique, and the oil sands in Uintah County and surrounding areas are exceptional deposits with tremendous potential,” says John Potter, CEO of TomCo Energy. “The support we’ve received in advancing this project has been outstanding, and we look forward to creating a stabilizing economic boost for the Uintah Basin that will last for decades.”

Greenfield Energy may receive up to 50 percent 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 Greenfield Energy 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,” says Theresa A. Foxley, president and CEO of EDCUtah. “These two companies are innovating the extraction process and moving the industry to more sustainable methods.”

Tax Credit Projections

Timeline: 10 years

Capital investment: $150 million

Jobs: 214

Wages: $102,070,635

New state tax revenue: $152,665,602
REDTIF new state tax credit: 50%

[lopodop] 05/3/2023 18:14

Shaunx
A number, perhaps not a goodly number, comment here for various reasons as do you. If you do not subscribe to open discussion then it's simple - ignore what appears and bury your head in sand! Choose only those comments that appear to agree with your research and reasoning.
But the fact that you choose make a remark or two may indicate your apprehension given the open ended circumstances that seem to prevail - the directors offer no reasonable communication with investors despite a number of erstwhile assurances and even DAMAC may be wishing that he had been more cautious in his prognostications. However the Board as a whole may be indebted to him for stating the case for a sound agreement delayed only by legal bureaucracy - in fact they may worry that he seems to know more than they. It could be so.
Finally if Groat, Castro and the new fellow have not bought shares in this business, that should tell investors one thing and no amount of research or reasoning will overcome this enormous red signal. Do you agree that Experienced investors should overlook this warning. It has been mentioned so many times. That is why there are few experienced investors on board - having seen red they cut their losses.

[danmart2] 05/3/2023 17:58

Ors1

Ironic post?

[the diddyboys] 05/3/2023 17:23

I also think that's one thing we can agree on Andrew, we should indeed find out soon.

[shaunx] 05/3/2023 16:05

Busy body on here again for no apparent reason Andrew

[lopodop] 05/3/2023 15:59

Bountyfull
Well well well.
A minority here do not agree with your thinking about Mr Potter's deal making ability - but good luck with your thinking - he will be chuffed. Of course Groat in his wisdom has described him as 'accomplished' so in fairness you can hold Groat to account but first check the pending audited accounts to ensure Groat maintains this opinion.
Also have regard to the level of directors' pay. Is it right that all the non execs have been paid for how many delay months when nothing seems to have happened and therefore what was each doing if TOM was in 'sleeping mode'. Very nominal salaries would be reasonable but are the actual pay rates commensurate with the skill and effort required. In regard to CEO one could argue similarly if he was effectively sitting on his backside waiting for news - surely there was not a lot for him to do and therefore some of the more savvy investors may agree that his pay should have been restricted - of course it may have been. But the last placing may have been instituted as a panic mode upsetting a few investors who may been concerned about TOM's management abilities and therefore the need to conserve funds should have had regard to directors' reward levels.
Certainly the recent RNS was uninspiring and designed perhaps to warn investors of uncertainty ahead - maybe a poor deal, a back to the drawing board situation or perhaps a series of placings designed to bring in some big hitters able to handle the mega cash requirements.
But if you have confidence that Mr Potter will bring home a deal to suit you, you should find out very very soon.