Tomco Energy Share Discussion Threads

[rmart] 30/6/2023 11:21

Mathhew Jones Increasing his holding to over 10% of the company. nice.

[lopodop] 30/6/2023 10:38

Groat has a second rns apparently this pm - on HARL, of which he is chairman.
Interesting for results ie loss levels, cash burn and directors’ pay.

[vauch] 30/6/2023 10:30

I thing the poit of posting it is to show how far we have not progressed.

[eric120] 30/6/2023 10:15

AGM last year 7th July.

[kdickson] 30/6/2023 10:10

Looks like most/all these sells are actually buys, same as yesterday (a poster on LSE confirmed they purchased the 6.9m).

[rmart] 30/6/2023 09:58

Why put last yrs agm notice up ?

[rescuer] 30/6/2023 09:20

Going concern

As at 29 June 2023, the Group had cash reserves of approximately GBP415k, and an outstanding loan due to Valkor Oil & Gas LLC of approximately GBP0.47 million (approximately US$0.6 million) which is repayable on completion of a suitable funding transaction for Greenfield.

The Directors have prepared a cash flow forecast for the period to 30 June 2024. The forecast, which includes capital expenditure committed at the date of this interim report, indicates that the Group will need to raise additional finance in order to continue as a going concern. In particular, the payment which is due by Greenfield in respect of the potential exercise of the option over the remaining 90% Membership Interests in TSHII by 31 December 2023 of US$17,250,000, requires sufficient additional funding to be raised prior to December 2023, otherwise such option will lapse. Should the option lapse because sufficient funding cannot be secured, then the Group's current business plan would be curtailed but, in the Board's view, the Group would remain a going concern subject to the occurrence of other currently unforeseen events.

The Directors note that because of both the lingering economic effects of the COVID-19 pandemic and the ongoing war in Ukraine there remains considerable uncertainty in respect of the global economy and oil prices continue to be volatile, which may have implications with regards to obtaining additional funding, either for the Group's day-to-day operations or additional capital expenditure/development activities.

The cash reserves currently held by the Group are insufficient to fund ongoing overhead costs for the next 12 months. However, based on a history of successfully raising additional funds when needed, the Directors have a reasonable expectation that the Group will be able to raise the required additional funds as necessary.

The above conditions represent a material uncertainty which may cast significant doubt over the Group's ability to continue as a going concern such that it may be unable to realise its assets and discharge its liabilities in the normal course of business. Whilst acknowledging this material uncertainty, the Directors remain confident of raising additional funds as and when required such that the Directors consider it appropriate to prepare the unaudited condensed consolidated interim financial information on a going concern basis. The unaudited condensed consolidated interim financial statements do not include the adjustments that would result if the Group was unable to continue as a going concern

bust by the end of the year..

[lopodop] 30/6/2023 08:22

For how many years can continuing uncertainty and economic worldwide pressures be played. Looking at past years this could carry on for at least two years which will allow Directors’ annual and unchallenged pay to exceed a record £1million.

[lopodop] 30/6/2023 08:11

And what say DAMAC and SL!

[rmart] 30/6/2023 08:08

So they are now positive on gaining the funding during 2023, does that mean the large holders are now taking that one and giving this bod another 6 months?

Interesting, no comments from JP.

[fenners66] 30/6/2023 08:04

Other than that nothing new

hopes , dreams and directors remuneration...

oh and remember folks ..

"there can be no certainty that such funding negotiations and proposed arrangements will be satisfactorily concluded"

[fenners66] 30/6/2023 08:00

Directors' remuneration

6m £232k

Last year £362k

Looks like its gone up £102k per year. .... or 28% pay rise ... you know it makes sense.

To get it whilst they still can !

[fenners66] 30/6/2023 07:55

Loss per share 0.07p
Price per share 0.08p !

Lost the price (not value the shares imo are not worth that much) in 6 months

[thesageofsaint] 30/6/2023 07:54

Another BS burger statement this morning '... exciting times ahead...', you lot really are being taken as fools. To believe all that verbiage, will need you to believe that the covid 19 jabs are safe and effective, Ukraine is a bastion of demographic and liberal values, Biden received 81 millions legitimate votes and perhaps that there is no higher state of human existence than being a bloke who plays dressie up as a women. If you mock anyone of these and many other similar as the mere ramblings of a fool, then it is exactly why you have allowed your limited wealth to be destroyed by this charade. Once a captured mind always a captured mind.

[cheshire2] 30/6/2023 07:53

RNS Number : 4553E

TomCo Energy PLC

30 June 2023

30 June 2023

TomCo Energy plc

("TomCo", the "Company" or the "Group")

Unaudited interim results for the six-month period ended 31 March 2023

TomCo Energy plc (AIM: TOM), the US operating oil development group focused on using innovative technology to unlock unconventional hydrocarbon resources, announces its unaudited interim results for the six-month period ended 31 March 2023.

Chairman's Statement

Operational

The Company's primary focus remains on its wholly owned subsidiary, Greenfield Energy LLC ("Greenfield"), and its plans to pursue the construction of two oil sands separation plants, capable of processing at least 6,000 tonnes per day of oil sands at a suitable site held by Tar Sands Holdings II LLC ("TSHII") in Utah, USA, as well as potentially exploiting other opportunities available to it.

Post the reporting period end, the Company has continued to seek to secure the requisite funding package for Greenfield's development, with the primary scenario involving the potential disposal of a majority stake in Greenfield to a partner in return for, inter alia, certain upfront cash consideration, a continuing equity participation for TomCo in Greenfield without the requirement for further capital contributions from the Company, and the provision of a sizeable funding package to Greenfield. While taking longer than hoped, discussions remain ongoing and, based on conversations to date, the Board remains optimistic that suitable funding arrangements can be successfully concluded during the remainder of 2023 despite the current challenging global macroeconomic environment. Following recent agreement with the vendor of TSHII, the deadline for Greenfield to potentially exercise its option over the remaining 90% ownership and membership rights and interests (the "Membership Interests") in TSHII has recently been extended to 31 December 2023.

Permitting for the planned in-situ oil recovery/production wells at TSHII is ongoing. Labour shortages at the relevant US permitting authority along with a general increase in the number of permit applications being made has resulted in significant delays. It is currently hoped that the Company's first production well permit will be secured in Q3 2023.

Funding activities

Since the Company's financial year end on 30 September 2022, the previously announced unsecured Convertible Loan facility of GBP750,000 principal amount, drawn down in two equal tranches in September and October 2022, was converted in full together with accrued interest thereon into a total of 232,140,577 new ordinary shares at an average price of approximately 0.34 pence per share. A total of 105,000,000 two year warrants exercisable at a price of 0.75 pence per share were issued to the Convertible Loan subscribers and the Company's broker in connection with the facility and remain outstanding. The proceeds from the facility were utilised, inter alia, to repay a proportion of the outstanding unsecured loan previously advanced to Greenfield by Valkor Oil & Gas LLC (the "Valkor Loan"). The principal amount outstanding in respect of the Valkor Loan is currently approximately GBP0.47 million which is repayable on completion of a suitable funding transaction for Greenfield.

On 30 November 2022, the Company raised gross proceeds of GBP0.925 million via the placing of 264,285,714 new ordinary shares at a price of 0.35 pence per share. 15,857,143 two year warrants exercisable at a price of 0.35 pence per share were issued to the Company's broker in connection with the placing and remain outstanding. An initial GBP250,000 tranche of an additional committed Convertible Loan facility of up to GBP1m was drawn down in April 2023 (of which GBP225,000 principal amount has since been converted to date), however, the remainder of such facility was subsequently cancelled and materially replaced by way of a GBP500,000 gross placing and subscription in June 2023 at a price of 0.08 pence per share. This funding was secured in order to, inter alia, further progress Greenfield's short-term plans and preparations in relation to the TSHII site.

The net proceeds are also being utilised to cover the Company's expenses in relation to an ongoing exercise seeking to secure potential funding of up to US$200 million for Greenfield. Whilst there can be no certainty that such funding negotiations and proposed arrangements will be satisfactorily concluded, nor as to the precise terms of any such funding package, such non-equity financing, if secured, would enable Greenfield to acquire the remaining 90% of the Membership Interests in TSHII and cover the currently estimated construction costs of an initial 6,000 tonnes per day oil sands separation plant and the requisite associated supporting infrastructure to enable the future mining of oil bearing sands at the TSHII site.

Summary

Our continued focus is on progressing our plans for Greenfield and unlocking the significant potential that we see in the TSHII site and planned extraction methodology.

Greenfield is engaged in ongoing discussions regarding possible funding options to potentially achieve the ultimate acquisition of 100% of the TSHII Membership Interests, as well as the proposed drilling of several oil production wells and the future construction of the planned initial 6,000 tonnes per day separation plant, whilst progressing other preparatory work. Whilst there can be no certainty that the Company and Greenfield can secure the requisite funding and further well permitting required, I am optimistic, based on discussions with potential funders to date, that the requisite funding package to implement our plans can be secured during the remainder of 2023 and thank all of our stakeholders for their continued patience and support.

These continue to be very exciting times for TomCo as we look to realise Greenfield's significant long- term potential.

Malcolm Groat

[fenners66] 30/6/2023 07:52

From today's interim results

"an ongoing exercise seeking to secure potential funding of up to US$200 million for Greenfield."

Finally the company is starting to catch up .
Remember where you read that figure first . I have been saying it for many months.

The gamblers thread were touting a figure of $100m for a long time saying it was in the middle of a range.
I said from the start it was too low.
And had to move the figures on for inflation etc.

Now Tom has concluded that their initial estimate was wrong by 75% !
I suspect that $200m is now light.


Perhaps the gamblers can now see that we have been correct every step.

Perhaps the gamblers can now see its fantasy - $200m for a company that cannot borrow $0.5m to repay a 28% loan ? Dream on.

[lukeisbackontrack] 30/6/2023 01:10

Rmart you were talking of dreams recently. Imagine for a moment that Instead focusing on this dog imagine you would pick a winner, I mean anything which goes up only and consistently down(at least a decade timeframe) Imagine your life now decades later, all those profits for generations. Why are you stuck with a looser? When will you get it? Is delisting the only alternative for you? X10 will probably get you in -89.99% when will you wake up?

[fenners66] 29/6/2023 21:55

rmart did you notice Mike Ashley's holdings rns for Debenhams ?

That went well.....

[lukeisbackontrack] 29/6/2023 21:10

Rmart get off the cheap wine and get back to your cozy thread. How many holding rns there were over those 2 decades you were ramping this dog? You jump on every each one of them like a kid in the playground. Look where is the Sp and your portfolio muppet

[rmart] 29/6/2023 19:36

2x holdings rns, no doubt they are also stupid?

[rmart] 29/6/2023 18:39

No doubt the dark side will say these institutions are also very stupid! Lol, over to fenners and the Diddymen. Enjoy the responses.

[goulding1215] 29/6/2023 18:33

I think someone should remind the BOD that we heed an AGM next month, we don’t want to miss that like the annual results resulting in another fiasco following that omission.

[haggismchaggis] 29/6/2023 16:48

Cantor went from below 5 percent up to 241,300,000 in one jump.