Tomco Energy Share Discussion Threads

[1dutchman] 17/1/2024 09:42

One has to almost envy the delusive contentment which keeps Goulding posting bullish oil price predictions despite there being absolutely no hope of TOM's share price being influenced by the oil markets, at least while pursuing this strategy(?) with this team(?).

Diddy, thanks for the excellent summary of the current position. Re: dilutive funding, at some point won't the brokers have to admit that they can no longer raise funds for the company? In fact, it may have already happened, which would explain Mr Jones stepping in. It is a wonder that both the broker and nomad continue to act for TOM. Strand Hanson has a reputation for being steadfast, but even they must be regretting their association. There are other nomads available further down the pecking order, but even those must surely require a change in management before taking on this dog.

[goulding1215] 16/1/2024 10:42

News from OilPrice.com:-

Traders Speculate on $110 Oil As Middle East Tensions Escalate.

Bad news for consumers in an ice period. Good news for Tomco, if they ever get finance.

[the diddymen] 16/1/2024 08:39

While timescales are short at the moment for TOM there is drift. Essentially Mr Jones has bailed the company out for 3 months. It is in his interests to bail the company out if there is a chance that a better value can be achieved for the assets of the company.

That begs the question - what are the assets? The listing has a value, but that is currently well below the market cap. CORT is dead so that only leaves the deposit on the TSII acreage. Currently there is a third party working up plans to drill a proximate lease in 2024.

The financial and technical risks of that drilling programme are significant; as potentially are the legal risks to TOM's deposit. The TSII asset holder will be aware of the proximate drilling. While there is a small chance that it could come together, the risks to the timescale are inordinate and this is not the time to be running on empty.

This will be on the mind of Mr Jones. While he is protecting his assets, the other 86% of shareholders are riding on his coattails. This is not a state of affairs that will go on for long. TOM must by definition be planning for another tranche of financing. The financing is about solvency and will therefore come with a high risk attached. Given the heavy dilution the next issue is highly likely to incorporate the consolidation predicted by SoS.

Not long now for shareholders to find out the level of dilution!

Any sign of Stuart?

[the diddymen] 12/1/2024 17:36

1d - the determinant is the shareholders. The no 1 rule for narrative companies is to know their shareholders. By definition if the company creates the market for the shares, they know their shareholders.

[1dutchman] 12/1/2024 15:54

Given Trio/Valkor's planned activities for drilling on Asphalt Ridge leases, it is curious that Tom's last RNS reverted to a hope for raising funds for CORT. This no doubt confirms that Valkor has washed their hands of Tom, but it doesn't do much to build the next narrative for Tom. In fact, it kills that next narrative because it makes the fundraising for CORT an 'all or nothing' situation. And we know it will be nothing. Queue the colour guard.

[1dutchman] 12/1/2024 15:48

As I've said previously, it is difficult to believe that the Board's behaviour doesn't constitute criminal activity, or at the very least criminal negligence. To have raised money from shareholders and willingly approved it to be spent by an employee with absolutely zero experience in the industry... to have failed to engage independent engineers before spending millions on a failed technology (with no ownership of said technology)... to have taken no independent advice before committing to purchase the white elephant that is TSHII... to have continued to raise money from shareholders long after it was apparent that finding funds is nothing more than a pipedream.... I am told that this type of thing happens all the time on AIM. It shouldn't.

[1dutchman] 12/1/2024 15:39

Any truth to the rumour that JP's next gig will be on Bakeoff?

[the diddymen] 12/1/2024 10:46

The tick-tock becoming louder. Third week of January next week.

[the diddymen] 10/1/2024 13:10

Good summary. The only thing that I would add is that TOM have no drilling expertise which does not help when you are trying to drill on a wing and a prayer. If the drilling does keep the narrative door ajar, any new money will be taking the full risk.

[1dutchman] 10/1/2024 12:03

Diddy - I think you're right re: the third party drilling possibly providing a fillip of hope. But it is a false hope as Tom has no funds for drilling, no funds for leases, and no funds to complete the acquisition of TSHII. Trio/Valkor cite possible drilling results from neighboring leases this quarter - - but when has Valkor ever produced anything on time? Meaning that Jones' £50k lifeline will be long gone before Tom can hope to start generating the next funding narrative. Given this situation, it is amazing that JP and the Board have continued to draw full salary for all of these months. That, in itself, is evidence that their plan is for the company to go into Administration. The Board have known for years that there is no chance of success. But they're happy to keep it all going so long as someone is willing to write the checks. In some areas of business, this conduct would qualify as criminal. But seemingly not in the London market where caveat emptor reigns supreme whilst boards and advisors drink deeply the milk of shareholder naivete. So, rather than taking prudent steps for survival, Tom's Board will continue milking it until the cow drops dead.

[the diddymen] 10/1/2024 06:43

1d, going back to the link up between Valkor and TOM, we said at the time that the only contribution of TOM to the party was that they had the capacity to raise money because of their listing. From the latest raises, £100k and £50k you can see why Valkor moved on.

While CORT is dead, third party drilling in proximity to TOM's site might be the equivalent of a defibrillator to TOM's narrative, and why Mr Jones has kept the corpse alive for a few more months.

[fenners66] 09/1/2024 17:41

However when ever it is someone's birthday in the office - JP will be able to bring his home made cake in rather than pay for one....
Oh . I forgot they only have one employee.
Well maybe he could work from home , and bake a cake that day then.

[1dutchman] 09/1/2024 15:10

It still boggles my mind that anyone could have felt good about investing in an oil company with no actual oil and gas expertise in the management or on the board. OK, I guess for long-term investors this may have morphed over time, but for anyone putting money into this in the last three years, I am am inclined toward the view that those investors are now reaping what they sowed.

[fenners66] 09/1/2024 11:15

Have the gamblers even bothered to look up Trio?

I guess not , because if they had , they would see Byle has found another seeming TOM clone.
It's share price is about at an all time low.
Down 90%
It seems to not have any income.
It talks about "potential" and it has not got the funds to "buy" its 20% interest - sound familiar?

[talais] 09/1/2024 07:40

And finally valkor have the green light to drill three test wells,To commence this month,

[talais] 09/1/2024 07:11

rio's CEO, Michael L Peterson, stated: "We are extremely excited to be participants in the effort to develop the giant, world-famous and world-class Asphalt Ridge heavy-oil and tar accumulation into a highly profitable oilfield. It is excellent to be able to diversify our exciting portfolio of California opportunities with such a high-potential asset in Utah, especially one that will not require a lot of additional capital expenditures according to the operator's development plan. Development is commencing now and, with success, the Utah asset may be cash flowing in mid-2024. We now have two major assets in our portfolio, the South Salinas Project in California and the Asphalt Ridge Project in Utah. We are diligently seeking to execute on our business plan to build cash-flow, ensure the success of the Company, and to increase shareholder value."

[talais] 09/1/2024 07:02

We are the operatorThe operator of the project will be Heavy Sweet Oil LLC through contracts with Valkor Group, an oil & gas process EPC company with years of experience in designing and deploying systems for the processes and civil engineering for environmental, oil and gas projects including heavy oil, carbon sequestration, and developing systems for maximum efficiency and environmental sensitivity

[fenners66] 09/1/2024 00:22

There's that phrase again - no guarantee etc....

With the completion of the three initial wells, the operator believes it will be able to execute reserve based lending agreements in order to fund all future development of Phase 1, although there is no guarantee that the operators will be able to secure such reserve based funding on acceptable terms and conditions.

[haggismchaggis] 08/1/2024 23:42

Valkor has secured some funding, and drilling now possible on their plot this month.
.
This makes me wonder if Trio Petroleum will offer the same deal to Ecotec and Tomco, to get them all off the ground in parallel.
.
Better to back three all horses than just one, from a risk and reward perspective .
.

.

[the diddymen] 08/1/2024 09:24

I should have added that shareholders know it. End of January and no RNS on financing will prompt the other thread to make their views known (possibly with the exception of Haggis).

Time for the 'honest failure' statements?

[haggismchaggis] 06/1/2024 17:39

Looking at the chart I see the price has been creeping back up since the start of October. This shows 3 months of consolidation which is good for building a base under the share price while we await news on funding "in early 2024".
.
Looking back at the peak of about 0.1225 in August 2023, if it consolidates above that, then there could be a jump to 0.2 or even 0.3 to 0.4 as a reversal of the drop in the chart seen back in April 2023.
.
An update from the company confirming selection of a single funding entity from their list of options would sure help with that, even if the deal had not been signed off just yet. A bit like a project announcing it's preferred bidder, it always helps.
.

.

[haggismchaggis] 06/1/2024 17:28

The guys from Tomco said they expected to seal their financing deal early in 2024. They both look confident of getting it and to that schedule when he says it, so they believe it's doable, now they have to get on and deliver it.
.
"Overall, Potter and Phillips express optimism about the company's positioning, aiming to close funding and progress further into their oil sands project in early 2024."
.

.

[vauch] 05/1/2024 19:46

Hi all from Tasmania, looks like same old with this one. another placing with no real info, we are still the mushrooms
Hi John Potter are you still reading the bulletin boards while on the loo
Well its time to get proactive John as you promised yet again at the last AGM
This promise has been made at 3 AGM's and if your not sure read the minutes of each.
For the posters ill be back in UK end of month.
Hope you all had a good new year.

[the diddymen] 05/1/2024 12:28

Fenners - while narrative companies have an ability to keep going against all odds (we know), TOM has run out of puff. This latest funding is just triage and it is very time limited.