Tomco Energy Share Discussion Threads

[1dutchman] 27/5/2024 17:01

But will this stop Valkor from touting its great success in finding tar at the bottom of its new wells? Of course not. Because Valkor are onto the next group of gullible shareholders (Trinity). As with CORT, they will claim great success and then seek to raise funding for the expensive operations - - all the while using someone else's money. Just as with many scammers, their formula is repeated again and again, each time with a new set of victims. Nonetheless, TOM's shareholders will no doubt continue to post Valkor's apparent successes and rue their inability to benefit from Valkor's latest scheme. Some folks never learn.

[1dutchman] 27/5/2024 16:52

But I can't let Valkor off so easily, not after it pickpocketed TOM's gullible shareholders with its CORT scheme. Is Valkor onto a winner with its planned huff & puff operation to exploit tar sands? Haha. No. Not a chance. Of course the drilling core samples look loaded with tar. Everyone knows there is tar throughout this area of Utah - one doesn't even have to dig or drill to see it. So yes, there's tar in them sands. This isn't a eureka moment. But is a huff & puff or steam operation economically viable in the Utah desert? Highly unlikely. Why? Primarily because it is a very expensive mode of oil extraction, usually used in the 'tertiary recovery' phase, eg, after oil has 1) pumped under its own pressure, and 2) subsequently been further forced out with gas or water injection (secondary recovery). By definition, it means that other field infrastructure (processing facilities, pipelines) have been built and paid for by the low cost primary recovery. To instead build those facilities whilst operating only a high cost tertiary recovery system means that the economics will be marginal, at best. Add in the high cost of water for steam (or recycling water) in the desert, and you've got a real loser. This is why the big oil companies (remember, Chevron operates oil and gas (not tar) fields in the region) have never exploited the Utah tar sands - it is too expensive.

[1dutchman] 27/5/2024 16:40

It is indeed odd that Talais & Co are touting the successes of the Valkor drilling campaign. They fail to mention that, short of TOM's (unknown terms) loan due to be repaid to Valkor, there is no longer any business relationship. To dig that hole a little deeper, apparently the last word out of Valkor re: TOM was that the two had 'fallen out'. So nothing that Valkor is doing now is of any consequence to TOM. Oh wait. There is, of course, the close proximity of Valkor's drilling to TOM's $20mm pink elephant licence, of which TOM owns 10% (with the remaining funds well overdue). Should Valkor's drilling on neighboring licences prove successful, can it be argued that TOM has some value in it's 10% license? No, it cannot. Because the economic valuation of an oil field all comes down to the capital and operational costs weighed against potential production. The fact that TOM's agreed to purchase the lease at 10x Valkor's neighboring leases means that, even if an expensive steam or huff & puff operation are viable, the economics would be abysmal. Any way you cut the cake, TOM really is out of luck.

[talais] 24/5/2024 12:35

Core samples from 2nd well already taken,https://www.linkedin.com/posts/brian-mcgregor-p-eng-11914515_the-uintah-basin-at-night-recovering-the-activity-7199433771614441473-upFr

[the diddymen] 24/5/2024 08:48

Effectively W-2 until the car crash and not a cheep from anyone with vested interest - bizarre.

No doubt the BoD are 'busting a gut' to get a finance deal over the line. If they were convinced they would have purchased shares.

Cash is finite so it will not be long now before TOM have to report one way or another.

[talais] 23/5/2024 11:31

From LSEThe fact that the Valkor core samples clearly show the bituminous oil that was expected at the right depth, that adds massive weight to the business case for all of the projects in that area to get funding secured, including Tomco, Greenfield, or any other Valkor related entity (they are all in bed with each other anyway). The results of oil sample testing by the DOGM lab should add even more weight.Core images showing bituminous oil that's not flowing, as expected:Https://ibb.co/86YYXxvhttps://ibb.co/L5rVM5cSource: QED Telegram Channel

[the diddymen] 22/5/2024 06:44

Fenners - it had crossed my mind that the failed technology would become the next no cost narrative. The trouble with TOM is that they are mere amateurs at narrative when compared to say the Clontarf kennel. Even narrative needs both investment of cash and time. TOM are just about to run out of the former.

[fenners66] 21/5/2024 22:36

Don't forget they bought back the rights to their other failed tech a few years ago... RF was it ?
Done nothing with it since but if all else fails , it will most probably be unveiled as the next great hope.... again.

[the diddymen] 21/5/2024 20:53

A threadbare strategy and now at an estimated W-3 before they hit cash ground zero and not an iota of concern on the other thread.

Three weeks until they can throw away the betting slip - or will the Directors start a 'we're in it together' salary sacrifice. We have all seen pretty cynical things happen as companies approach ground zero.

[vauch] 21/5/2024 16:37

up to 7 I believe

[talais] 20/5/2024 10:21

2nd well to spud, how many are they drillinghttps://www.linkedin.com/feed/update/urn:li:activity:7198120646285959170

[talais] 20/5/2024 09:35

https://www.linkedin.com/posts/brian-mcgregor-p-eng-11914515_nighttime-video-of-our-first-well-in-the-activity-7197972700047237120-EiTm

[the diddymen] 18/5/2024 09:57

I was just checking the TOMCO website to remind myself of the Company's strategy. The first hint of a problem is that the strategy is not crystal clear from the website, but then I noticed the extract below:

"TomCo’s wholly owned subsidiary, Greenfield Energy owns a 10% Membership Interest in Tar Sands Holdings II(TSHII) with an exclusive option, at its sole discretion, to acquire the remaining 90% of the Membership Interests for additional cash consideration up to 31 December 2022."

They cannot even be bothered to keep the website up to date. Just for the avoidance of doubt I paste below the 30 Dec 22 RNS:

"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 28 February 2023 and making payment of the US$16.25 million cash consideration by no later than 3 March 2023."

or 06/03/23

"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."

or 06/06/23

"to acquire the remaining 90% of the Membership Interests for additional cash consideration of US$17.25 million (formerly US$16.25 million) prior to 6.00 p.m. Salt Lake City Time on 31 December 2023 together with a matching right as described further below."

Since the agreement expired on 31/12/23 there has been no update to a new date.

[lopodop] 18/5/2024 07:42

1Dutchman
Yes same chairperson and same audit firm it appears - good for adrenaline.

[goulding1215] 17/5/2024 16:54

Good find Vauch.0

[the diddymen] 17/5/2024 14:34

Talais - how is your post relevant to the company's strategy:

"Talais17 May '24 - 12:52 - 31386 of 31386
0 1 0
Valkor has completed drilling the Rimrock formation on well 8-4 in the Uinta basin showing more than 100 ft of Tar Sands pay with a depth of approximately 1000 ft. Valkor will move to producing the well in June"

[talais] 17/5/2024 12:52

Valkor has completed drilling the Rimrock formation on well 8-4 in the Uinta basin showing more than 100 ft of Tar Sands pay with a depth of approximately 1000 ft. Valkor will move to producing the well in June

[the diddymen] 17/5/2024 07:14

Effectively W-3 and nothing.

[1dutchman] 16/5/2024 21:33

TD - Brilliant! And to think the financial pr firm probably gets £2500 per month to draft that stuff for TOM. Fortunately for Mr Groat, Jeremy Hunt will probably lend a hand in drafting a similar announcement for H&W.

[the diddymen] 16/5/2024 17:45

1d

Here is chatGPT's version of what notifcation of delisting and appointment of an administrator might might look like (For Mixi this is a theoretical scenario based on the recent going concern qualification in the recent accounts). Pretty tame stuff really.


"Subject: Delisting of TOMCo Energy from Stock Exchange and Appointment of Administrator

Dear Shareholders,

We regret to inform you that TOMCo Energy (Ticker: TOM) will be delisted from the Stock Exchange effective immediately. Additionally, an administrator has been appointed to oversee the company's affairs.

The decision to delist TOMCo Energy and appoint an administrator comes as a result of [brief reason for delisting and appointment of administrator, e.g., financial insolvency, failure to meet regulatory requirements, etc.].

The Board of Directors has taken this step with the intention of safeguarding the interests of shareholders and stakeholders amidst the current circumstances facing the company.

We understand that this news may be concerning to our shareholders, and we assure you that all efforts will be made to navigate this situation with transparency and accountability.

Further details regarding the delisting process and the appointment of the administrator will be communicated in due course.

For any queries or concerns regarding this matter, shareholders are encouraged to contact [contact information].

We appreciate your understanding and continued support during this challenging period.

Yours sincerely,

[Your Name]
Chairman of the Board"

[1dutchman] 16/5/2024 16:28

When it rains it pours. With two companies hitting the skids at the same time (one very publicly) do you think the Chairman has any problem sleeping at night? It's either really bad luck or perhaps it has something to do with the leadership?

[1dutchman] 16/5/2024 16:21

Haha. TD, if the Board were already using ChatGPT for it's announcements, we would have had much more intelligible RNS's over the past year.