Tomco Energy Share Discussion Threads

[the diddymen] 12/6/2024 18:35

Talking about drilling on the other thread is pie in the sky. There is an existential threat. TOM have no cash and no employees (and a Board probably looking for a diplomatic way out of what individually will be a personally embarrassing insolvency).

The only thing missing is the RNS.

[vauch] 12/6/2024 14:22

I also note it is no 40 barrels per day.
When Tomco did the presentation for huff and puff they where looking at 100 + per well per day.

[talais] 12/6/2024 12:35

From crowns on LSEWhat's just as if not more interesting is that Trio & Valkor are now pushing for 476 wells which is more than 4x what was mentioned previously by Valkor where they stated 111 wells. So it seems that given just how saturated with oil it is at these depths with a 100-190 feet of an oil saturated layer ontop of the fact that the oil requires less energy to liquify, as they spoke about how pouring boiling water over it turned it into a liquid state, then it speaks volumes on how bullish they are to now more than quadruple their oil recovery efforts. Tomco need to take a real serious look at their own land and get on this ASAP, as funding would be so much lower and easier to attain for the likes of this kind of project than the one they are pushing for currently.

[talais] 12/6/2024 11:58

This is interesting.The heating process for the well was previously 4 weeks heating and 4 week to soak be for production .Looks like they got it down to two weeks,A downhole-heater was installed in the HSO 2-4 well the heating process began on June 3, 2024, with production expected to begin later this week. The HSO 8-4 is currently waiting for a second downhole-heater to be delivered and is expected to be installed on or before June 15, 2024

[goulding1215] 12/6/2024 10:40

Talais, thank you for those excellent results from Valkor. I am not an expert, but I imagine those results will have shaken off the potential trouble-maker.

Vauch , give me a call when you have a minute, please.

[the diddymen] 11/6/2024 18:46

1d - I do not think anyone understands the strategy. The company has flipflopped around a number of alchemist concepts over the past few years and so far none have delivered. The elephant in the lavatory is that they have no material funds left, no employees and no capacity to recruit anything other than a chancer. The non-Execs have no tools left to maintain the narrative.

Essentially the circumstances now allow the Board a bit of a buffer before announcing the inevitable, and when the RNS comes it will no doubt rely heavily on the misfortune and avoid the real issue which is years of narrative and no deliverable strategy.

[1dutchman] 11/6/2024 17:49

BTW - the Valkor / Trio results are not all that compelling. The drilling depths are not great, so it may be that they were able to use a cheaper truck-mounted rig. There was never any doubt there would be oil-saturated sands. But note the number of 'ifs' in the Trio RNS. The key number, which is not disclosed, will be how much it costs to heat or steam the down-hole oil sands. Operating costs will be significant. (And where does the water come from for steam in the high desert?) 40 barrels of oil production per day is meager, and, as noted, the field will require a whole lot of wells. In fact to achieve 300,000 barrels from each well at 40 barrels per day will take 20 years. And then there's transportation costs. The low volumes make it hard to justify a pipeline. So that leaves trucking, which is very expensive. The economics aren't impossible, but if it does work, at best it is very slim. These aren't the type of economics you'd normally associate with an onshore oil discovery. Byle has new partners he is soaking for the costs. Isn't it amazing that he is always able to lay off the risk but keep himself in clover with service fees? But even if he were still on speaking terms with TOM, it would be hard to raise debt against this tiddler of an oil field.

[fenners66] 11/6/2024 17:41

Its (whether stated or not) strategy is to raise money from the err shall we say "willing" and spend it.
When it looks like running out , do it again, ad infinitum.
Spend it on directors' remuneration and expenses, pensions presumably.
Lots more travel expenses - nice hotels in the USA are expensive , presume stopovers in New York or similar (its a long way to Utah) , car hire, etc.
Then there are the "advisors" and auditors and then there are friendly 3rd party companies that can relieve them of $millions ....
What have they got to show for it ?
Huge losses and an example to the rest of the stock market as to how its all done !

[1dutchman] 11/6/2024 17:28

Correct, TD. And just to drive the point home, how much has the company raised from shareholders over the last six years? And what is the value of its assets today? It's even fair to pose the question as to 'what are its assets today'? And now that the company has zero/none/nil employees, how will it carry out its stated strategy? In fact it might be better to start with 'what is its stated strategy'?

[the diddymen] 11/6/2024 13:33

Talais on the other thread:

Talais11 Jun '24 - 13:08 - 31403 of 31403
0 2 0
Excellent results from valkor
Company Successfully Completes First Two Exploratory Wells in Utah

Source: GlobeNewswire Inc.?


Just to remind you Talais that there is no agreement on TSII and until you hear otherwise by RNS the freeholder can sell to any third party. The question you have to ask is if suddenly your post is technically relevant and their is interest in TSII, would you the freeholder sell to the penniless TOM who have failed consistently to purchase the property over the years, or would you sell to a well financed third party.

Your post is lalaland stuff.

[talais] 11/6/2024 12:08

Excellent results from valkorCompany Successfully Completes First Two Exploratory Wells in UtahSource: GlobeNewswire Inc.?Trio Petroleum Corp (NYSE American: "TPET", "Trio" or the "Company"), a California-based oil and gas company, today provided updates on its recently completed drilling activities in Uintah County, Utah. The Company has successfully drilled its first two exploratory wells, the HSO 8-4 and HSO 2-4. The HSO 8-4 was drilled to a total depth of 1,020', while the HSO 2-4 was drilled to a depth of 1,390'. The wells encountered substantial oil-bearing pay zones in the Rimrock and Asphalt Ridge Sandstones, over 100' of oil-pay in the Rimrock Sandstone in the HSO 8-4 well and over 190' combined in the Rimrock and Asphhalt Ridge Sandstones in the HSO 2-4 well.A downhole-heater was installed in the HSO 2-4 well the heating process began on June 3, 2024, with production expected to begin later this week. The HSO 8-4 is currently waiting for a second downhole-heater to be delivered and is expected to be installed on or before June 15, 2024."This is a very positive next step for our Company," commented Michael Peterson, CEO of Trio. "The geological data prior to drilling were very positive, and the drilling results are confirming our favorable view of this project. Our expectation for these two wells, and this field, were extremely high based on the data we previously studied. The new cores of the tar sand show very high oil saturation and oil drips from the core when heat is applied, and the bitumen and sand separate within minutes when the core is placed in boiling water. This is very encouraging as we will be heating the wells to temperatures much higher than the boiling point of water with downhole-heaters and/or by injecting steam. We are additionally encouraged to see that the well logs, the core samples which show very high oil saturation, and all other empirical evidence from drilling these two exploratory wells substantiated our hopes and expectations.""Based on this new data, we believe the economic impact of our ownership interest in the Asphalt Ridge project has the potential to quickly exceed that of our substantial assets in California. The data support the expectation that the wells will be highly economic with stable long-lived production value, if our production and resource estimates prove to be accurate. At this point, we are working to complete the remaining steps required to bring these wells into production and evaluate the next steps in our development plan at Asphalt Ridge," concluded Mr. Peterson.The production profile of a typical project well has been extensively modeled, and it currently projects an estimated 40% oil recovery and an estimated ultimate recovery ("EUR") of 300,000 barrels of oil per well with a production rate of approximately 40 barrels of oil per day per well. With an expected total drilling and completion cost of less than $500,000 per well, our initial drilling results appear to validate the well economics previously projected. With this data, the Company intends to exercise its rights to acquire the remaining 17.75% working interest in the initial 960 acres.Under the current agreement, Trio's operating partner, Lafayette Energy Corp, carries all drilling costs through the first $10 million of capital expenditures. Lafayette Energy Corp, through its operator, Valkor Oil and Gas, is expected to drill the third well as early as late June and intends to drill five additional wells during Q3 2024, subject to rig and services availability.During the drilling process, the Company was required to gather extensive data for submission to the Utah Division of Oil, Gas and Mining ("OGM"). As part of the drilling process, the Company also cored oil-bearing sandstones, assayed, and subsequently conducted core analysis. All of these data are being submitted to the OGM as part of the overall unitization of the project. Once that process is complete, the Company will be permitted to scale its drilling program, with the ability to drill wells on as little as 1.5 acre spacing. On the initial 960 acres, the current development plan is to drill approximately 476 wells. There is an opportunity to expand Trio's participation in the project by an additional 1,920 acres thereafter.About Trio Petroleum CorpTrio Petroleum Corp is an oil and gas exploration and development company headquartered in Bakersfield, California, with operations in Monterey County, California, and Uintah County, Utah. In Monterey County, Trio owns 85.75% working interest in 9,245 acres at the Presidents and Humpback oilfields in the South Salinas Project, and 21.92% working interest in 800 acres in the McCool Ranch Field. In Uintah County, Trio owns 2.25% working interest in 960 acres and options to acquire up to 20% working interest in the 960 acres, in an adjacent 1,920 acres, and in the greater 30,000 acres of the Asphalt Ridge Project.Cautionary Statement Regarding Forward-Looking StatementsAll statements in this press release of Trio Petroleum Corp ("Trio") and its representatives and partners that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Acts"). In particular, when used in the preceding discussion, the words "estimates," "believes," "hopes," "expects," "intends," "on-track", "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Acts and are subject to the safe harbor created by the Acts. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of the Trio's control, that could cause actual results to materially and adversely differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth in the Risk Factors section of the Trio's S-1 filed with the Securities and Exchange Commission (SEC). Copies are of such documents are available on the SEC's website, www.sec.gov. Trio undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.Investor Relations Contact:Redwood Empire Financial CommunicationsMichael Bayes(404) 809 [e-mail]???

[the diddymen] 06/6/2024 13:16

Lopo good thought. I am not sure how insurers will look at single employee companies. They may insure. It would be relevant to the RNS which the company will shortly have to deliver.

[lopodop] 06/6/2024 13:02

Possibly looking at the KEY MAN insurance.

[goulding1215] 06/6/2024 07:04

Yes, I know it must be a difficult time for the Board, but I wonder when we might get an update?

[wilson2] 05/6/2024 08:41

The rest of the board must be worried sick not knowing where there next scam payment is coming from

[the diddymen] 05/6/2024 07:54

Despite the recent tragedy the BoD need to be giving some guidance to the market pretty quickly.

[fenners66] 04/6/2024 07:21

That move yesterday, was within the spread.
When the spread gets that wide , you know no one wants to touch them.

[the diddymen] 03/6/2024 20:01

More likely the market makers are trying to off load some stock before the implosion.

[the diddymen] 03/6/2024 20:00

Haha 14.29% up today (on <£1000 traded). Time for a rumour?

[the diddymen] 03/6/2024 06:18

W-1. TOM are now in the week that they run out of cash on a normalised cash burn basis. Cash burn can always be reduced to a limited extent, but the estimate will not be that far out.

TOM have no money to recruit and no relevant CEO would take on the job given that they will not be paid until they have raised the cash. That option is off the table.

This gives the non-execs the other option which retains independence - raise the finance. The problem of course is that there will be no competent CEO to curate the $2-300m required (if that remains the strategy). Lenders will be asked to cross fingers and hope that the non-execs recruit the right person. It is not going to happen.

TOM have no assets to sell - just a bit of liability. The outcome therefore is inevitable.

[the diddymen] 31/5/2024 10:46

Fenners given the potential sensitivities I would have thought that at an appropriate time the Board will update the market with relevant news, explicitly or implicitly. For the moment it will be about the families and friends having their space. Despite the tragedy I do not think that the outcome will be any different.

[fishyneck] 31/5/2024 10:42

His name was John. Do these boards need to discuss that? Really??

[fenners66] 31/5/2024 09:45

Is there any news on how Potter died ?

[wilson2] 31/5/2024 08:01

This is the end for Tomco , sell what ever shares you have because they'll be even more worthless than they already

[the diddymen] 31/5/2024 07:15

The non-execs will have to earn their keep now. On a historic run rate TOM will have now burnt all but one week of cash and last week's tragedy is hardly going to help emergency fund raising/funding.