Tomco Energy Share Discussion Threads

[fairbanks3] 29/8/2024 23:55

Great positive posts from Haggis and thhgref.

[thrgef] 29/8/2024 07:01

Vauch, would you prefer to keep waiting for major funding and run out of cash again? What's different to previous AGM is that the unitisation plan has now been approved and valkor have drilled two wells and are heating the reservoirs, with first flows expected imminently. It makes complete sense to repriorities to generate near term revenue for the company and then wait for reserves based funding to arrive working with our partners in Utah, who are attempting the same. I'd say Tomco's principal near term risk is the daily flow rates that Valkor can achieve, which we should know about soon. Once we understand that and the flow rates are decent, it will be relatively easy to raise funds to drill a few wells.

[fenners66] 28/8/2024 20:22

Just read through the circular , what tosh.
But they know their "shareholders" will lap it up.

There are so many red flags where do you start ?

1, Note directors do NOT tell you what there shareholding pledged to support the scheme is as they barely hold any.
2, They admit that its sell this or they are bust - the year end is only weeks away.
3, They lost £2.3m last year. They paid the directors more money - when if memory serves - they said they were going to cut back. Since the last year end they raised nearly £500k but still did not have enough to pay for interim accounts - a trainee could do them in a few days !
4, They say the money will pay for interim accounts and suggest they will be relisted as a going concern - but admit there is no other source of finance available so the year end accounts look impossible to issue without going concern qualification.
5, They do NOT declare what the balance sheet creditors amount is and how much of that is deferred directors remuneration - their "Skin in the game" but unable to pay for accounts 6 months ago suggests they already owe more than 50% of a years costs so at least £500k I would guess and perhaps much more.
6, The loss on the 10% interest is another £437k or so.
7, The Valkor loan was classified in the last accounts as Current so chances are Valkor who obviously need money for their drill to persuade anyone else to invest even more money in them will ask for it back.
8, The implication is Tomco cannot do anything in Utah on their own, their only route is to get back into bed with Valkor - "Subject to funding, there is a potential opportunity for the Company to participate and secure a working interest in one or more of the wells planned to be drilled in respect of Valkor’s Asphalt Ridge Project and/or to invest for a minority stake in the project and the Board will now take forward discussions with Valkor about the Company’s potential involvement" WITH WHAT ?!
They already admit funding is either impossible or unpalatable.
9. They actually advise that its a doubt that a new lease would be granted... "Endeavor to negotiate in good faith an additional lease from TSHII for the mining of tar sands, which, if ultimately secured," means nothing remember all the caveats there can be no certainty that funding will be secured etc
10, Then the comes the stuff that is not said - why would Endeavor buy TSHII ?
They need to convince some investors to put money in them, no one has done this in 10 years with the owners of TSHII except TOM !
Valkor need to secure investment just to drill wells to get data to .... Secure more investment. Its all about the narrative for all of the parties at the moment. So why kill TOMCO ? They have been shown to have the most generous shareholders of all - or is that gullible ? Don't kill the goose that lays the golden eggs.
So give TOM some money make the narrative that TSHII is viable. TOM pays Valkor (if it can milk shareholdes for more) Valkor creates more narrative and Endeavor tries to sell that narrative elsewhere. Its the same money going round and TOMco shareholders have lost over £30million already !

11, The shares might get to be tradeable again, what happens to the share price then? Surely there will be a run for the window of exit - but who would be daft enough to take any off anyones hands ?

[vauch] 28/8/2024 15:48

Well Haggins at last agm they ditched the well and went back to the sand plant.
Stating the well wern't viable, and now its back to the wells, neat it will be retrying the RF again

[norfolkngood1] 28/8/2024 15:13

This lot (directors) are unbelievable. Peddle some rubbish for ages that they can do a fund raise to own 100% of Tar Sands. Then fail and manage to sell their 10% holding for a 25% loss. Didn't have the brains to have key man insurance on their sole driving force. But never mind - we can use the sale proceeds of the 10% to pay our salaries for as long the money lasts.

[1dutchman] 28/8/2024 15:09

Yes, it's important to note that, according to the circular, the directors' remuneration has only been deferred, not reduced or - heaven forbid - eliminated. Glory be, there may yet be a bit of cash left in this cow! You can depend on TOM's directors to keep milking it.

[fenners66] 28/8/2024 09:52

Well done the directors will be happy at the prospect they may get paid !

[haggismchaggis] 28/8/2024 09:24

I've voted for the proposal and sent my form in.
.
If the form is not appearing in your dealing account you can find it at
.
.

[haggismchaggis] 28/8/2024 09:20

I've voted for the proposal and sent my form in.
.
If the form is not appearing in your dealing account you can find it at
.
.

[haggismchaggis] 28/8/2024 09:17

2023 results state "With your continued patience and support, we have been endeavouring to secure funding to: (i) enable Greenfield to exercise an option to purchase the remaining 90% of Tar Sands Holdings II ("TSHII") that it does not already own; and (ii) construct up to two commercial scale processing plants alongside the potential drilling of a number of wells into the deeper sands that are too deep to mine for the implementation of oil recovery processes."

So it is the same project, it is just the case that with Valkor's success, and the lower cost to monetise the deeper oil, it makes total sense to prioritise wells over strip mining. Anyone running this business would come to the same conclusion after seeing what Valkor have achieved in a very short space of time since drilling started.

[haggismchaggis] 28/8/2024 09:13

They aren't jumping from one project to another, it's the same project!!

[fenners66] 28/8/2024 07:55

I normally jump past the header on the other thread but got distracted today and noticed that
Proactive investor video - with the headline Tomco in a good spot going into 2024

Well this is 2024.
Company has no money.
Failed to produce accounts.
Has been suspended and is about to be ejected from the FTSE according to Alliance News
Is contemplating selling the rubbish it way over paid for with no prospect of ever developing for far less
than it paid for it. Thus crystallising another massive loss for the balance sheet.
Will use the funds to pay its existing creditors - which will include the directors no doubt.
Will have no accessible source of new funds - all the bluster about financing over many years has achieved zero.
Then will have a worse situation than the last 2 years of trying to convince an auditor that they are a going concern.
Remember the last accounts actually had embedded links to a website for the auditors to consider it not a going concern - THE most embarrassing set of published accounts I have ever read !
No money
No plan
No personnel
No expertise
No prospects

If any of the gullible waste their time and money going to any meeting they must have far more than they need.....

[vauch] 28/8/2024 06:55

typical Tomco, still jumping from one project to another.

[fenners66] 27/8/2024 19:51

You do realise they have no cash , but are incurring more costs/ creditors dont you haggis?
You do realise the deluded on the other thread said they would be huffing and puffing years ago and "making money"
it never happened and never will.
IF they get any money for the overpaid 10% of a white elephant it will be used to pay the bills, remember they have not yet submitted interim accounts and the audited finals are due soon.
Then what ?
Nothing to show for the millions in losses and not listed on the exchange....
Will not be able to pay the bills , I was expecting them to drag it on for longer but realistically its a zombie anyway.

[haggismchaggis] 27/8/2024 19:44

A bit more:

"On 31 July 2024, the State of Utah’s Board of Oil, Gas and Mining approved Valkor’s plan to commercialise oil recovered from sands within its designated Asphalt Ridge area which was supported by the Utah Division of Oil, Gas & Mining. The plan detailed unit operations for enhanced oil recovery and the establishment of an enhanced recovery unit with reduced spacing between wells to optimise recovery and project economics. The approval process involved, inter alia, submitting core data from the first two wells, completed in July 2024, and presenting the information to the Utah Department of Oil and Gas. Valkor intends to progress with further drilling and production in accordance with the submitted plan to support the raising of project financing. Pursuant to a services agreement between the Company and Heavy Sweet, as announced on 26 January 2022, AC Oil has been assisting as ‘sponsor’; with the permitting process and liaison with all the relevant local authorities and regulators and intends to continue to work collaboratively with Valkor and Heavy Sweet in terms of sharing production, technical and survey data and other relevant information for the operation of in situ wells. Subject to funding, there is a potential opportunity for the Company to participate and secure a working interest in one or more of the wells planned to be drilled in respect of Valkor’s Asphalt Ridge Project and/or to invest for a minority stake in the project and the Board will now take forward discussions with Valkor about the Company’s potential involvement."

[haggismchaggis] 27/8/2024 19:39

A bit more:

"On 31 July 2024, the State of Utah’s Board of Oil, Gas and Mining approved Valkor’s plan to commercialise oil recovered from sands within its designated Asphalt Ridge area which was supported by the Utah Division of Oil, Gas & Mining. The plan detailed unit operations for enhanced oil recovery and the establishment of an enhanced recovery unit with reduced spacing between wells to optimise recovery and project economics. The approval process involved, inter alia, submitting core data from the first two wells, completed in July 2024, and presenting the information to the Utah Department of Oil and Gas. Valkor intends to progress with further drilling and production in accordance with the submitted plan to support the raising of project financing. Pursuant to a services agreement between the Company and Heavy Sweet, as announced on 26 January 2022, AC Oil has been assisting as ‘sponsor’; with the permitting process and liaison with all the relevant local authorities and regulators and intends to continue to work collaboratively with Valkor and Heavy Sweet in terms of sharing production, technical and survey data and other relevant information for the operation of in situ wells. Subject to funding, there is a potential opportunity for the Company to participate and secure a working interest in one or more of the wells planned to be drilled in respect of Valkor’s Asphalt Ridge Project and/or to invest for a minority stake in the project and the Board will now take forward discussions with Valkor about the Company’s potential involvement."

[haggismchaggis] 27/8/2024 19:33

Ignore the bashing trolls. Drilling oil wells like Valkor! Game changer!
.
"Alongside the above, and subject to raising the requisite additional funding in due course, the Company intends to pursue the potential drilling of production wells for in situ oil sand on the Lease Area as a means of generating revenue and cashflow for the Group. In this regard, the Board notes the recent progress made by Valkor LLC (“Valkor”) and its subsidiary, Valkor Oil & Gas LLC, the Company’s former joint venture partner and principal services contractor, and its project partner, Heavy Sweet Oil LLC (“Heavy Sweet”) in respect of permitting for Valkor’s Asphalt Ridge Project involving the potential drilling of up to 119 production wells on a unitised basis on land leased to the parties adjacent to the Site using proven ‘huff and puff’ production methods and modern enhanced recovery techniques"
.

.
.

[fenners66] 27/8/2024 19:32

Me too , it's been an entertaining diversion from investing

[haggismchaggis] 27/8/2024 19:28

Drilling oil wells like Valkor! Game changer!
.
"Alongside the above, and subject to raising the requisite additional funding in due course, the Company intends to pursue the potential drilling of production wells for in situ oil sand on the Lease Area as a means of generating revenue and cashflow for the Group. In this regard, the Board notes the recent progress made by Valkor LLC (“Valkor”) and its subsidiary, Valkor Oil & Gas LLC, the Company’s former joint venture partner and principal services contractor, and its project partner, Heavy Sweet Oil LLC (“Heavy Sweet”) in respect of permitting for Valkor’s Asphalt Ridge Project involving the potential drilling of up to 119 production wells on a unitised basis on land leased to the parties adjacent to the Site using proven ‘huff and puff’ production methods and modern enhanced recovery techniques"
.

.
.

[1dutchman] 27/8/2024 17:53

There is some serious delusion on the other thread if there is any expectation that an AGM will produce anything other than the announcement of TOM's demise. On the bright side, the entertainment continues. I'll miss it when it's all over.

[deb81e] 27/8/2024 13:51

If I wasn't at a funeral on that day i would be there, but will submit questions beforehand if possible

[fenners66] 27/8/2024 11:36

rmart whom are you calling numb nuts?

[rmart] 27/8/2024 10:40

Read the rns properly numb nuts

[fenners66] 27/8/2024 10:36

Have they all got their heads in buckets of sand on the other thread?
They are writing about "attending a meeting" instead of noticing that their shares are about to be delisted !

Maybe they have already acknowledged there is no prospect of ever selling them
Wise up , this was a POS from the start and delisted its an almost untradeable POS !