Tomco Energy Share Discussion Threads

[fenners66] 16/9/2024 20:05

Thanks norfolk I had looked up H&W plc. and he was not there.

"Maurice James Malcolm GROAT"

So we see the sadly lacking control processes at companies house - or was it just that the company secretary for TOM did not identify him properly as the Malcolm Groat listed as TOM's director has no other directorships.

Perhaps he did not want to be associated with his other directorships

[norfolkngood1] 16/9/2024 16:22

Harland & Wolff Group Holdings PLC

[fenners66] 16/9/2024 15:29

Do you have a H&W company he was a director of - is it listed at Companies House?

[the diddymen] 16/9/2024 14:47

Administration of H&W is confirmed.

How did TOM last longer than H&W?

[norfolkngood1] 16/9/2024 14:33

Yes he was partly responsible for wrecking H&W but was dumped recently when the lenders appointed their own people.

[fenners66] 16/9/2024 14:21

Its long been mentioned on these boards that Malcolm Groat was a director at Harland and Wolff - who Bloomberg have just told us , have gone into Administration.
But I have not independently verified that.

H&W directorships at companies house do not mention him.
In 2017 he was appointed to Tomco with no fanfare - 1 line or so in the interims that year and no introduction in that years full accounts.
The 2020 accounts are supposed to have a full profile of directors - but do not mention any of his other roles by name.

So question is , is H&W true or is he really just a nobody ?

[lopodop] 11/9/2024 10:53

Wondered how long before use of tax losses would be brought to the party - who is the expert on tax losses in this case?

[fairbanks3] 10/9/2024 19:14

I like that post Haggis.

[fenners66] 09/9/2024 18:11

Did anyone ask what the current balance sheet liabilities are ?
Or is that far too an intelligent question for those that turned up ?

[the diddymen] 09/9/2024 16:29

Haggis as ever an optimist. There is the outstanding loan balance due to Valkor plus it would appear that the directors have been accruing their salaries (no shares instead of cash as ever). Don't hold your breath.

As ever if you bring nothing to the party, you rarely receive anything. Nothing would describe the contribution of TOM. Again don't hold your breath.

In the relevant tax jurisdiction and within the rules established in that jurisdiction there may be recoverable tax on historic losses. Just need to find a partner who matches the requirement! Don't hold you breath.

[haggismchaggis] 09/9/2024 16:04

Market Cap today GBP1.07m
.
Cash coming in GBP1.13m, more than the Market Cap, plus, in the results RNS of 28 June:
.
"The Group has tax losses in respect of excess management expenses of approximately GBP15 million available for offset against future Company income. This gives rise to a potential deferred tax asset at the reporting date of GBP3.75 million"
.
So if a reverse takeover was to still happen, the price at takeover should be multiples of the current, based on cash plus future tax offsets of GBP15m.
.
Based only on the Net Asset Value of GBP1.13m in cash plus GBP3.75m deferred tax asset, the Market Cap should be almost 5x the current and, with farming into Valkor well(s) for a revenue stream you could argue it should be meaningfully higher.

[haggismchaggis] 09/9/2024 16:02

Market Cap today GBP1.07m
.
Cash coming in GBP1.13m, more than the Market Cap, plus, in the results RNS of 28 June:
.
"The Group has tax losses in respect of excess management expenses of approximately GBP15 million available for offset against future Company income. This gives rise to a potential deferred tax asset at the reporting date of GBP3.75 million"
.
So if a reverse takeover was to still happen, the price at takeover should be multiples of the current, based on cash plus future tax offsets of GBP15m.
.
Based only on the Net Asset Value of GBP1.13m in cash plus GBP3.75m deferred tax asset, the Market Cap should be almost 5x the current and, with farming into Valkor well(s) for a revenue stream you could argue it should be meaningfully higher.

[haggismchaggis] 09/9/2024 15:41

"Result of General Meeting"
.
"TomCo Energy plc (AIM: TOM), the US operating oil development group focused on using innovative technology to unlock unconventional hydrocarbon resources, is pleased to announce that at the Company's General Meeting, held earlier today, the requisite Resolution pursuant to AIM Rule 15, as set out in the Company's Circular dated 23 August 2024, was duly passed by Shareholders."
.
"Accordingly, the Company will now proceed to complete the redemption of all of Greenfield's 10 per cent. membership interest in TSHII and finalise its 2024 Interim Results once the US$1.475m balance of the Cash Consideration has been received. A further announcement will therefore be made shortly with respect to publication of the 2024 Interim Results and restoration of trading in the Company's Ordinary Shares on AIM."
.
That has to be seen as positive. No reverse takeover needed (but still a possibility if it looks like a good prospect for shareholders), $1.475m coming into the bank, then get on with farming into Valkor wells. BOOOOOOM!

[haggismchaggis] 09/9/2024 15:38

"Result of General Meeting"
.
"TomCo Energy plc (AIM: TOM), the US operating oil development group focused on using innovative technology to unlock unconventional hydrocarbon resources, is pleased to announce that at the Company's General Meeting, held earlier today, the requisite Resolution pursuant to AIM Rule 15, as set out in the Company's Circular dated 23 August 2024, was duly passed by Shareholders."
.
"Accordingly, the Company will now proceed to complete the redemption of all of Greenfield's 10 per cent. membership interest in TSHII and finalise its 2024 Interim Results once the US$1.475m balance of the Cash Consideration has been received. A further announcement will therefore be made shortly with respect to publication of the 2024 Interim Results and restoration of trading in the Company's Ordinary Shares on AIM."
.
That has to be seen as positive. No reverse takeover needed (but still a possibility if it looks like a good prospect for shareholders), $1.475m coming into the bank, then get on with farming into Valkor wells. BOOOOOOM!

[blobber] 09/9/2024 13:07

Any feedback from anyone at the meeting?

[fenners66] 06/9/2024 11:12

"BungeeTrader
6 Sep '24 - 07:09 - 31491 of 31492

I hope so.
Sitting with 40m of these which I've basically written off. Maybe this time some progress will be made......"


Ouch !
I obviously don't know how much you paid for them , but speculating at say 0.35p each would have them costing
about £140k

That is a Lot of money to lose.
There are Top 100 companies that would have paid you over £13k a year in dividends for that ....

Why did you buy Tom instead ?

[bungeetrader] 06/9/2024 06:09

I hope so.
Sitting with 40m of these which I've basically written off. Maybe this time some progress will be made.......

[fairbanks3] 06/9/2024 05:36

Not me. Too far away. But I know of at least one. I would attend if it was possible.this could be the start of TOM, working with oil people and production.

[canny lass] 05/9/2024 08:53

All very quiet regarding the pending AGM. Is anyone making the effort to attend?

[wilson2] 03/9/2024 15:56

We are using heaters to warm the oil up , is the earth flat

[vauch] 03/9/2024 07:26

I have been in contact With Steve Byle,
I asked how the wells where progressing and had an interesting reply.

We were intending to use electric downhole heaters to open up the formation before steaming for a few months. But we have found that the heaters have been effective enough that we expect peak production just from the heaters to be 40 bopd or higher. So we are expecting to run the heaters for up to 2.5 years, assuming it can continue this kind of production. A lot cheaper per bbl.

If so then that will save a huge amount of money especially if they can also set up solar arrays to cut energy costings.

[fairbanks3] 29/8/2024 23:55

Great positive posts from Haggis and thhgref.