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Plus the US import a lot of heavier fractions of oil due too a low domestic supply, heavy oil is hard too get because most of the unconventional technics cost a lot too recover drilling deep and using other resources too recover the oil!
It’s covered from the company that is selling the asset with the large scale mining operations permit the leased area with 60m barrels of proved surface mineable reserves, so for the price it’s an absolute steel and will position TomCo in a very good place with such a low MC!
So basically without exploring they will effectively become producers and get financiers too buy a project with one hell of a cheap break even price per barrel and partnering with an engineering company too build multiple plants!
Nice post Joe. Would be nice to see the options awarded yesterday taken sooner rather than later. That may allow the outstanding warrants (quite a few of the btw) to be exercised at 0.9p to raise funds to allow purchase of the land. The ball is well inside the BOD's court to show the way with their own cash. We await what looks like a positive FEED report along with a business plan to execute and implement the plant.
0 5 0 A lot of jousting going on from the arch-liar, ace venrura,
So, here is my view, reasons to be cheerful, going back to the last massive fundraising:-
1. At that time oil was about $40 or less. Today it is $73 pbo. More than doubling any profit, makes the placing look smaller.
2. We didn’t know that the sand can be sold at about $15 a ton, which almost covers production costs. So selling price of WTI will be about $70 pho, plus maybe a premium because it is clean. So, the selling price of $70 pho, which is all profit, against $20 profit before as envisaged as Greenfield was born.
3.so approx in today’s figures, who knows what will happen over the next 2 years, $50 pho better off. $500,000 per day on selling a 10,000pbo plant. Probably about an extra $150, 000,000 profit per annum
4. The land for production is being bought, well, a down payment, anyway, saving $318,000,000 over 20 years. So add $30,000,000 to the 150 min.
5. PreFeed should be out end of this month /beginning next.
6.our partners Valkor doing a great job with their engineering experience
7. Oil going to Quadrise to see if it can be further cleaned to fetch a higher sell price for the oil. Make your own judgement on that. Quad rise shareholders say it will, I am neutral on that
8.no placing required, a key point for most small-time investors
9.original cost of the plant was $180,000,000. Now the estimate is $110,000,000 AND that includes buying the lease. That is about £80,000,000.
10. Our BOD, after awarding themselves the warrants for overseeing the sp go from the placing of 0.0045 to .0054, they may take an interest and keep shareholders updated. Well, they couldn’t do worse than last year could they?
11. Last but not least, rmart is back in. His post on a take-over not beyond the realms of possibility.
I realise all my figures are conjecture, but you can only go on current prices, and all the portends for oil are bullish.
So, I can’t think of a good reason to sell unless you are looking to buy a ticket back from Portugal
Reason not to be cheerful
1. England playing Germany in next round. Maybe, maybe, this time.....
All I know is folks were spooked with the recent possible placement RNS...however July is still looking good for Greenfield and perhaps some have managed to re enter at a lower SP than last week...still looking strong though
I have had a long think about these options and the rns tone of late. Firstly, a lot of people have been puzzled as to why Petroteq are screaming from the rooftops about the success of the plant and Tomco have said zilch and have even tinged every rns with some negative comment.
Well now we all know why. It would not have benefitted the directors to be as upbeat as Petroteq and see the sp rise to 2p - 3p - 4p as they would have had to award themselves the options close to the current sp at the time. So now we have the options done, and only 90m shares which is only 6% of the total shares in issue. It is out of the way now.
These options IMO will only be taken up by the directors on a buy out. So they get the max benefit without having to lay out the cash for more than a few days. They will not take them before a takeover happens because in reality they could not sell them. How would that look to shareholders? A director taking options and then selling them straight away? Not good. That imo is why they have a long date on them. To ensure they have the right to them when a takeover comes.
Tomco and Valkor (Greenfield), will not be around long with that multi site licence in place. Once they get the first plant built and producing a few thousand barrels per day a real serious big player will want that licence. IMO it will not be long before a deal is done. It may even already be on the cards and that could be another reason for the options issue.
We know someone is after petroteq and a they are struggling to get the required shares. They could take the whole of tomco out for probably under 5p per share simply by buying in the market and then make an offer for the other 50% of greenfield to Valkor. 5p for tom would only be around £85m with the options and in reality it would be much less if they start buying now.
What to look forward to now ? Well we know the plant test has been a success and we know we have the pre feed study to come out. This will give real figures on production costs and sales revenues for oil and sand. We also have the MSAR trial which imo will be done in UK only. I cannot see a reason to fit the msar equipment to the plant in Utah as it will only test the same oil as is being sent over to the uk. We also have the land deal to finalise and the plant finance to close on.
A very well informed poster on the other site has told us that there is to be no placing to finance the land deal. The cash required is being factored into the large plant finance and the company have stated they have enough cash for 12 months.
I asked why then did they mention raising funds in the results rns. Well, see above for the reason for that. It got the sp down on the option issue date.
I am now expecting some company promotion via various sites such as proactive, maybe some interviews with your Zak Mir's , Katy Pilbeam's etc etc and a much more positive flow of rns statements.
We are dealing with AIM. Its what goes on ! DYOR et