Member Info for kdix

I don't think Tomco has any %age in HSO (subsidiary of Valkor).

I believe that that these 3 major holders, plus another half dozen, together own around 25% of the company.

Or they could just pay out a huge dividend to shareholders each year! ;)

beardozer, various price calculations have been made over on advfn. One of the main posters (damac) estimated that on say a 15% free carry, the mcap could be of between £250-300m once all income streams are fully developed. That's potentially £50m to £60m to Tomco per year over 20 years. That supports a price range of 9p to 11p, so potentially a 30x to 40x bagger from here.
Hope that helps.

I thought damac had answered that already - see his advfn post below (don't want to paste it as I've not asked his permission):
damac - 30 Nov 2022 - 12:05:51 - 28863 of 28922

The gist of it though is that since Tomco currently owns 100% of Greenfield then the TSH2 land owner would hopefully be open to extending the "exclusive option, at its sole discretion, to acquire the remaining 90%". If so, then that effectively means Tomco would still hold the ace card and so would HAVE to be included otherwise the various parties wouldn't even be able to secure the assets in order to progress at all.

In Utah, Quadrise is currently involved in a project in the Heavy Sweet Oil Uinta basin project with partners Tomco and Valkor Technologies through Greenfield Energy in an oil sands development to create compliant biofuels. ShoreCap, a broker that has Quadrise under coverage had previously commented: “[Quadrise’s] projects in Utah and Morocco, could each be worth considerably more than the company’s current enterprise value.”

Commercial development
In April, Quadrise entered into a commercial development agreement with Valkor to commercialise both MSAR and bioMSAR at its Uinta. The company is targeting a commercial agreement by the end of January for the licensed supply of a manufacturing unit to provide fuel for MSAR and bioMSAR trials as a precursor to commercial supply during 2023.

Miles said: “The company is entering a notably exciting period, with the progression of our core projects expected to deliver commercial revenues in the current financial year.

https://www.thearmchairtrader.com/quadrise-fuels-share-price-update-on-projects/

Fitzy, I wondered the same yesterday but Stuart Little on advfn (and others) posted:
"Surely it’s the 56m shares being flipped from .35 CLN. If I’m correct then they must be nearly done as there has been circa 90m traded in the last few days. Once they are churned it’ll be allowed to move ahead….all in my opinion!"

dazzle1000, true what you say...unless of course the funding option is so large and flexible that funding and permit timings can be mutually exclusive

Good point Joe. You could also say why would they apply for permits to drill wells on the TSHII land (and working closely with Heavy Sweet Oil) unless they were confident of funding to purchase the remaining 90% of land.

I guess it depends on whether an application for permits approval is considered as material news, as opposed to the actual giving of approval, which hopefully will happen at the next hearing of the Utah Board of OGM on 26th October, as below:

BEFORE THE BOARD OF OIL, GAS AND MINING
DEPARTMENT OF NATURAL RESOURCES
STATE OF UTAH
In the matter of the Request for
Agency Action of HEAVY SWEET
OIL, LLC and AC OIL, LLC for an
order pursuant to Utah Adm. Code
R. 649-5-1 approving enhanced oil
recovery including four Class II
injection wells for in situ production
of oil from sands from the Rimrock
and Asphalt Ridge deposits within
40-acre units, Township 4 South,
Range 20 East, Sections 22 and 23,
Uintah County, Utah.
NOTICE OF HEARING
Docket No. 2022-024
Cause No. 471-02
THE STATE OF UTAH TO ALL PERSONS INTERESTED IN THE
FOLLOWING MATTER.
Notice is hereby given that the Board of Oil, Gas and Mining (the “Board”),
State of Utah, will conduct a hearing on Wednesday, October 26, 2022, at 10:00
a.m., or as soon thereafter as possible in the auditorium of the Department of Natural
Resources, 1594 West North Temple, Salt Lake City, Utah. The hearing will be
streamed live on the Department of Natural Resources YouTube channel at:
https://youtu.be/FmetjUlELWY

The hearing will be conducted as a formal administrative adjudication in
accordance with the rules of the Board as set forth in Utah Administrative Code R641,
et seq. and as provided for in Utah Code Ann. § 40-6-1, et seq. and Utah Code Ann. §
63G-4-101 through -601.
The purpose of the hearing will be for the Board to receive testimony and
evidence regarding a Request for Agency Action (the “RAA”) filed by Heavy Sweet Oil,
LLC (“HSO”) and AC Oil, LLC (“AC Oil”), that the Board enter an order:
1. Approving the application of HSO and AC Oil to operate pilot-scale
enhanced oil recovery from heavy oil sands in Uintah County, Utah pursuant to Utah
Admin. Code R649-5-1(1) and 649-5-2, including approval of four Class II injection
wells for in situ production of oil sands from the Rimrock and Asphalt Ridge
formations to be located according to the default well-siting rule on 40-acre drilling
"units" on the following lands located in Uintah County, Utah:
SW1/4 NW1/4 Section 22, T4S, R20E, SLM
SW1/4 NE1/4 Section 22, T4S, R20E, SLM
SE1/4 NE1/4 Section 22, T4S, R20E, SLM
NW1/4 SE1/4 Section 23, T4S, R20E, SLM
comprising 160 acres, more or less ("Subject Lands").

These are the 4 wells that BusaMitch on advfn posted about on 23rd Sept (post 28025), due to be discussed by the Utah Board of Oil & Gas on 26th October, so already in public domain.

IN THE MATTER OF THE REQUEST FOR
AGENCY ACTION OF HEAVY SWEET
OIL, LLC AND AC OIL, LLC FOR AN
ORDER PURSUANT TO UTAH ADM.
CODE R. 649-5-1 APPROVING ENHANCED
OIL RECOVERY INCLUDING FOUR
CLASS II INJECTION WELLS FOR IN SITU
PRODUCTION OF OIL FROM SANDS
FROM THE RIMROCK AND ASPHALT
RIDGE DEPOSITS WITHIN 40-ACRE
UNITS, TOWNSHIIP 4 SOUTH, RANGE 20
EAST, SECTIONS 22 AND 23, UINTAH
COUNTY, UTAH

Therefore, Applicants HSO and AC Oil respectfully request that the Utah Board of Oil, Gas and
Mining (the “Board”) set this matter for the Board’s regularly scheduled hearing on October 26,
2022 in Salt Lake City, Utah;

https://fs.ogm.utah.gov/bbooks/2022/10_Oct/Docket/2022-024_471-02_HSOandACOil/2022-024_20220912.1_RequestForAgencyAction.pdf

An interesting post just now on the Canadian Stockhouse PQE forum:

deepoil0808 (513)
User Actions
32 minutes ago
45 Reads
Post# 34920415
Many options available on BUYOUT
The IP held by PQE is very valuable. Here is what their costs and profit looks like from CORT technology:

Sale of barrel of oil; $ 100 per barrel
Cost of barrel of oil 25 per barrel
Profit per barrel $ 75 per barrel or, 300% of what it costs you.

This is MASSIVE profits.

A 5,000 barrel per day yields profit of $ 136,875,000 per year, at 10,000 barrels per day it is $ 273,750,000 per year.

A major player that can do 50,000 to 100,000 barrels per day brings in an INSANE AMOUNT OF CASH.

Lets not forget that PQE does have 4 licenses to date which will bring in: $ 16 million USD or, 20 million Canadian
+ 5% per barrel or $ 5 per barrel of oil. So say 50,000 barrels per day at $ 5 is $ 91,250,000 in profits.

The MAJOR BUYER behind VISTON sees all of this and are no fools. They see big $$$$$.

So there are some options option to them:

(a) Close the buyout deal without safe harbor and deal CFIUS if they come knocking on the door

(b) Dispose of Utah licenses + close office in California and no more CFIUS review, buyout can be completed

(c) Buy the IP from PQE and, then PQE distributes funds to shareholders (a return of capital + dividend)

(d) Acquire over 90% of the PQE shares and make the corporation private - not subject to CFIUS rules

(e) Re-apply with CFIUS by clearing up funding issue and who is funding the purchase, extend buyout offer.

(f) Have Cantone - an American - buy the company, acting in interests of major player, no CFIUS review

etc......

VISTON has proven that they are comfortable within a hostile or difficult environment and, will not walk away.

They will find a way to acquire PQE.

A couple of other shareholders created this post and I've just tarted it up! :) Also posted on advfn.

Work has been progressing at a pace on the land Vivakor is renting from Tomco in Utah. They have now established their first RPC unit and production is being ramped up with the aim to have four RPC units fully operational this year – all on Tomco’s land at TSH2.

Images and drone video of their first RPC unit can be seen on their website at: https://vivakor.com/video-images/

This is a major mile stone. FISHYNECK (on advfn) was kind enough to have a go at estimating what this may be worth to Tomco in his post 266525. It now seems his thoughts that Tomco could generate between $4.2m and $10m, depending on silica yields, is one step nearer to happening. Vivakor certainly seem to be competent and able to move projects forward.

There is a recent in-depth interview with CEO Matt Nicosia discussing all things Vivakor at:

https://microcaps.com/srax-spotlight/sequire-spotlight-presents-vivakor-vivk-removing-and-reusing-natural-resources-from-waste/

It is well worth listening to, especially at 8:20, 8:36 and 11:00 minutes where the CEO talks about TSH2 and how far they have moved forward:

"...we are getting Utah into production this quarter"

In a couple of months we should be given a revised reserves figure from the three exploration wells and get news on the planned production well programme, which has been increased to seven possible well sites. With on-going high oil prices and the ability to clean the tar sands it feels like we have a win-win situation here. The income from Vivakor should shortly transform Tomco helping it to slowly change into a profitable company.

You weren't the only 'crazy greedy' one. Figures like £1.50 were achievable (and still are I believe). We were all too over optimistic and 'glossed over' the potential risks of investing in a country like Iraq (ISIS, politics, corruption, etc), then of course Covid came along.

Hi Pauly80,

I feel your pain. Just posted the following on advfn for you...keep your chin up.

It may be very quiet on the Petrel boards but that doesn't mean there's nothing happening.

Over the last few months, weeks and days:

- Iraqi National Oil Company (NOC) has now launched and dealing with most aspects of oil/gas negotiations, exploration, etc

- Petrel has been in talks with 'semi-state' shareholders (state sponsored) who are "willing to back longer-term, capital intensive projects in the Middle East and elsewhere"

- Itochu apparently still in the picture as a possible sugar daddy partner if any Iraqi based capital intensive project arises

- As per Chairman's statement, Petrel was asked by an Iraqi group to evaluate minerals opportunities. No further info but might relate to massive $2 billion Phosphate project in western desert (my guess and hope; Iraq has 2nd largest unexplored phosphate deposits in world).

- The recent Iraq election result was "good for Iraq and us"

- DH has travelled to a 'former Soviet Union' country recently (good source; no idea which or why)

- US court case between Netoil and EYCP proceeding at pace with possible judgement on Nov 22nd (5 days time)

- Tamraz is "looking at" the latest Basra-Aqaba pipeline plans (Iraq wants a lower budget of $9 billion now)

- Multiple large scale seismic survey's are currently being conducted by the Iraqi Oil Exploration Company at several sites in the Western Desert (and elsewhere) to make 'more attractive' to foreign companies - reportedly an estimated thousand billion cubic metres of gas across 7 areas of western Anbar province (where Block 6 is).

No worries guys. I think we're all in that waiting to see what happens camp.

It would be interesting to get an idea of how Petrel shareholders are feeling about things right now, just 3 weeks before the AGM.
The following is a poll that we're running on Advfn and a private Proboards forum. I just wondered if there's any shareholders on here who would like to respond?
I don't have premium on here so no private messaging. Please either post on here or pm me on advfn if you're registered there.

STRAW POLL
-----------------
So, just post "1c, 2a, 3a" or whatever. Quick and easy!

1. Do you feel it is time to give someone else a chance at running our company?
a. No, things are fine as they are
b. Yes, changes are long overdue
c. Don't really care

2. Do you feel we have more chance to recoup our losses with Roger Tamraz or Horgan & Teeling?
a. Roger Tamraz
b. Horgan and Teeling

3. If you were asked to vote on an instruction to the board to accept the Russian licences (potential 9.1 billion barrels oil/gas in place), how would you vote?
a. Yes. I want the Board to proceed with this deal
b. No. I do not want the Board to accept the Russian licences

Michel Fayad was a director of Petrel, along with a few other connecting dots ;)

Now where would be a good place to 'store' these assets? Mmmm...

May 18, 2021
Netoil acquired 80% of Russian Company CJSC Rostneftegaz Geo (RNGG) which holds licenses for 2 exploration blocks with up to 9.1 billion barrels of oil equivalent estimated resources, mostly gas, in the Karpinsky Ridge which extends from Kazakhstan through the Caspian Sea to the Donbass basin.

Don't forget to register your proxy vote with your online broker well before Feb 20th...otherwise there won't be a company left to moan about! ??

Anyway, here's some notes on registering your vote:

HOW TO GET OUR PROXY VOTES RECORDED
----------------------------------------------------------

I presume most of us hold our shares electronically via our brokers nominee accounts (brokers like ii, IG, HL, iweb, etc).

Because PET is an Irish registered stock it is not normally covered by brokers voting services and so no voting notification will have been sent. It is therefore important to instruct your broker.

All you need to do is log on to your broker’s website so you can access your account and send a secure email from that site to inform them that you wish to register your proxy vote (i.e. to allow the Chairman to vote on your behalf to pass all resolutions).

The main thing to remember is that we must VOTE NOW so that we get these regulations passed so that you can easily trade your shares in the future.