Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
JP will secure funding. No one else will
No, gain funding
After listening to the majority of the Hearing last night, it was Hoodoo's Consultant Field Development Engineer that stole the show. He came across extremely knowledgeable and equally arrogant, so much so, that at times I thought he may lose the Board.
But if his job was to bamboozle everyone with highly technical arguments and textbook jargon he successfully did that, so much so that Valkor's attorney was lost (and probably too scared) to object, or respond with any real authority and the arguments put forward by the Hoodoo team seemed to be accepted with some merit, rather than thrown out.
The general argument put forward was that the bitumen was in fact heavy oil and not bitumen at all and it was 78% mobile because it had the ability to move an inch over a year ! In addition, the heavy oil had escaped to an updip at a large fault line that Valkor's geologist disputed even existed, all worked out from a mystery 200 drill cores that no one has seen apart from Hoodoo.
The result was that Hoodoo admitted they were interested and even planning on drilling for the oil from depths of 1000m + which trespassed (or vice versa) on Valkor's oil which was to be drilled between 800-2000m depths, hence it was impossible to approve the unitisation plan without a clear 'owner' of the oil and as soon as the Division said the same in their summing up it was game over.
The only positive for Tomco in this is that Hoodoo seemed genuinely excited and impressed with the oil saturation percentages at Asphalt Ridge and its potential for $B's extraction and admitted they had no intention, or claim, to mine the shallow sands, whilst being aware that plans for mining were afoot.
I've said it may times on here, but as we stand now, the drilling is irrelevant to the survival and prosperity of Tomco and its all about gaining the funding for the oil separation plants.
Not denying what was said at the last AGM. But the drills are immaterial to the company's immediate survival and funding for the plants is the only thing that matters imho. I think this will become clear at the AGM and in the coming weeks
Vauch, no they were not trying to get quick income for the wells. ! They haven't got any money to drill them, or to contribute to drilling them
Its gaining funding for the oil separation plants, or nothing. The drills are not factored in to the economics of gaining funding for the oil separation plants
Exactly right StockCheque, if you google 'reserves based funding for oil and gas', you will quickly come across loan and bonds which are commonly used against the value of the 'reserves' and this updated reserves reports has been completed to facilitate this. Therefore, if the reserves increase, so does the loan/bond value
Why? Clearly they needed to have an updated reserves report as they are now looking at 'reserves based funding' as an option, or would you rather not know about that?
Sells?
Or before it
Yes, sorry. Should have added imho at the end.
Time will tell
The funding is not tied to the permits.
We have no funds to drill the wells. We have no permits. The permits are in dispute. The extraction volumes are an unknown. How long will it take to install the infrastructure for these wells. How long will it take to drill sufficient wells to make us cashflow positive. What are we going to pay the drilling company with
The major funding is for the separation plants and we need news on this before the AGM. The major funding will come with sufficient cashflow for the company to survive the short term (as per RNS) AND to drill the wells, (hopefully). We are not getting funding just for the wells to be done in advance, (it appears).
We are NOTHING without funding coming through for the separation plants
I'm simply not invested in the company for a number of low producing wells. It has to be all about the plants and I think this will become obvious in due course. I just hope we hear something in this respect before the AGM
No, the drills won't give us much revenue, but the plants will. The funding for the plants is the main meal, the drills are just a side dish and the approval of the permits is out of our control. The funding for plants is in our control and we need news of this before the AGM.
Surely the sensible approach would be to wait for material news leading up to and during the AGM where you should also have the opportunity to directly speak with members of the Board. If you are still not satisfied, or your concerns still remain, I'm sure you can collectively gain sufficient shares to try and vote for removal of certain individuals from the Board.
So you have asked Zac and he has the time and resources to step in? If not, you have asked two guys to potentially come out of retirement? I'm saying this because unless you have someone who is absolutely ready to step in then a vote of no confidence may be ill-judged. Regardless of this, and acknowledging the lack of communication from the company, it leads investors (like you if you forgive me from saying) that it's John that is actually the problem, when in fact, the failure of not being able to close out a financial deal has nothing to do with John and the vote of no confidence may remove Tomco's best asset.. it's easy to speculate and make I'll informed emotional based judgements, but I will reserve making any such judgements until after the AGM. My personal opinion is that we will get news on real progress of the oil sands plant funding options before the AGM. I am also not interested in the drills or Hoodoo, etc as these are not company making events.
Vaunch, so who is your proposal to replace John. Assume you have a plan.?
New note on the website....
Transfer request of shares
Until the company is re-listed the company is not processing transfer requests.
Full year accounts are up on companies House. Interesting reading and interesting whovthe main shareholders are. Looking for opportunities and then to re-list
I also had a corporate action confirming the shares have value but nothing about them relisting