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Fair enough Orslega but is too much reliance placed on Steve. Say there is a disagreement or just suppose Valkor slip up or decide they don't want to carry on the partnership. You know it's the what if situation, what can Tomco do?
That's why Tomco should have an engineer on location to monitor the technical side of plant development and step in if necessary. Tomco could be a hostage to fortune and end up with a ....
Three part time bods here and a full time non engineer CEO there.
Who said you Brits are very trusting!
Yes correct and they really have a nerve - look at the changes in BOD last year - how long before these push with a payoff. Another good example of AIM.
ON THE OTHER SIDE Valkor - just hope SB doesn't lose faith and that CEO can hold his own.
The website is conspicuous for its lack of news. One might have expected a few pictures of the site in Utah so investors can get a feel for what is going on. BOD seem very lacking in giving assurances let alone information. Surely not that top secret but visible evidence of what TOMCO's funding has / is creating might be of interest. When CEO is on location could he not put a few brownie snaps up to reassure during the long silences. BOD in IOM might appreciate a few snaps.
If Dame Cressida is persuaded to fall on her sword, Sanderson should follow her example and quickly.
This business needs some skilled and experienced oil operatives to rebuild the business. Sanderson is a geologist and an expensive one. He is not a leader nor a CEO and out of respect for sore shareholders he has to stand down to repair UKOG's credibility.
Put Turkey aside for moment. The works at HH, BB and Dunsfold have present and future value despite the setbacks and enormous cost. Could be many interested parties that would take these further whi have necessary skills and funds.
Yes it has been an appalling show so far displaying all the worst about British Management.
The large shareholders could force the company into administration / receivership but they won't because they are wholly disinterested. Directors know this so they will hang in.
So the share value descends to £nil which is a possible but most investors have already written it off so what the heck.
On the other hand there are some good bits in the box which have value and future prospects so it quite reasonable that a white knight is in the background, perhaps a Turkish knight and the whole operation will be regurgitated into a realistic income producing business. All is therefore not lost and natural forces will quite likely prevail perhaps sooner than is now evident.
You are right. Makes we think TOMCO needs to become more substantial to handle this project eg more in house technical expertise and stronger financial base to handle long term projects.
Perhaps Tomco needs to consider merging with similar operations in US to give a better platform.
At the moment it seems to me it is a bit like a cake shop trying to expand into high quality cake production with one shop assistant.
It is possible that the Board have similar issues and are looking to beef this up as the potential world wide could be phenomenal.
Ok you agree it is Valkor in command so TOMCO shareholders have to wait for SB to give his views when he is able.
So we have directors here patiently waiting for SB to tell them what is happening so they can announce something. It explains why nothing on TOMCO website, no photos etc.
Directors who in the main own few shares, 3 part time and 1 full time. What does Tomco need them for? Why doesn't SB takeover TOMCO's management and save their costs.
One wonders how BDO AUDITED the accounts if they did not meet up with SB or perhaps they did but accounts hint they did not.
Oh well if shareholders believe this is a good way to handle a very interesting and exciting project,
Good on them.
If CEO is not an engineer, he will be out of his depth. So you seem to be saying that relying on the joint venture partner should protect Tomco interests. What if the third party fouls up hypothetically that is or puts its interests ahead of the joint venture. Would you build a house and rely on builder's surveyor?
Bearing in mind the very high investment by Tomco is it not pitiful not to have a surveyor of its choice. Is Tomco doing this on the cheap? I would think the most important thing is to have continuous monitoring and Valkor would expect this .
Joint ventures often fail - misunderstandings, one partner thinking the other is not contributing etc etc - you are clearly happy to take a lot on trust. If CEO is not an engineer what on earth is he doing all day long in Utah - just adding another layer of costs for what? After all what valuable tech information can he feed back to th Board - other than he is missing home and family and bored.
Perhaps this is why information is scarce - no one on Tomco's side has technical know how about the present state of play and therefore uncertainty prevails. It is all down to Valkor and Valkor know it.