Member Info for soulac

Not sure, this news is dated December 8th on valkor website, but it was not there yesterday,, where they holding back till they sold there Utah assets which we should see news on that,

Findings of Fact and Conclusions of Law and Order were issued by the Board of Oil, Gas and Mining of the Department of Natural Resrouces for the State of Utah in favor of Valkor / Heavy Sweet Oil
The order approves our proposed program of enhanced recovery to extract oil from heavy oil sands in the Rimrock and Asphalt Ridge Formations by injection of steam to increase the mobility of viscous hydrocarbons bound in the sand formations on SITLA lands near Vernal Utah.

We will initially drill four wells at legal locations within a 400-foot square window centered in each of the 40-acre quarter-quarter sections. Each Phase I well will be completed for both underground injection of steam and oil production. Wells will be drilled through the Uinta/Duchesne River Formation with completions in the bituminous sand zones of the Rimrock and Asphalt Ridge Sandstone Members. Steam will be supplied to the well head via a mobile steam unit and injected into
the bituminous zones to lower the oil viscosity and allow the extraction of the bitumen from the tar sand deposit. Operator plans to alternate steam injection with oil pumping in each well, injecting steam into the Target Formation until bitumen is fluid, pausing while bitumen flows toward the well, and then pumping the liquid bitumen to the surface.

In Phase II of the project, the Operator expects to drill 6 offsetting injection wells
on 2.5-acre spacing surrounding the Phase I well in a hexagonal pattern. The central well would then be used solely as a production well. This reduced spacing is not currently approved but is being sought in Q1 2023.

Big news coming

https://www.valkorgroup.com/news/approval-received-for-enhanced-oil-recovery-in-utah

Looks like valkor has sold its Utah assets.
It is proposed that following the approval of the acquisition of Valkor, the company will change its name to Ecotech Energy ASA.
https://araca.no/news/details/araca-energy-asa-new-name-and-new-ticker

Morning vanch,
Since you said that the buys are coming in, lol

This tells me we will hear something soon,
The repayment date for the remaining US$1,000,000 outstanding principal amount of the unsecured loan from Valkor Oil & Gas LLC ("Valkor") to Greenfield (the "Valkor Loan"), which was used for the acquisition of the initial 10% of the Membership Interests in TSHII, as detailed in the Company's announcement of 16 November 2021, has been further extended.

On 31 May 2022, 28 June 2022, 1 August 2022, 1 September 2022, 14 October 2022 and 1 November 2022, the Company announced that the terms of the Valkor Loan had been varied in order to extend the repayment date, with the last extension being to on or before 30 November 2022. The Company announces that the terms of the Valkor Loan have now been further varied to extend the repayment date for the remaining US$1,000,000 principal amount of the loan to the completion date of a suitable funding transaction for Greenfield that provides sufficient funds to TomCo to, inter alia, enable it to affect repayment.

They also mentioned in the lower section ( can’t remember the name) there is 50foot thick layer of tar that covers the entire ashpheltic rig, and this is not included in the estimate for tar sand , guess that will be in the new report, the resources are enormous,

Yep, warrants only extended for 4 months,

https://araca.no/images/uploads/files/General_Meeting_Notice_28nov2022.pdf

They got to the 15th of this month

Did the funder try to buy greenfield out but they said no, that’s why there seems to a Chang of plan.

All of the above tells me...

Tomco have now been approached by a consortium (which includes Valkor) with a proposal.

The proposal would see a majority stake in Greenfield being given up in return for:

A sum of cash to Tomco.

All funding required to purchase the remaining 90% of Tar Sands Holdings II LLC.

All funding required to develop and maintain 2 x 6k tonnes per day (I make that about 4k barrels each plant) oil sands separation plants.

All funding required to develop and maintain at least 14 in-situ oil recovery wells.

Tomco retaining a non-cost % percentage in Greenfield for the lifespan of the projects on TS2 (basically, whatever revenues Greenfield brings in, Tomco would get their percentage holding with no obligation on Tomco for any development or operational costs at all, ever).

That the proposal is non-equity in Tomco, it tells me that Valkor would no longer be getting the previously mentioned 25% in Tomco, hence they must be part of the consortium. Another member of the consortium must be the major funder.

With the Valkor loan being renegotiated to repayment when the Greenfield funding is secured, this tells me that Valkor are also very confident that the funding will be secured, if not, they have just written off $1m.

The RNS has told us to expect a General Meeting for shareholders to approve/disapprove of the above. By that point they will have fully informed shareholders of the finer details of the proposal being finalised. As it is ultimately still to be finalised, Tomco, via todays placing, have obviously required ongoing working capital.

As for trading so far today, at current SP price, these are not placing shares being sold, it is nervous holders selling. The buys that have started to come in further suggest to me that others are now getting the picture in the RNS.

From damar on ADVFN
Goulding, you asked for my thoughts.

I'd say that they have laid it all out in the following 2 sections of the RNS as to what is likely going to happen.....

"The Company is currently in discussions to secure a potential non-equity funding package for Greenfield, that would, inter alia, enable Greenfield to ultimately acquire the remaining 90% of the Membership Interests in TSHII and cover the currently estimated construction costs of two commercial scale oil sands separation plants and requisite associated supporting infrastructure to enable the future mining of oil baring sands at the TSHII site.

Whilst there can be no certainty that such funding arrangements will be successfully concluded, or as to the terms or structure of any such non-equity funding in TomCo, one scenario that is currently under active consideration would involve TomCo disposing of a majority stake in Greenfield to a partner(s) in return for, inter alia, certain upfront cash consideration, a continuing equity participation for TomCo in Greenfield without the requirement for further capital contributions from TomCo and the provision of a sizeable funding package to Greenfield. It is the intention of TomCo that any funding package provided to Greenfield would enable the construction of two oil sands separation plants capable of processing at least 6,000 tonnes per day of oil sands, along with at least 14 in-situ oil recovery wells. Any such proposed disposal would likely constitute a fundamental disposal pursuant to the provisions of Rule 15 of the AIM Rules for Companies and therefore be subject, inter alia, to the approval of TomCo's shareholders at a duly convened general meeting.

A further announcement(s) in respect of such ongoing discussions will be made in due course, as appropriate."

"The Company announces that the terms of the Valkor Loan have now been further varied to extend the repayment date for the remaining US$1,000,000 principal amount of the loan to the completion date of a suitable funding transaction for Greenfield that provides sufficient funds to TomCo to, inter alia, enable it to affect repayment."

Very strange to extend warrants

Would not be surprised to see another Rns in the next couple of days with a positive side to it.
Normally happens to cover up the placing news,

Think an AGM will be call very soon.

I can see valkor taking 80% of greenfield,

Vivakor Reports Growth of 1,118% to $11.8 Million in Revenue for Third Quarter 2022
https://feeds.issuerdirect.com/news-release.html?newsid=6312778101735039

Hope your right