Board Change • May 20
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 1 highly experienced director. Independent Non-Executive Director Donald Phillips was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Feb 23
Tomco Energy plc Appoints Steven Byle as Non-Executive Director TomCo Energy Plc announced Steven Byle, Valkor's founder and CEO, is shortly intended to be appointed as a Non-Executive Director to TomCo's Board pending completion of the Company's Nominated Adviser's customary due diligence process. Mr. Byle is a highly accomplished executive and serial entrepreneur with substantial experience of, inter alia, creating and developing innovative companies and technologies and executing international projects in the energy sector. These include being former CTO of Dockwise B.V., which reached over $1bn in debt and equity and achieved over $500m in revenue during his tenure, former CEO of Offshore Kinematics Inc. which was sold for $57m and a former director of Core International Group which was sold for approximately $20m. He has lived and worked extensively overseas, speaking Chinese amd Spanish fluently, and currently resides primarily in Utah, United States. He holds a Bachelors degree in Engineering, summa cum laude, from the University of Michigan and a Doctor of Jurisprudence with honors in Intellectual Property Law from the University of Texas. He was awarded the 2011 Alumni Achievement Award in Engineering from the University of Michigan and the 2018 Rosenblatt-Michigan Award and has sat on an advisory board for the Michigan Engineering School. As well as currently acting as CEO of Valkor, a diverse energy services company, he is currently also a director of, interalia, Highlands Development Group LLC and Heavy Sweet Oil LLC and is a former director and/or owner of a number of other public and private companies. Announcement • Mar 12
TomCo Energy Plc Auditor Raises 'Going Concern' Doubt TomCo Energy Plc filed its Annual on Mar 11, 2025 for the period ending Sep 30, 2024. In this report its auditor, PKF Littlejohn LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern. Announcement • Oct 23
TomCo Energy Plc, Annual General Meeting, Nov 08, 2024 TomCo Energy Plc, Annual General Meeting, Nov 08, 2024. Location: the offices of rwk goodman llp, 69 carter lane, ec4v 5eq, london United Kingdom Announcement • Feb 22
TomCo Energy Plc has completed a Follow-on Equity Offering in the amount of £0.3 million. TomCo Energy Plc has completed a Follow-on Equity Offering in the amount of £0.3 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 666,666,667
Price\Range: £0.00045
Transaction Features: Subsequent Direct Listing New Risk • Jan 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (71% average weekly change). Earnings have declined by 39% per year over the past 5 years. Revenue is less than US$1m (UK£136k revenue, or US$173k). Market cap is less than US$10m (€3.27m market cap, or US$3.58m). Minor Risks Latest financial reports are more than 6 months old (reported March 2023 fiscal period end). Shareholders have been diluted in the past year (44% increase in shares outstanding). Announcement • Oct 13
TomCo Energy Plc has completed a Follow-on Equity Offering in the amount of £0.1 million. TomCo Energy Plc has completed a Follow-on Equity Offering in the amount of £0.1 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 125,000,000
Price\Range: £0.0008
Transaction Features: Subsequent Direct Listing Announcement • Aug 08
TomCo Energy Plc, Annual General Meeting, Aug 29, 2023 TomCo Energy Plc, Annual General Meeting, Aug 29, 2023, at 12:00 Coordinated Universal Time. Location: DoubleTree by Hilton Hotel, One Piccadilly Place, 1 Auburn Street Manchaster United Kingdom Agenda: To receive the report of the directors and accounts of the Company for the year ended 30 September 2022, together with the report of the auditors thereon; to re-appoint John David Potter as a director of the Company, who retires by rotation; to re-appoint Louis Emmanuel Castro as a director of the Company, who retires by rotation; and to discuss other matters. New Risk • Jun 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 73% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (114% average daily change). Earnings have declined by 55% per year over the past 5 years. Shareholders have been substantially diluted in the past year (73% increase in shares outstanding). Revenue is less than US$1m (UK£73k revenue, or US$93k). Market cap is less than US$10m (€2.89m market cap, or US$3.17m). Announcement • Oct 05
TomCo Energy Plc announced that it has received £0.75 million in funding On October 3, 2022, TomCo Energy Plc closed the transaction. The company received £375,000 in its second and final tranche. The company has also issued 50,000,000 warrants, with each warrant affording the holder the right to subscribe for one new ordinary share at an exercise price of £0.75 pence per share, for a period of two years from September 30, 2022. Announcement • Sep 02
TomCo Energy Plc announced that it expects to receive £0.75 million in funding TomCo Energy Plc announced that it has entered into an agreement for the issuance of unsecured convertible loan note for gross proceeds of £750,000 on September 1, 2022. The transaction will include participation from certain subscribers. The company will issue convertible loan note in multiple tranches of equal size of £375,000 each. The company expected to close the final tranche on or before September 30, 2022. The company will also issue 50,000,000 warrants for each tranche issued under the transaction. Each warrant is convertible into one common share at an exercise price of £0.75 pence per share.
On the same date, the company received £375,000 in its first tranche. The company has also issued warrants 50,000,000 warrants, with each warrant affording the holder the right to subscribe for one new ordinary share at an exercise price of £0.75 pence per share, for a period of two years from August 31, 2022. Announcement • Jun 22
TomCo Energy Plc(AIM:TOM) dropped from Oslo OBX Total Return Index TomCo Energy Plc removed from Oslo OBX Total Return Index Announcement • Jun 14
TomCo Energy Plc, Annual General Meeting, Jul 07, 2022 TomCo Energy Plc, Annual General Meeting, Jul 07, 2022, at 13:00 Coordinated Universal Time. Location: atthe Gold Room, 1 Cornhill London United Kingdom Announcement • Jan 25
TomCo Energy Plc (AIM:TOM) acquired remaining 20% stake in TurboShale Inc. for $0.02 million. TomCo Energy Plc (AIM:TOM) acquired remaining 20% stake in TurboShale Inc. for $0.02 million on January 24, 2022. TurboShale is now a wholly owned subsidiary of TomCo Energy. TomCo Energy intends to determine its strategy for the future of TurboShale over the course of the next six months, however it is not currently a strategic focus for the Company.
TomCo Energy Plc (AIM:TOM) completed the acquisition of remaining 20% stake in TurboShale Inc. on January 24, 2022. Announcement • Jan 14
TomCo Energy plc Announces Reserves Report for TSHII Site TomCo Energy plc announced the receipt of an independent report commissioned from Netherland, Sewell & Associates Inc. ("NSAI") estimating the oil reserves, associated marketable sand volumes, and future net revenue, as of 31 December 2021, in respect of a potential commercial scale project on the mining properties comprising the Tar Sands Holdings II LLC ("TSHII") site located in the Uinta Basin, Utah, United States (the "Report"). As previously announced, TomCo's wholly owned subsidiary, Greenfield Energy LLC, ("Greenfield"), owns a 10% Membership Interest in TSHII with an exclusive option, at its sole discretion, to acquire the remaining 90% of the Membership Interests for additional cash consideration up to 31 December 2022. Highlights: NSAI have estimated the proved ("1P"), proved plus probable ("2P"), and proved plus probable plus possible ("3P") oil reserves, associated marketable sand volumes, and future net revenue, as at 31 December 2021 in respect of a 100 per cent. interest in a potential commercial scale project on the mining properties comprising the TSHII site NSAI estimate 1P oil reserves of 22.8 million barrels of oil ("bbls"), 2P oil reserves of 33.6 million bbls and 3P oil reserves of 44.3 million bbls. NSAI further estimate associated volumes of marketable sand at 22.8 million tonnes (1P), 41.2 million tonnes (2P) and 59.8 million tonnes (3P). Total estimated undiscounted future net revenues range from USD 942 million based on 1P reserves to approximately USD 2.5 billion based on 3P reserves in respect of a gross 100% interest in TSHII. Estimated discounted future net revenues attributable to TomCo's current 10 per cent. interest in TSII range from approximately USD 30.5 million based on 1P reserves to approximately USD 57.6 million based on 3P reserves. Announcement • Aug 27
TomCo Energy Plc (AIM:TOM) acquired remaining 50% in Greenfield Energy LLC from VALKOR, LLC for £3.2 million. TomCo Energy Plc (AIM:TOM) acquired remaining 50% in Greenfield Energy LLC from VALKOR, LLC for £3.2 million on August 25, 2021. As per the transaction, TomCo Energy Plc will pay wholly deferred equity consideration under which TomCo Energy Plc will issue 592,830,258 new ordinary shares. Issue of the Acquisition Shares is subject to Greenfield Energy LLC receiving funds from, or drawing upon, a loan or credit facility in connection with the construction of an oil sands processing facility as specified in the feed study dated July 21, 2021. If financial close is not achieved within 3 years of the effective date then no consideration will be paid. As on March 31, 2021, Greenfield Energy LLC generated total assets of £3.4 million. James Harris and Matthew Chandler of Strand Hanson Limited acted as financial advisors to TomCo Energy Plc.
TomCo Energy Plc (AIM:TOM) completed the acquisition of remaining 50% in Greenfield Energy LLC from VALKOR, LLC on August 25, 2021. Announcement • May 19
TomCo Energy plc Provides the Update in Respect of the Work Being Undertaken by Greenfield Energy LLC TomCo Energy plc provides the update in respect of the work being undertaken by Greenfield Energy LLC the Company's 50/50 joint venture with Valkor LLC with respect to Petroteq Energy Inc.'s ("Petroteq") existing oil sands plant at Asphalt Ridge, Utah (the "POSP"). Utah's Division of Oil, Gas and Mining ("DOGM") issued a Cessation Order (the "CO") on 14 May 2021 in respect of the POSP's operations at the Temple Mountain Mine on Permit Number M/47/0089 being operated by Greenfield. The CO alleges that the previously approved operational mining plan is not being followed, specifically stating that the facility is processing material from an off-site source and staging waste products from off-site sources. Greenfield strongly refutes the basis for the issuance of the CO and believes that it has been conducting operations in line with the site's existing permit held by Petroteq and the approved operational plan. Accordingly, Greenfield's legal adviser has formally responded to DOGM requesting they withdraw the CO with immediate effect. As is customary in such situations, a site meeting has been arranged between Greenfield and members of DOGM for to seek to resolve the matter with a follow-up conference to be held by Friday 21 May 2021 as necessary. Announcement • Dec 04
TomCo Energy plc Provides Greenfield Update TomCo Energy plc provide an update in respect of Greenfield Energy LLC ("Greenfield"), the company's 50/50 joint venture with Valkor LLC ("Valkor"), and the upgrades being undertaken by Greenfield to Petroteq Energy Inc.'s ("Petroteq") existing oil sands plant at Asphalt Ridge, Utah (the "POSP") pursuant to the work order to seek to demonstrate the commerciality of the processes used in Petroteq's closed loop system for use in the recovery of oil from oil sands (the "Oil Sands Technology"). The company is pleased to confirm that work to upgrade the capacity and improve the reliability of the POSP has been completed and that the restart of the plant is now underway as scheduled. The full restart process will take up to two weeks, following which the POSP will be initially operated on a single day shift and, assuming no issues, it is planned that production will be ramped up in early January 2021. As previously announced, oil samples produced by the POSP will be sent to the Quadrise test facility from the first days of production to enable them to undertake test work in the UK. Further sampling will also be undertaken to enable detailed testing of the oil and sands produced by the POSP. The third-party engineering analysis of the Oil Sands Technology is expected to commence in the first week of January 2021, alongsie the continuation of the FEED study. The FEED is expected to be completed by the end of February 2021. Announcement • Nov 03
TomCo Energy plc Announces Board Changes TomCo Energy plc announced the appointment of Robert Kirchner and Richard Horsman as Non-Executive Directors of the Company. Robert Kirchner is currently CEO of Cornerstone Energy Africa Ltd. and Managing Director of BCI International. His previous roles include being COO of African Power Corporation; CFO and Deputy CEO of Kungur Oilfield Equipment and Services; and CEO of First Africa Oil plc and Deputy CEO of Sibir Energy plc. Richard Horsman is currently Non-Executive Chairman of Main Market listed Toople plc. He was previously Senior Independent Non-Executive director of Plethora Solutions Holdings plc and CEO of Cybit Holdings plc. Prior to this, he held several senior roles in the IT industry, including with Global Telematics plc and The Baan Company Stephen West, Non-Executive Chairman, and Alexander Benger, Non-Executive Director, both expressed their desire to step down from the Board. Both Stephen West and Alexander Benger have therefore left the Board with immediate effect. The Company announced that Malcolm Groat, previously a Non-Executive Director of the Company, has been appointed as the Company's new Non-Executive Chairman. Announcement • Jun 19
TomCo Energy Plc announced that it has received £1.5 million in funding TomCo Energy Plc (AIM:TOM) announced a private placement of 375,000,000 shares at an issue price of £0.004 per share for the gross proceeds of £1,500,000 on June 17, 2020. The issued shares represent approximately 136% of the company's current issued share capital. In the transaction every two placing shares have one warrant attached, resulting in the issue of 187,500,000 warrants, with each warrant having the right to acquire one new share at an exercise price of £0.008 for a period of two years from the date of the admission of the placing shares. If the warrants are exercised in full, this would result in the issue of 187,500,000 new shares, which would represent approximately 28.8% of the company's issued share capital as enlarged by the placing. 