Annual Report and Financial Statements 2020
TomCo Energy plc
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COMPANY DETAILS
TOMCO ENERGY PLC
Company Numbers
Isle of Man | 6969V |
England & Wales | FC022829 |
Country of | Isle of Man |
Incorporation | |
Board of Directors | |
Malcolm Groat | Non-Executive Chairman |
John Potter | Chief Executive Officer |
Robert Kirchner | Non-Executive Director |
Richard Horsman | Non-Executive Director |
Registered Office | Broker |
1st Floor | Novum Securities Limited |
Sixty Circular Road | Lansdowne House |
Douglas | 57 Berkeley Square |
Isle of Man IM1 1AE | London W1J 6ER |
Nominated Adviser | Registrars |
Strand Hanson Limited | Computershare Investor Services plc |
26 Mount Row | The Pavilions |
London | Bridgwater Road |
W1K 3SQ | Bristol BS99 6ZZ |
CONTENTS | |
Page | |
Chairman's statement | 1 |
Directors' report | 3 |
Corporate governance statement | 8 |
Audit committee report | 14 |
Remuneration committee report | 15 |
Independent auditors' report | 16 |
Consolidated statement of comprehensive income | 21 |
Consolidated statement of financial position | 22 |
Consolidated statement of changes in equity | 23 |
Consolidated statement of cash flows | 24 |
Notes to the financial statements | 25 |
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CHAIRMAN'S STATEMENT
I am pleased to be delivering my first Chairman's Statement to the shareholders of TomCo Energy plc ("TomCo" or the "Company" or, with its subsidiaries, the "Group"), together with the Annual Report and Financial Statements for the year ended 30 September 2020.
Market Conditions
It has been an unprecedented year across all global markets. Covid-19 has cast a dreadful shadow across the world and continues to do at the time of writing this statement.
TurboShale RF Technology
When the Company issued its 2019 Annual Report, the COVID-19 pandemic was developing, and the Board decided to postpone the next stage of the TurboShale field testing. A decision on when to restart the field test programme is likely to be made in Q2 2021.
Greenfield Energy LLC
In December 2019, the Company signed a non-binding memorandum of understanding ("MoU") with Valkor Technology LLC ("Valkor") to explore the potential of oil sands situated on the Group's oil shale leases in the Uintah Basin, Utah, USA (the "Leases"). Valkor is an international engineering company that handles procurement, construction and installation, and oil field operations, operating in the USA, South America and Africa, both onshore and offshore. It also owns and operates gas and oil fields in Trinidad, the USA, Turkey and Ukraine. Valkor has been assisting with design improvements to Petroteq Energy Inc's ("Petroteq") closed loop system for use in the recovery of oil from oil sands (the "Oil Sands Technology") and the Company's joint venture with Valkor, Greenfield (as defined below), now holds a multi-site licence from Petroteq to utilise the Oil Sands Technology in the USA.
Based on the results of the preliminary work undertaken in March 2020, and in accordance with the terms of the MoU, TomCo and Valkor agreed, inter alia, to fund a Pre-FEED (Front-End Engineering and Design) study. The initial draft of the study provided sufficient evidence to TomCo's Board to justify establishing, in June 2020, a 50/50 joint venture with Valkor, being Greenfield Energy LLC ("Greenfield"). Greenfield has been established with the principal aim of developing a FEED for a potential 10,000 barrels of oil per day ("bopd") plant consisting of two 5,000 bopd trains utilising the Oil Sands Technology. The final results of the Pre-FEED study were released in September 2020, concluding that the likely cost of production from a 10,000 bopd plant would be approximately US$30 per barrel. Steps along the agreed path have included Greenfield temporarily taking over the operations and management of Petroteq's oil sands plant (the "POSP") in order to complete certain upgrades and improvements so as to enhance its ____
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TomCo Energy plc published this content on 17 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 February 2021 10:50:03 UTC.