23th Dec 06 : Netcentric in £5m reverse takeover : Name Change to TomCo Energy
TomCo holds significant strategic Oil Shale reserves in the Green River Formation of Utah. Recent geological reports received by the company have shown that these oil shale leases have projected oil reserves of approximately 200 million barrels.
Today, Tomco's main corporate focus is building oil production projects throughout the United States. This will be the company's main objective over the next 3-5 years.
TomCo is currently working to develop strategic alliances and joint ventures with current oil producers throughout the United States in order to expand their asset base and revenues from conventional oil production.
TomCo will invest in oil properties with fully engineered, proven, developed producing wells (PDPS) and proven undeveloped locations (PUDS). These smaller acquisitions can be obtained at prices that would give Tomco significant profit potential. Based on the experience gained from Cadence Resources more oil than gas production will be purchased due to the much quicker pay back time.
Both CEO Howard Crosby and CFO John Ryan have superb track records in the natural resources sector in the USA with their latest company [NASDAQ listed Cadence Resources] for example being a serious multi bagger [MKT CAP went from under $500K to $450M within 5 years before being taken over although it should be pointed out that $40M or so was raised on the way].
The placing is at a price of 2.5p.Therefore net of cash raised the MKT CAP will only be circa £9M. This values the oil shale at less than 8 cents a barrel with the proven skills and track record of Howard Crosby and John Ryan [NASDAQ listed Cadence Resources] thrown in for free!
Crosby and Ryan are looking to grow TomCo Energy PLC to at least the same size as Cadence Resources Inc over the next few years.....i.e. $450M = roughly £250M = more than 50p a share....a serious MULTIBAGGER!
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