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let's watch petroleum prices........turbulent markets can be profitable even if one drop of oil is never pulled.....JMO!!!!
Some say no reserves. Beacon report says otherwise.
Who am I to dispute data provided and paid for?????
JMO!
TXO News from Tim Baldwin's office above the HIV Clinic..an offer you surely can refuse
http://www.shareprophets.com/views/18675/txo-news-from-tim-baldwin-s-office-above-the-hiv-clinican-offer-you-surely-can-refuse
WOW, TXO's website is dead:
http://www.txoplc.co.uk/
Many, MANY months late... Tim finally filed the Annual.
https://beta.companieshouse.gov.uk/company/02398784/filing-history
Interesting he failed to post it on the TXO website tho.
Hilarious.
Interesting post from another board:
It would seem that the company's paid stooge is back trying to con people into exercising their "bonus" warrants with a load of articles of varying vintage from the Bahamas wrt to the Clifton oil spill.
It really is amazing how they cannot get the long promised annual report out, despite it being well advanced back in Jan, yet they can issue bonus warrants to shareholders to exercise at £1 and can get someone to post BS on ADVFN.
TOG has not produced its annual report due by yesterday, nor has EAOC (which still has Malc listed as a director) and the ORS annual report which was due 19 Jun is still MIA as is that long awaited Athabasca listing - the PLC set up by the conmen Julian Hamilton Barns and Gideon Botha Roos for it has changed its name to Carbon Technologies Group PLC.
In the meantime, since delisting TXO has converted a load of loans into shares and paid some directors in shares bringing the total number of shares to over 2.1M (2.1Bn before consolidation and all that was authorised by the EGM that gave them permission to issue twice the number of shares that were already in existence).
Excellent post from another board:
DS
Has anything more been heard of TXO since they were delisted?
These are the people who are supposed to deal with unfit directors:
https://www.gov.uk/company-director-disqualification
Go there and click on the link that says "Anyone can report a company director’s conduct as being ‘unfit’
‘Unfit conduct’ includes:
allowing a company to continue trading when it can’t pay its debts
not keeping proper company accounting records
not sending accounts and returns to Companies House
not paying tax owed by the company
using company money or assets for PERSONAL BENEFIT!!!!!
An interesting post on uk advfn today by truth_hurts:
TB's greatest fear is that of exposure. I don't think he's driven as much by ego (although that is a HUGE factor) as he is by FEAR.
Nobody knows where all the money and shares actually went in the various "deals" he and his fellow felons have put together over the years. Sure, the director fees, perks, and "retirement funds" have been amazingly lucrative for someone who's failed to generate any revenues at all, but it is my belief that the REAL money is made on phantom transactions with offshore entities.
If he loses control of his companies, if he loses access to information about any legal or accounting searches through the company records to see who has actually benefitted from these transactions, he knows he is in serious trouble. He has built a house of cards, and he absolutely depends on controlling access to the information used to create that house.
FF may differ, but I don't believe he is a dolt who was taken in by Malcolm Bendell in TOG. I don't for a moment believe Tim Baldwin was "taken in" by another conman, and wasted TXO assets on a failed vision from a raving lunatic. It is my belief that he and Bendell had a beneficial partnership, used to launder funds from their various criminal transactions through a multiplicity of offshore and almost untraceable transactions. They shared a crooked accountant, Mark Callaway, who "worked" at RAM, Silk Road, East African Oil, Frontier Mining , and EEGC. They had a common interest and a common bond, and hoped to use their various frauds to compliment and support each other. See, in addition to TOGL and TOG, the Coleridge Resourses "deal" whereby Malcolm Bendall and the TXO crew tried to turn a defunct and stolen empty shell company into a 35 million payday using nothing other than a few sham transactions and press releases.
They currently share and have the active support of a deeply crooked and nearly bankrupt lawyer in constructing these transactions.
They didn't, and don't, care whether TOG (or Athabasca, or OTR, or ORS, or GBG, or even TXO) live or die. They are simply conduits to funnel shares and cash. If those shells collapse (sorry, WHEN they collapse) they will be replaced by other front companies and the fraud will continue.
He is a criminal who fears exposure. A sociopath, a liar, a fraud. That's the simplest explanation.
Confirmation that TXO has lost its AIM listing:
http://www.shareprophets.com/views/11205/txo-to-be-booted-off-aim-boss-tim-baldwin-insists-shareholders-will-be-relaxed-he-is-wrong#cpreview
The fat lady does indeed sing for Tim "Blobby" Baldwin at 0730 GMT Mon morning.
Sadly, following the consolidation, I am no longer a TXO shareholder, ending 10 joyous years. The last 3 and a bit have definitely been the best. Together we have saved some people money, but we can't save everybody.
Interesting outbursts on LSE as well today. One poster sounding very like "teb" suddenly appeared on Friday, spouting all manner of inane nonsense and personal attacks.
It's noteworthy that the poster spotted the ASX announcement re. Sino Australia Oil and Gas (no relation to the Smart Win parent but good for propaganda purposes) and is so well versed in the Neil Ruut saga. Smells of an MB connection?
No point even trying to deal with such a barrage of non-stop tripe.
Suspension is automatic, but it is only suspension. If he can find one in the next month then the suspension is lifted and the gravy train rolls on as before - for the time being at least.
Cancellation in a month's time is the more critical one as once the shares are cancelled it would be a full relist process to bring them back. Baldwin might be able to plead for a short extension to that deadline.
If no NOMAD is appointed within the prescribed period is suspension automatic? Or can Baldwin BS his way into an extension by claiming he his close to obtaining one?
They don't look to me to have any connection with the Sino Oil and Gas of Smart Win:
http://www.sinoaustoil.com/irm/content/company-overview.aspx
None of the names of Directors in ASX announcements are familiar.
There has been a lot of Market Abuse on the ADVFN threads and I have not got the energy to deal with it all.
This might be of interest to you though:
http://uk.advfn.com/cmn/fbb/thread.php3?id=30345497&from=223
Well, no NOMAD for TXO. Suspension on Monday.
Of course, we'll be hearing all weekend long about the RNS that is certain to appear Monday morning sometime before 7:30 AM to save the day.
Well, this is fitting!
Today is the anniversary of a certain TXO mouthpiece's first post on ADVFN!
http://uk.advfn.com/forum/search?q=black+g0ld&index=posts&post_poster=on&thread_id=25625177&offset=230
Come back BG, we miss you!!
I don't like the look of this. The sun is setting on another of Tim Baldwin's dogs?
5 trading days left before potential suspension. Bergen have another 115M shares to dump next week. Officially the latest shares are not admitted to trading until Thurs, but Bergen seem to have some forward selling / shorting arrangement in place.
If TXO do manage to avoid suspension at the end of next week it is just a matter of time before something else causes suspension.
The working capital position is dire, the balance sheet will be destroyed by write downs in the audit and Tim's final gravy train is coming off the rails. It is just a question of when not if.
The whole Times article was set up by TXO's PR people. Yes it sounds quite scathing, but when the share price is 0.1% of the highs a decade ago the PR man can hardly get the Times to print what a great company it is.
The article Libeled me, as I had absolutely nothing to do with TDI telling its clients (of which I am one) that TXO would delist.
The article also tries to hint that the Nomad's departure was a bit of a mutual thing - "market sources [the PR firm] suggested had grown increasingly miffed with each other over the past couple of months"
Utter tosh! Nomads don't resign like that because they are miffed, They may, as Fox-Davies did, tell them to find another Nomad, but stay on until the company does find a new Nomad (when Fox-Davies sacked TXO it took TXO over 3 months to finally link up with Nortland). Nomads resign publicly giving 1 months notice when there has been a serious breakdown in trust due a to serious breach of the rules - most probably TXO told them that everything was fine with the drawdown of the remaining £500k (I had been pointing out to Northland from early in the New Year that there was a serious problem) and therefore they were not trading whilst insolvent (which they were) - note that the resignation came hot on the heels of the admission that the £500k would not be arriving and the emergency measures (including Director dealing in a close period) that were planned to just get the company to beyond its annual report and AGM, which if they do not happen will also get the shares suspended and then cancelled.
Now The Times (London) is on Tim Baldwin's case. Things have come to a sorry pass when he has to resort to blaming a lone critic on message boards for his own shockingly bad performance which has lost small investors money hand over fist.
Bergen have another 73M sharesto dump, whilst TXO admit they have not got a clue about what their investee companies are really up to. You could not make it up!
The days are numbered for TXO. That number is less than 100 without doubt, but is it less than 10? could it even be less than 5, could it even be over as we speak with a suspension before open on Mon Morning? Who knows, all I do know is the implosion of TXO could come anytime and will hopefully be a joy to behold.
There is no more cash for Tim to milk off now the mysterious "investor in the Bahamas" has pulled the plug. Tim really needed that £550k to keep the gravy train on the rails. At the moment the company is trading whilst insolvent and will be suspended by 1 Apr, unless Tim can find some mug to pump more cash in for him to siphon off. With the bid price at nominal even the bucket shops, who would take a heavily discounted placing to flip on to mug punters, are not going to be interested
Everybody in UK, who is not a complete brainless moron, has seen through the Smart Win case scam.
Tim knew over a year ago that the day when TXO would no longer support him in the manner to which he had become accustomed was fast approaching which is why he set up CTFA as his new scam, but he was booted off the board and that is now suspended and is highly likely to be delisted in April. Will he be able to set up a new AIM scam? Tim Baldwin is to insolvency what Typhoid Mary was to Typhoid, there cannot be many people left in "the City" who are not aware of that. Maybe he will become a modern day UK criminal export to Oz and try his luck on ASX - I have been keeping an eye out for Bondy trying his luck on the AIM Casino. If things get really desperate Tim can always try his luck on the Pink Sheets, where he could get away with not filing accounts at all (why waste money that could be going into your own pocket on auditors?). I am sure Mad Malc will give him some tips on how to flog unregistered shares that are kept in a special trust fund for the lucky purchaser.
That's such a shame as those who had been looking to TXO to fund the EEGC court cases must be feeling very disappointed. Obviously Tim Baldwin will be more concerned to milk off what cash is still left in TXO before the roof falls in on him.
New all time low.
What a joke. Looks like everyone knows there's no hope in the SmartWIn case.
Latest pump and dump has run out of steam and dumping has begun. Looks like Bergen managed to clear their remaining holdings in time to convert another wedge in the New Year - they may short in to it this time.
New all time lows expected before Christmas, no sign of any of the jam promised for Q4 materializing and we are still waiting for the next RNS dressing delays up as progress and deferring jam delivery for various times in 2015.
Great article!
The first part of a reorganisation plan should be to tar and feather Tim Baldwin and run him out of town.
There will have to be another capital reorg as they can't issue shares below nominal, although Bergen worked around the issue last time it happened by converting at nominal and then getting gifted a load of "fee" shares. When I spoke to the Nomad about this he agreed it was rather naughty - so why did he allow it to happen then!
It will be interesting to see what happens in the New Year as I am sure Bergen will be champing at the bit to convert more to dump again then - the deal they have ensures they can always dump at a decent profit as long as there are enough mug punters around to take the stock.
New all time low, looks to be sliding back below .10 nominal.
Another reorganization on the way?
Another bit proven to be correct:
Great new share prophets article:
http://www.shareprophets.com/views/8724/txo-and-the-truth-about-that-court-case-in-new-york
The company has gone to great efforts to have this wonderful article removed from every bulletin board it can:
http://www.shareprophets.advfn.com/views/8582/txo-this-just-does-not-look-quite-tickety-boo
Their PR man contacted Share Prophets saying it was all wrong and contains lots of factual errors. Share Prophets response was write to us with the factual errors and they will correct them. 4 days later they have still heard nothing about these factual errors.
Did not fly today either, pathetic volume - not even enough for Bergen to dump into.
Stewart Dalby is a journalist. Tim has peddled lies via Oil Barrel in the past "the well will spud in 2 weeks" back in Mar 13. A permit had not even been applied for and drilling never commenced.
Stewart has just regurgitated the PR jam tomorrow promises he was given. He has not verified any of it.
Not exactly a balanced article as it does not mention the $1.8m written off already in Tasmania nor the $500k still to be written off.
He says "the share price, which is bumping along just above the 52 week low of 0.14p at 0.17p." but fails to mention that the max price for the "convertible loan which allows it to keep the lights on" is 0.16p and to underpin this approval needed to be sought to give away 2/3rds of the company - that is what will keep the market taking no notice of the acquisitions and progress made.
"The first contract has been successfully completed" oh really the last update said it was still going on, where is the verified RNS saying it is now complete? why say this in an unofficial communication before the market has been formally notified? Define success. It was supposed to have completed end Jul taking 3 months. If it has now completed then it has taken twice that. How much has been treated. How much oil was recovered, what has happened to the waste water? how much net profit has been made? These are the questions people want genuine answers to, not a load of telephone number figures in promises of jam tomorrow.
"TXO’s share of 60 per cent of net distributable profits should filter back to the company." when? when is GBG going to make any net distributable profits? It needs to recover past losses before anything is distributable. Not one penny has been received by TXO, which was going to be cash self sustaining by Dec.
If TXO want the market to believe them then pushing out propaganda via Oil Barrel is not the answer. They need to get a CEO who the market has some faith in. That CEO needs to atone for past mistakes and give a genuine and realistic appraisal of future prospects that can be verified by independent experts.
The only complete fools are those who are sucked in by this sort of propaganda.
Wrong, closed down 11%
TXO to fly on Dalby's upbeat analysis
27 Oct 2014 by Stewart Dalby
AIM-listed TXO, started out as an gas E & P some time ago and became an oil and gas investment company. It has a frontier exploration venture in Tasmania in which it has a 25 per cent interest but which is now non-core.
It also, through an investment has some small oil production in Kentucky in the US. It wanted to divest this holding, but believes it can increase production through Enhanced Oil Recovery methods, which it intends to commence shortly. It is continuing its career as a conventional oil and gas group through a 18.8 per cent stake in Athabasca Resources, which is looking for listing is looking to list and exploit heavy oil tar sands in Canada.
But management time these days is largely taken up advancing its core activity: its hydrocarbon recovery and remediation business in The Bahamas.
TXO has increased its investment in Grand Bahama Group (GBG) to 35.67 per cent. When TXO presented at our November 7 conference 2013 the holding was 30.17 per cent. GBG’s 100 per cent held subsidiary Morgan Oil Marine (MOM) was planning to build a hydrocarbon recycling plant (HRP) at Freeport, in the Bahamas, which would have been able to treat slops and oil waste at a rate of 3,000 gallons a minute.
As an interim measure TXO utilised the barge “Martha” which can hold one million gallons of used oil, and is capable of processing the cargo on board. The barge can deal with some of the hundreds of ships which call at Freeport each year. The barge is free to roam among passing shipping traffic to pick up cargoes. It is estimated some 4,800 vessels dock in Freeport and a further 134,000 travel annually in the shipping lanes around The Bahamas.
The original plan has changed, however, because TXO has been buying into complementary technologies for oil waste recycling. Post the 2013 year-end TXO took a 25.1 per cent equity interest in Oil Recovery Services (ORS) for £200,000 in cash. This group has proprietary technology for the reprocessing of contaminated oils and the remediation of dirty water. ORS technology removes the contamination from the oil rather than re-refining it, producing greater yields of usable oil, particularly fuel oil and is less harsh on the environment.
Apart from anything else ORS has ways of treating the waste oil which will obviate the need for a HRP facility, or at least such a large one as was being planned. This will result in a capital cost saving.
Using ORS technology MOM will be able to process at a rate of over 100,00O tonnes a year (27million gallons). But it has also discovered that there are man-made oil lakes all around the world and three of them are in The Bahamas. They are owned by a well-known major oil company and they offer a one off chance to validate the technology in a different field. The first contract has been successfully completed and another, to process 70,000 tonnes (14 million gallons), is hoped for.
Most recently TXO invested in a new joint venture company by buying a 30 per cent stake in Oil Technology Royalties (OTR). OTR has certain commercialisation rights to a patented acoustic flow reactor valve called “RAP” which improves the homogeneity, viscosity and API gravity of heavy crude oil and is used to create heavy fuel oil and diesel emulsions.
OTR was originally planned to be used by MOM, but recently TXO announced it was setting up a joint venture (JV) in Kuwait. The company has signed a non-binding letter of intent with Abdulaziz Abdulmohsin Al-Rashid Sons one of the largest commercial enterprises in Kuwait to in order to promote and commercialise OTR’s technology in Kuwait. But this is for the future.
TXO has been, in the recent past, bedevilled by feelings that the company is strapped for cash, that it is not generating revenue and its technologies are not well known. This has all impacted on the share price, which is bumping along just above the 52 week low of 0.14p at 0.17p.
But look at things in a different way. The company has arranged a convertible loan which allows it to keep the lights on. Leave out OTR altogether and the prize from The alone Bahamas could be great.
Accept that the company says it can process 124,000 tonnes of waste oil a year (26 million gallons). Accept also that MOM can make US$1 a gallon profit, then the cash flow to the company is a mouth-watering US$26 million a year.
This is some cash flow for a company which is supposedly strapped for cash. TXO’s share of 60 per cent of net distributable profits should filter back to the company. The market seems to be taking no notice of the acquisitions and progress made.
I suspect he will be glad to be able to put it to bed rather than have the embarrassment of a trial EEGC can't fund or worse still a trial that no matter what the outcome TXO won't see a penny. He has been desperate to avoid having to admit this and having summary judgement given against EEGC would save him every having to say any more than there is no downside to TXO (APART FROM THE $100K OF SHAREHOLDERS' MONEY WE WASTED ON IT)
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