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Volume will be low.
December and year end selling. Many people sell December and rebuy their positions in January.
Expect the share price to really rally and move upwards in London when the New Year starts.
I expect 100 pence to be smashed through very quickly in the first weeks of the New Year.
New December 2021 Investor Presentation :
https://www.chariotenergygroup.com/wp-content/uploads/2021/12/Corporate-Presentation_December-2021_Chariot-Limited.pdf
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Directors put in over 1 million pounds sterling into the placing, thats putting money where your mouth is.
https://t.co/J47naYYjNQ
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Placing done and fully funded for drilling.
Drilling commences soon :
https://t.co/XOqVZ0oOI9
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Canaccord 14th Dec 2021 note on PANR post fundraising.
"Wide ranging and high impact newsflow in 2022" [TP raised from 170p to 200p]
Canaccord Genuity view
Pantheon has raised $96m (upscaled from $70m) to provide the funding necessary for an extended, varied, and very high impact operational programme in 2022. We expect operations to begin very soon, and to include the drilling and testing of two/three new wells and the testing of a previously drilled well, at its 100% held licences onshore Alaska. We see a number of key attractions to the programme including:
Large Scale: Targeting c.2 bnbbls net resources. Excellent location: Onshore Alaska, close to oil services, road access (Dalton Highway), and crude oil export via Trans Alaska Pipeline. Catalysts: Numerous, starting early Q1, lower risk exploration to appraisal. Drilling and testing two new wells (Theta West-1, Alkaid-2H), testing four zones in Talitha#A well, with a longer-term Alkaid test to include oil sales. A fourth well, at Alkaid, is likely to be added following the upscaled raise.
In our view, this comprehensive and very exciting programme could result in a significant uplift in market valuation and a considerably raised industry profile, which in turn could lead to a potential farm-out or sale.
2022 Operational plan:
Talitha#A (Q1 22, $11m): Test, using a coiled tubing unit, four hydrocarbon zones found in Q1 2021 well. Should provide valuable information about several reservoirs that will not be tested elsewhere in 2022.
Theta West (Q1 22, $17m): 10.5 miles NW of Talitha, targeting thicker, higher quality Basin Floor Fan reservoir. Success, especially in the lower BFF, could prove up >1bnbbls recoverable resources, and dramatically shift market view of value.
Alkaid-2H (H2 22, $23m): A horizontal well and longer-term test of the deeper reservoir (previously successfully tested in Alkaid-1) to include trucked oil sales. Success could substantially underpin current market value.
Funding - total $96m:
Convertible bond: $55m five a fiveyear period amortising at 5% of initial principal/quarter, coupon 4%, both of which may be paid in cash or equity at Pantheon's option, with a 20% conversion premium. There is a downward conversion price reset mechanism with a hard floor of 65p.
Equity: $41m equity raised at 65p/share through a placing, subscription, and retail offer. Total undiluted share count post the raise of 744.4m shares.
We calculate full conversion of the convertible principal and coupon at 20% premium to the equity issue price to result in 8% dilution to the post raise share count.
Upscaled funding looks likely to add a third new well
The original minimum funding requirement for the above programme was $70m. The upscaled raise is likely to lead to an additional well on the Alkaid field that would be placed on long term test. At present that looks likely to target the upper (SMD) reservoir though the location has not yet been confirmed.
Valuation, rating, and target price
A more comprehensive discussion of value is overleaf. For now though, we make adjustments to our target price, based on total estimated targeted 2022 resources of 2.1 bnbbls, a highly risked $1/bbl unit valuation, and anticipated post raise full dilution. As a result, we increase our target price to 200p (from 170p) and given the risk profile we maintain our SPECULATIVE BUY rating.
We note the scope for the much higher market and industry valuations (discussed overleaf), and we would foresee our risked valuation shifting in that direction as successful drilling/testing milestones are met in the 2022 operational programme.
Valuation discussion
Based on our understanding of the potential resources to be evaluated in 2022, 2.1bbbls, a mixture of independently verified and company assessments, we estimate the market values those resources at $0.33/bbl.
We think that valuation reflects the market’s uncertainty about the size of the resource base and risks to commerciality. We believe that the three/four well drilling /testing programme in 2022 should help to resolve better both of those parameters.
At long term WTI $60/bbl assumption our unrisked NPV10 unit value for Alkaid Deep resources is $7.5/bbl, and all other resources is $5.3/bbl. Our overall weighted average unrisked valuation for Pantheon’s resources is $5.4/bbl.
We note the OilSearch cash acquisition of Alaskan resources in November 2017, when oil prices were a little below current levels, assigned a valuation of $3.1/bbl for contingent resources.
In short, the 2022 operational programme is designed to confirm the resource potential and derisk commerciality, and so shift market perception from the current $0.33/bbl towards the $5-7/bbl range. Success could also be expected to generate considerable industry interest in such a large scale and well-located resource base.
It is worth noting that success on Alkaid Deep, particularly with the benefit of a longer-term test in a horizontal wellbore, could confirm our valuation of $575m for the deep Alkaid reservoir alone (Fig.1), largely supporting Pantheon’s current market value.
While the upside is compelling, we recognise the risks associated with such an exploration/appraisal oriented programme. However, we believe that the range of activities and risk profile of the planned operations is sufficiently diverse that individual news items should have lower impact than they would in a much narrower and higher risk operational campaign.
We set our target price, ahead of the 2022 programme, at 200p/sh based on application of unit valuation of $1/bbl, substantially above the current market value but also considerably below the OilSearch transaction valuation metric.
We note that our risked valuation (Fig.1), which includes a good deal of subjectivity regarding resource risk profile and also the Talitha Kuparuk (not targeted in the 2022 operations), results in a risked valuation of 417p/sh and an unrisked valuation of over 1,300p/sh. That is the ultimate prize for the company.
TXP Presentation on 20th January 2022
Presentation is planned, details and how to sign up on the below link :
https://tinyurl.com/y6e4e2ux
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SeekingAlpha article on TXP
Link below :
https://seekingalpha.com/instablog/41272106-activeeurope/5674359-touchstone-amazing-upside-still-to-come
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WD8 development well drilling is underway
Drone footage in the tweet link below :
Star Valley Rig 205 in action at WD-8, where we are drilling two development wells off a single pad. #Trinidad #Drilling #OilandGas pic.twitter.com/F5YFUA1NWm
— Touchstone Explor. (@TouchstoneExp) December 2, 2021
Cormark boosted the Target Price for TXP from 4 CAD to 4.5 CAD on 9th Nov following the Royston-1 light oil discovery.
4.5 CAD is 2.64 GBP a share.
https://www.marketbeat.com/stocks/TSE/TXP/price-target/
If Royston-1 gas zone comes in good, we might see Cormark going up to 6 CAD a share target price imo.
Tick tock............
Canaccord raise target price to 200p
https://www.sharecast.com/news/broker-recommendations/canaccord-genuity-raises-target-price-on-touchstone-exploration--8623926.html
..............Canaccord said following Touchstone's analyst presentation and third-quarter results, it was now possible to add "a little more flesh to the bones" of the well test result.
The Canadian bank said its initial view that the oil discovery was "an important step forward" had been confirmed, though it also recognised that there was still "plenty to be done" to fully evaluate the scope of the commercial potential at Royston and the surrounding Ortoire licence.
Canaccord, which reiterated its 'speculative buy' rating on the stock, said the tested zone, the first and deepest of three planned, looked the least promising in terms of reservoir rock properties, yet the test also produced light sweet crude despite the equipment used being designed for gas flow.
"We think the information provided so far provides the foundation for thinking that Royston could be both a gas/wet gas (to be confirmed following two tests expected to be completed before YE21) and an oil development. Furthermore, the discovery of oil in the deepest levels of Royston-1 adds support to the possibility of oil in the nearby but deeper Krakken prospect," said Canaccord..................
Oil migration in Trinidad is West to East.
So in very simple terms, oil at Royston proves oil has not only migrated this far East (good for Krakken) but also its migrated through Chinook area, and so any updip areas of Chinook above the OWC are full of oil (and gas if a gas cap).
This is really what DYOR is all about. Looking at depth into things, what they potentially mean and seeing potential upsides before the rest of the market catches on.
Royston oil is in the Herrera 7bc. Chinook water (with some oil) was in the Herrera 7bc.
Royston oil had about 3% water cut, so at that depth its near the OWC, but still some way away from it.
Chinook water had some oil in it, so its some way below the OWC.
Simple 2+2=4 therefore that Chinook, having areas 1000 feet uppdip, if you allow for an OWC say 300 feet higher in the 7bc than where Chinook-1 drilled, means at the top of that 1000 feet vertically updip location you might have around 700 feet of oil pay.
Same for Royston, if at 10,700 feet they have slght water traces they are quite close to the OWC, but then if a lot of the 7bc is 10,000 feet, that means for a vast area of the Intermediate sheet at Royston area you have up to 700 feet of oil pay.
Chinook will be very commercial imo, being an onshore discovery with circa 30 to 50 million barrels recoverable - that is equivalent of an offshore discovery of 150 to 250 million barrels recoverable - given cost of development means onshore is worth 5 times offshore size.
Royston, looks vast, looks big. Could well be a 100+ million recoverable barrel size discovery, but it will need an appraisal well to open that up - which is of course Krakken-1 which will appraise the Royston intermediate sheet before going down to the potentially jumbo size Cretaceous below.
While everyone wants everything as fast as possible, here, you are going to have to wait.
Most important for TXP now is to get Coho online and then Cascadura online. Coho will provide a step change in revenue, adding 500K per month with 10mmscf/day.
When Coho-2 is drilled that pretty instantly moves up to 1,000K per month with another 10mmscf/day. I believe Coho-2 will be drilled in Q1 2022. Got to add more cashflow.
Cascadura adds initially at 90mmscf/day around 4,500K per month which is a massive change and then allows TXP to self fund everything going forward.
So TXP holders need a little patience to see us through to Coho-1 online, then Coho-2 online, then Cascadura ST1 and Deep1 online.
Then its all systems go for as much drilling as they can do.
I dont know what order they will drill.
For me, Guabine is last, this one would be tied into Chinook development, so its not really a rush, I would guess exploration drill number 3.
Steelhead, could be integrated into Royston development, so perhaps they might want to drill this first before submitting the EIA for Royston ?
However, with this very exciting oil discovery and the current very high oil prices they might want to drill Krakken-1 first ?
So whether its Steelhead-1 first or Krakken-1 first I dont know, all I surmise currently is that Coho-2 will be the first new well of 2022 in the Ortoire license area - with an additional 500K per month and it can be tied straight into production from discovery - thats a no brainer.
Get Coho-2 done by end of March 2022 and then :
Coho-1 + Coho-2 = 20mmscf/day production
March 2022 will see the new reserves report for year end 2021 (which will now include Cascadura Deep and Royston)
So by April 2022 very easy to go to the bank and increase the credit facility from 20m dollars to 50m dollars which then pays for Royston development and sees them through to Cascadura online.
Thats the path to zero dilution and maximized shareholder returns imo. Short term traders wont like it, but tough, they are not investing only trading.
Q3 MDA has been released (as well as the Q3 results). Well worth reading the MDA for full details.
https://touchstoneexploration.com/wp-content/uploads/2021/11/TXP-MDA-September-30-2021-FINAL.pdf
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A snippet from Shore Cap.
Shore Cap maintain that TXP are fully funded to Cascadura coming on line and dont need any extra money.
I dont agree with his 25,000 boepd year end 2023. I forecast 30,000 to 50,000 boepd year end 2023.
If Krakken-1 is duster in the Cretaceous next year I expect share price around 500p Dec 2022. If Krakken-1 strikes oil in the Cretaceous then I expect 1000p a share Dec 2022. The game is well and truly on now.
Krakken-1 is now a 2 in 1 well, so it can be designed as an oil production well into the Intermediate sheet to appraise this oil discovery, and also designed as a poke into the Cretaceous below. So the development well cost for Royston oil is paid for by the planned exploration costs of Krakken-1. Lovely.
And a valid point, the Royston area is vast, and currently they have only poked the top of the Intermediate sheet. There might be 100 million OIP, or 200 million OIP or indeed 500+ million barrels OIP. We will not know until the appraisal happens and the Krakken-1 well goes all the way through the Intermediate sheet on its way down to the Cretaceous.
https://www.sharesmagazine.co.uk/news/shares/the-discovery-which-has-sent-touchstone-exploration-17-higher
.......‘MATERIAL UPSIDE SURPRISE’
Shore Capital analyst Craig Howie commented: ‘The discovery reported today has been made in a separate and previously unidentified new pool and therefore, in our opinion, provides a material upside surprise beyond the previously-announced discovery of liquids-rich natural gas in Royston.’
Howie added: ‘Ahead of the full set of Royston test results, we continue to believe that an FY22 exit production rate of 15,000 boepd (barrels of oil equivalent per day) is readily achievable and happily maintain our 7,000 boepd average daily production forecast for next year.
‘We continue to believe that 25,000 boepd appears perfectly achievable by the end of FY23. We also remain confident that Touchstone’s liquidity is ample and sufficient to see the company all the way through to commercial production from Cascadura – which we fully expect to provide substantial liquids-rich gas production and operating cash flow.’...........
100 millions barrels, or more....like more.........like more more more.
More news as well after tomorrows meetings with TXP management.
You can see the Finncap note 1st page on the picture link below. Open the link to read it.
https://i.ibb.co/kgnLVwW/TXP-Finncap-Nov-21.jpg
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Top
Fantastic news for TXP.
Bottom section now confirmed flowing light oil. Big upside. Two main gas targets now to be tested. This is significant upside for TXP as they were still in pay at TD and so this oil section goes deeper and is thicker. Also good for de risking the deeper Krakken target.
Its all upside as this was not even a target pre-drill, only the two sections testing next for gas were the targets.
https://www.londonstockexchange.com/news-article/TXP/light-oil-discovery-in-first-of-3-royston-1-tests/15202662?showDisclaimer=true
"Paul Baay, President and Chief Executive Officer, commented:
"We are excited to discover a promising new light oil pool in the deepest test section of the Royston well, adding further potential to the future development opportunity in the Royston area, as light oil can be easily and economically developed alongside any gas development. The initial test confirms the large hydrocarbon column in the well, and we interpret the following two primary testing targets to be liquids rich natural gas. These results exceed pre-test expectations, as a flowing light oil opportunity with significant development potential from the bottom 100 feet of the wellbore is a major addition to the Royston area opportunity. We have the potential to further evaluate the intermediate Herrera in future drilling programs by penetrating the intermediate sheet when we drill and assess the underlying Cretaceous prospect. These results further amplify our onshore opportunities in Trinidad.""
October 2021 figures added.
A small increase (62K) in the actual short level (percentage down as more stock on CREST). Price being suppressed is ongoing.
TXP Stock on Loan (Shorts) from Euroclear (% borrowed from CREST holdings - average)
Jan 2021____0.52%
Feb 2021____1.23%
Mar 2021____7.14%
Apr 2021____8.65%
May 2021____8.79%
Jun 2021____8.74%
Jul 2021____8.49%
Aug 2021____8.45%
Sep 2021____8.39%
Oct 2021.....8.37% (Loaned 8.870 million up from 8.808 million in September)
30th Oct satellite image suggests some extra equipment now on site at Royston. Might mean that testing may commence this coming week, or soon after.
https://apps.sentinel-hub.com/eo-browser/?zoom=18&lat=10.25059&lng=-61.10933&themeId=DEFAULT-THEME&visualizationUrl=https%3A%2F%2Fservices.sentinel-hub.com%2Fogc%2Fwms%2Fbd86bcc0-f318-402b-a145-015f85b9427e&datasetId=S2L2A&fromTime=2021-10-30T00%3A00%3A00.000Z&toTime=2021-10-30T23%3A59%3A59.999Z&layerId=1_TRUE_COLOR
As its a Sunday and I have some free time I thought well, why not lets get more into this "Cretaceous" below Royston, or indeed, below Ortoire.
If you care to chat to TXP's geos, they will tell you they are massively excited as the Cretaceous below Royston appears to be very very thick and also unbroken. Guyana "Liza" sized potential, but onshore Trinidad???????
Why are some people who are looking past the trees (Cascadura, Royston, Coho, Steelhead, Gaubine, Chinook etc..) to see the big fat Wood excited about something that is currently not drilled yet.
Why is a highly successful investment guru holding near 3% of TXP and talking about TXP and Ortoire being the next Guyana potentially ? Why is XM so very very excited about the Cretaceous below Ortoire.
Well, there is a trend, which with latest drilling results is proven, running down from Trinidad to Guyana to Suriname........potential big fat full of oil Cretaceous reservoirs.
Just like all the dry holes put into Guyana and Suriname and in the past Trinidad - its taken a long time to work out the keys to the geology and where to drill to find these Cretaceous reservoirs. The North Sea had dusters galore before they found oil.
Its been a long held theory that they exist in Trinidad, just like they have been found offshore Guyana and offshore Suriname and could be onshore Trinidad.
But as is said - anything found onshore is worth 5 times the same if offshore due to the costs of offshore. So a billion onshore recoverable barrels has the value of five billion offshore recoverable barrels in very simple terms.
Here is a research paper, written in 2014, on the potential for these massive oil bearing Cretaceous reservoirs being in Trinidad.
And you will note, in the summary findings - where the writer thinks they are - which happens to be Ortoire license area. The overlapping of the red and green areas.
https://www.searchanddiscovery.com/pdfz/documents/2014/30373thomas/ndx_thomas.pdf.html
And now, here we are, seven years later, with the very latest seismic showing that the Krakken, despite all best efforts to rule it out and say "its not the mythical multi billion barrel Cretaceous reservoirs that everyone has looked for for decades onshore".............now appears to be even stronger than ever based on the latest seismic and now also the Royston drilling results being hydrocarbon bearing.
So yes, I am looking far ahead. Looking to what might be, and that might be worth tens or hundreds of todays share price.
In the meantime, its all about delivering a successful production and exploration company, and with Coho and Cascadura on line soon, with lots of development and appraisal to be done on Cascadura, Coho, Chinook and Royston......and with lots of exploration to come with Steelhead and Guabine among 20 others, as well as South West legacy drilling and the deep Herrera there....... and that alone should see the share price north of 5 pounds before the end of 2022.
BUT.......there is something very much bigger potentially, which could be utterly transformational for the company and the share price. That is the onshore Ortoire license area Cretaceous.
And thats why I have a lot of TXP and am very happy holding and waiting to see what 2022 and 2023 brings for us shareholders. No trading, no profit taking, just keep on accumulating.
Roll on the Krakken drill in 2022, which will happen 8 years after that research paper was written - finally we may see what the enormous Ortoire Cretaceous holds......
And if anyone thinks this has not been planned.........why do you think a new rig capable of drilling into the Cretaceous is now in Trinidad and under contract to TXP for three years at least. Its all quietly ticking along without highlighting it too much - as its so big - most people would think its ludicrous to talk about it......they will scoff at it and laugh.........but they may all end up with egg on their faces if Krakken delivers.........and I want to be holding the golden tickets, lots of them, when the drill happens.
Cascadura - Production online April/May 2022
Plan still in place, this from the Ministers speech a few days ago. Listen from 23 minutes in, he says about Touchstone becoming the largest onshore gas producer within a few months.
The new 1domus estimated timeline :
2021
Week 39 - TD Royston + log
Week 43 - first Legacy well WD4 (25th to 31st Oct)
Week 43/44 first test results Royston (25th to 7th Nov)
Week 44 - Coho pipeline en route (1st to 7th Nov)
Week 46 - second Legacy well WD8 (15th to 21st Nov)
Week 49 - third Legacy well Coora
Week 49 - start pipeline Cascadura ?? NGC
Week 51 - fourth Legacy well
Week 51 - Coho online
2022
Week 3 - new well - Legacy deep or Ortoire…
Week 7/8 2022 EIA + start casca facility
Week 15 - Casca online
Paul must be planning to do some presentations after the Q3 results are released in November, and so a new presentation has been put out.
https://www.touchstoneexploration.com/wp-content/uploads/2021/10/October-2021-Corporate-Presentation.pdf
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Anyone wanting to set up a Fire Alert in Trinidad the link is below :
https://firms.modaps.eosdis.nasa.gov/alerts/
You can select to choose a custom area, zoom into Trinidad and then make a box around Royston.....so the moment any Fire or of course flare is detected you will get an email alert.
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For those who want to watch for Flaring, you may use this link below :
https://www.arcgis.com/apps/mapviewer/index.html?layers=dece90af1a0242dcbf0ca36d30276aa3
It is set to look for fires and thermal activity, and updates every 15 minutes. A flare from a gas flow test will also show up on here as an accidental forest fire trigger/thermal event.
Zoom into Trinidad and then to Ortoire and then keep a watch in the weeks ahead. Someone might spot a big red spot over Royston at some point.
Done some detective work and found the following - which if Royston is analogous to the Carapal Ridge gas discovery - we should expect to similar porosity, condensates etc... from the Royston Herrera test results.
What makes me excited now is that at Carapal Ridge the 7bc was oil bearing..............which means, we might see the lower Herrera 7bc at Royston being oil bearing, with the upper Herrera 7a being gas/condensate. Mmmmmmm I am even more excited now - might we have oil down below in the 7bc and gas condensate upper 7a.
Lets not forget the drill stopped in the 7bc in pay.........which means we might have the 1TCF of gas in the upper 7a and then a few hundred millions of barrels of oil in the lower 7bc........with the potential billion barrel Krakken still to be drilled below that. Also note BG never found a water/gas contact or oil/water contact. This all bodes extremely well and exciting.
So we are looking for around 17% (0.17) (plus or minus a couple of points) porosity from Royston-1.
The Carapal Ridge field was discovered by the Carapal Ridge-1 well, the first well to penetrate the Carapal Ridge thrust sheet. The Carapal Ridge-1 exploration well is currently the only well within the field and has been completed as a producer. The well is producing 20mmscfd from a 678ft interval (6568ft - 7246ft) within the Herrera Member sandstones of Mid Miocene age.
The Carapal Ridge-1 well encountered a 937ft continuous column of gas condensate pay within a single thrust sheet of good quality Herrera Member sandstones. Herrera sandstones have an average porosity of 17% and a net-to-gross of 58% within the pay interval. The sands consist predominantly of stacked upwards fining and blocky proximal turbidite channels and lobes. FMI and dipmeter data confirm low angle amalgamated sand bodies.
The Carapal Ridge fluid is a rich retrograde / gas condensate with an initial CGR variable from 50 to 22 bbl/mmscf. Top Herrera sandstone is at a depth of 6568ft. A gas water contact was not encountered in the well. The proven gas column is down to 7505ft and is based on log and test data and coincides with a complex basal imbricate thrust system. Below the basal imbricate thrust system the well penetrated a lower Herrera thrust sheet, referred to as the underthrust play. DST 1 encountered oil in the underthrust play. The well drilled to a total depth of 8829ft within the Herrera Member sandstones.
Trinidad and Tobago budget highlights released in news by TRIN, worth read for #TXP holders.
https://www.investegate.co.uk/trinity-exploration--trin-/rns/trinidad-and-tobago-budget-highlights/202110110700105748O/
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Stifel with 2.75 CAD target on 1st October and Cormark with 4.0 CAD target on 4th. Latest two broker price target increases in the below link.
https://www.marketbeat.com/stocks/TSE/TXP/price-target/
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WTI now at 80$ a barrel. Wonder what the netback is for TXP now on their oil production ?
Absolutely perfect time to be drilling 4 additional producers in the South West, make the most.
If those 4 producers come out good, could be adding half a million dollars in netbacks per month from January. Coho being on line year end, could mean a million dollars a month extra coming in in total - additional oil plus gas.
The world has an LNG shortage, Trinidad has a gas shortage also cutting down LNG produced.......and TXP has loads of gas.
If that circa 9 million share short is still present on the next update early November - then I am getting more than suspicious that a hostile bid will be coming in in Q1 2022 once Royston testing is complete and figures known.
Cormark upgrade TXP price target to 4 Canadian dollars.
Touchstone Exploration (TSE:TXP) Given New C$4.00 Price Target at Cormark - Watch List News
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WD4 well has spud.
We are pleased to announce that Star Valley Rig #205 has passed all inspections and today we were able to commence drilling at WD-4. #DrillingRig #OilandGas #Trinidad pic.twitter.com/DeGKOrvcZw
— Touchstone Explor. (@TouchstoneExp) October 6, 2021
Shorts update for TXP
September 2021 figures added.
A tiny decrease in the actual short level (percentage down as more stock on CREST). Price being suppressed is ongoing.
TXP Stock on Loan (Shorts) from Euroclear (% borrowed from CREST holdings)
Jan 2021____0.52%
Feb 2021____1.23%
Mar 2021____7.14%
Apr 2021____8.65%
May 2021____8.79%
Jun 2021____8.74%
Jul 2021____8.49%
Aug 2021____8.45%
Sep 2021....8.39% (Loaned 8.808 million down from 8.819 million in August)
Good news that the 2021 onshore license nominations and process is now open. The sooner this is done and TXP are awarded whatever they want to win, the sooner that a Deep Well at a Herrera prospect in the South West oil fields can be planned for and carried out.
Currently until the onshore license bid round is done and dusted and completed and awarded, no deep wells will be planned in the South West to avoid giving a competitive advantage to other companies to bid against TXP.
https://www.bnamericas.com/en/news/trinidad-opens-nominations-for-onshore-round
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The map of the areas is here :
https://www.energy.gov.tt/wp-content/uploads/2021/09/Onshore-Competitive-Bid-Round-2021-Nomination-Map.pdf
I am sure TXP will be interested in Guayaguayare (next door to Ortoire) and also perhaps the South West Peninsula areas.
PBCGF moving well today. Still so cheap imo.
https://www.reddit.com/r/TouchstoneTXP/
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