I understand the frustration with the delays but lets be honest.
This is VERY NORMAL when an oil or gas production facility is brough online for the first time in 20 years.
As an example I can point you to Petro Matad (MATD) where they made the Heron discovery and wanted it online quickly. Nobody had applied for an oil production facility for perhaps 20 years. Everything had to be reviewed, tonnes of paperwork and red tape, everyone in government unsure of the process.......and still Heron is not online. I think it will be 3 years.
The same applies to Trinidad and new gas production. Nobody has applied for over 20 years, nobody in government has any experience of it, lots of CYA and being unsure, lots of delays........
This is very normal. And the only thing Paul is guilty of is "enthusiasm".
We can look at oil differently. Rosyton discovery, its on EWT now producing oil and the oil produced is being sold. Very quick and simple.
How many people are thanking Paul for so quickly selling EWT oil from Royston ? Nobody ? and yet many are happy to berate him for the holds ups with gas.
The delays on the gas are a "one time" thing. Everyone will have learned about the process, and everything in future will be very much faster, especially without Covid as well, and in the case of Coho - without Shell being snails and holding things up as well.
So ultimately - why am I buying more now ?
I am adding now at lows with a view to major news in 6 to 9 months time. This is investing, buying the low, viewing the events in the future, taking advantage of the potential success.
Cascadura online and Krakken-1 drilling. Thats 2 massive events for TXP and events which could push the price of TXP up to the range of 200p to 450p (450p if Krakken hits oil and 200p+ with Cascadura being online and generating all that cash).
Cascadura is worth 150p a share now to TXP pre-production, that you can buy below this presents opportunity. Add in potential "major oil discovery" confirmation at Royston and then Krakken-1 well to be drilled in the summer, and Cascadura being online - then its a solid investment imo with a 9 month outlook.
Things should kick off with the two Coora wells sometime later in this month or April, then the rig moves to drill Royston Deep-1 and then all being well Krakken-1. We have Coho gas online hopefully by end of May. Cascadura should be online by late August. Also Bass, Steelhead and Guabine exploration targets (and many more on top of them) and more than likely the Chinook oil discovery will be drilled updtip in late 2023/2024.
Year end 2022 we should see 100mmscf/day gas production (plus liquids) from Coho and Cascadura, with that ramping up to 200mmscf/day by end of 2023.
Year end 2022 we should see near 2000bopd from the Legacy oil licenses after the 2 Coora wells are done - we should see that level by end of H1 2022 actually.
And we potentially will have three oil wells at Royston producing via EWT being Royston-1 and Royston Deep-1 and Krakken-1. Between those 3 what might they yield ? 2000bopd ? 3000 bopd?
So much is going on in the future, but yes, frustrating for the moment but I firmly believe patience will be handsomely rewarded, very handsomely rewarded.........and remember, all that "Stock on Loan" all 9 million shares of it borrowed from Crest and short sold, has to be purchased back and returned to Crest at some point. They will not be holding that short level once Cascadura is online, so the timeline to close that short is now less than 6 months.
