Touchstone Exploration Share Discussion Threads

[crooky1967] 04/9/2018 10:15

Above $79 now, good timing now we must be near 2000bopd.

[mount teide] 04/9/2018 09:32

Brent continues to push northwards - $78.67 today - up $0.52 / 0.67%.

[mount teide] 03/9/2018 16:48

T&T PM in his address to the Nation yesterday evening made very clear the critical importance of Natural Gas to the future of the economy.

This suggests TXP will have the benefit of a strong industry tail wind should the huge Ortoire natural gas prospects prove remotely commercial.

Prime Minister's Address To The Nation - Reinventing Petrotrin

[mr. t] 03/9/2018 16:41

Touchstone (Paul Baay?) is presenting at Oil Capital tomorrow.



I was hoping to go, but can't now. I wonder if he'll let slip that 2,000 boepd has been reached?

[mount teide] 03/9/2018 13:06

Brent up $0.63/0.81% this morning to $78.27

[mount teide] 03/9/2018 08:14

Incredibly, Petrotrin management have not been passing on to Government the taxes they collect from other T&T oil production companies - they have been systematically spending(wasting) it on their massively loss making refinery business to keep the management and employee tax payer funded gravy train rolling!

Well, it has finally hit the buffers - should be good for the restructured Petrotrin and O&G E&P companies in the form of new legislation to support and develop T&T's Oil Industry.

[mount teide] 03/9/2018 08:06

T&T PM Speech on restructuring of Petrotrin yesterday evening:

'As the com­pa­ny now fo­cus­es on sig­nif­i­cant ex­pan­sion of ex­plo­ration and pro­duc­tion ac­tiv­i­;ties, this will pos­i­tive­ly im­pact the com­mu­ni­ties of the south west­ern penin­su­la. It will be a sig­nif­i­cant re-in­vig­o­ra­tion of the oil econ­o­my in these ar­eas bring­ing much new or ex­pand­ed busi­ness not just for Petrotrin but op­por­tu­ni­ties for the many ser­vice com­pa­nies which will be as­so­ci­;at­ed with this new busi­ness mod­el.

In the com­ing weeks the Gov­ern­ment will take part in the an­nounce­ment and par­tic­i­pa­tion in at least two sig­nif­i­cant in­dus­tri­al projects in the south­west­ern penin­su­la. Ini­tia­tives like these will cer­tain­ly con­tribute to the new be­gin­ning that we are work­ing to­wards.

In­creased drilling and pro­duc­tion works, both on land and off­shore, are to be ex­pect­ed in the new busi­ness mod­el.

Trinidad and To­ba­go con­sumes less than 25,000 bar­rels of re­fined prod­ucts a day (gaso­line, diesel, jet fu­el, etc.). The de­tailed eco­nom­ic analy­ses have shown that it makes far more sense for us to ex­port the 40,000 bar­rels of oil that we cur­rent­ly pro­duce and im­port the fu­el we need. The com­pa­ny will now fo­cus on in­creas­ing the pro­duc­tion of bar­rels of oil and each bar­rel will be sold ex­ter­nal­ly on the open mar­ket.'

[spangle93] 01/9/2018 06:35

MT ref Goldman. From memory they did the reverse too, i.e. trumpeting how nothing would stop oil falling to $12/bbl when it was around $30. I haven't checked these numbers, so I'm sure they aren't accurate, but the gist of it is that their projection news gets reported and makes headlines, while the price does the opposite.

[mount teide] 31/8/2018 16:28

L2; 2 v 3 / 17.0p v 18.5p (2 x 19.0p)

Stronger book position than where TXP opened today.

[mount teide] 31/8/2018 15:28

L2: 2 v 1 / 17.0p v 17.5p (2 x 18.0p and 2 x 18.5p)

[gymratt] 31/8/2018 15:22

Can buy on-line again now. Just had a 20k 'top-up' @ 17.4p

[mount teide] 31/8/2018 15:14

After spending more than a dozen hours over many months explaining why Mercantile Ports and Logistics MPL was an £150m industrial scale financial scam to it's self serving AIM Nomad's representatives and Chief Counsel and, its two largest II's - it confirmed a long held belief that the financial services industry is mostly run by hugely arrogant and self serving people with the principles of a politician the morals of an estate agent and the ethics of a second hand car dealer.

Along with two industry colleagues, despite giving them all of the data, all of the numbers explaining that MPL's management were(added and abetted by the Nomad's representative who was acting more like MPL's chief defence council) running a huge fraud and how we know that - what did they do?

The Nomad did the absolute minimum legally required to enable them to continue milking MPL's shareholders until every last cent of their funds is gone(so underhand were they to conceal this they quietly removed all their website references crowing about acting as Nomad and sole broker for MPL to raise over £110m from the UK investment community.

MPL were unable to raise the money on the Mumbai Bourse because the MPL Executive Chairman has a serious criminal record for orchestrating a massive insider dealing fraud via three of his other companies that saw their share-prices go up more than ten fold during the global financial crisis, despite having no assets or revenues), while the II decided to act on the assurances given to them by two incredibly well remunerated NON EXECS(paid twice that of the non execs at Dover, Europes's largest short sea port), who held no professional shipping/port industry qualifications whatsoever - only to find within a year after their original investment was down 99% and recent £37m top up at a 96% discount to the IPO price was down 80% - the two NON EXECS had decided to announce their departure after 7 years with over £750k of shareholders funds safety deposited in their offshore bank accounts their work now done (for the scam artists !).

As if this was not bad enough the MPL Executive Chairman just prior to the £37m placing was on the front page of the Mumbai Business Newspapers as the recipient of a writ alleging he has siphoned tens of £millions out of a previous company he had executive responsibility for into bank accounts managed by him and his family and was being investigated by the special fraud office after early morning raids were carried out by teams of SFO officials on his company offices and residential properties.

AIMHO/DYOR

[mount teide] 31/8/2018 13:57

I sparingly use CFD's when averaging up some of my long term investments on pullbacks - generally hold the positions for year/s rather than months or days as is mostly the trend today.

The costs of frequent trading is the primary reason why 90%+ of short term traders lose money over the longer term.

Likewise, why 95% of managed funds fail to beat the index they are largely mirroring - mostly through over-trading for self serving purposes. As Terry "buy and hold" Smith of Fundsmith fame suggested - the laws of probability make most of his competitors 'managed' fund's performance look completely absurd.

Terry is right - the managers of many of these equity investment funds see their clients huge collective investments as their's to skim as they see fit - by way of direct and indirect fund 'investment' charges, along with massive overtrading of positions(churning) to generate huge trading commission revenues for their own in-house brokers or via 'special' deals they have with third party brokers; the routine lending out of their clients investment stock for a fee to short the stock; and pre-selection by each other's in-house brokers for upcoming discounted placings in stock held in their funds, enabling shorting and buy back for their own accounts are just a few of the highly unethical 'strategies' routinely employed by II's to fleece their clients and the wider market - these and many other similar 'strategies' generate huge amounts of cash that goes straight into their own firms account not those of the fund - and that's before we even get started on what many may be doing via their private accounts.

When a friend set up a dummy investment portfolio to invest in a contrarian fashion to that which a leading Wall Street Investment bank's analysts were putting out in their Company Notes and Market Forecast's; ie go long when they put out a company sell recommendation or a forecast for a drop in the price of a commodity and, to go short when they put out a company buy recommendation or a forecast for an increase in the price of a commodity - he said he had a success rate of over 70%, while the Investment bank got it right less than 30% of the time.

As he suggested, no one with their level of forecasting success would remain in business long if they were actually investing mostly on the basis of their own recommendations.

The major investment banks mostly talk their own book - when WTI oil was at $120 Goldman Sachs came out with a Note confidently predicting $200 oil - it dropped to $26 - how wrong can you be ? You can bet your life Goldman's own traders cleaned up into the drop before reversing and riding it back up again - in the investment bank world equity investment losses are for the little people and in particular the short term traders!

It was no coincidence that none of the large Wall Street Investment banks ever had a cent of their or their clients money in Madoff's high 'performing' fund.

When Harry Markopolis was asked on camera: "if the Wall Street investment banks knew that Madoff's claimed fund performance was impossible, why did't they alert the regulator" - he smiled and memorably replied, "those living in glass houses never throw stones" - ie; exposing Madoff would be bad for business, so they turned a blind eye, even though they strongly suspected Bernie was probably stealing every dime from day one!

[davr0s] 31/8/2018 13:53

You mean the potential to go down? I tried on price action and volume not the story/potential these days and it serves me very well

[che7win] 31/8/2018 13:23

Thanks MT, we got a good price there.

[mount teide] 31/8/2018 13:22

cf - one of the benefits of L2 with small cap investment is that it lets me see what is going on behind the headline bid and offer prices.

When averaging up on pullbacks, i've found real time L2 pays for itself many, many times over, during the course of a year.

[professor x] 31/8/2018 13:04

Chart still intact:


free stock charts from uk.advfn.com

[captainfatcat] 31/8/2018 13:01

MT that's probably a pretty shrewd trade.

[mount teide] 31/8/2018 12:58

L2: 4 v 1 / 16.5p v 17.2p(rest are on 18.5p)

Took 35k by way of CFD at 17.2p - maximum volume offered without going to the market.

[captainfatcat] 31/8/2018 12:43

Ross surely you must be having a laugh regarding drift prior to a placing.

Volume is way to low the normal scenario is for those in the know who have either subscribed to the placing or are aware of it to short sell in significant volume on loan share stock safe in the knowledge their placing shares will be available at a lower price to cover their on loan positions.

If we call the market cap £20M and TXP want to raise £5 Million (hardly worth while) that would represent 25% of the current shares in issue so around 30 million shares even a percentage of that amount as short position is substantial and we are not seeing anything remotely close to volumes that might indicate a drift prior to a placing.


Imho the share price is just drifting on low PI volume. I suspect mostly from profits being banked on margined positions while we wait for that 2000bopd RNS and the share price will turn around quickly once the market has this confirmation.

Oil price is looking strong holding above $77 a barrel I wouldn't be surprised if it breaks above $80 over the next few months

[crooky1967] 31/8/2018 11:48

Making $5.8m (PB's words) cash a quarter, which is paying for drilling, cash in the bank. Near 2000bopd, Oil going up again, Ortoire being drilled now Mid 2019. Why on Earth would they need to do a placing.

Change the record Ross it's getting boring and more project fear than Brexit.