Touchstone Exploration Share Discussion Threads

[king suarez] 07/8/2024 09:52

Here you go - now you can read it...

"A&V Oil and Gas Ltd has announced that three of its newly drilled wells in the Catshill Field have produced in excess of 1,200 barrels of oil per day, vindicating the company against former claims of producing “fake oil”."

In a release issued yesterday, A&V stated that four of its newly drilled wells in the Catshill Field were opened to production on August 1 and 2.

“Three of the wells flowed and when tested in aggregate were producing in excess of 1,200 barrels of oil per day; production rates have since been choked back to approximately 800 barrels per day in order to improve and sustain the wells’ performance,” a release signed by its chief executive officer, Hanif Baksh, stated.

“With these producing wells, the Catshill Field is now the largest single producing onshore oilfield being operates by an independent producer in Trinidad and Tobago, accounting for, on average 2,100 barrels of oil daily,” the release stated.

The four oil wells, CO 208, CO 209, CO 210, and CO 211, were drilled in a cluster in February and March in the Catshill Field and encountered two levels of oil sands, it stated.

“The upper oil sands are now open to production and the production figures confirm, given the complex geology of the producing area, that there is still significant oil in the Catshill Field,” the release stated.

“The productivity of these wells vindicates the correctness of A&V’s case before the recently concluded Arbitration with Petrotrin, that the Catshill Field had the capacity to produce the quantity and volumes of oil which Petrotrin denied. That denial by Petrotrin was the basis of the claim Petrotrin made against A&V that A&V got paid for the supply of fake oil to Petrotrin,”it stated.

The Arbitration Panel comprised Sir Dennis Byron, Lord David Hope and former Justice of Appeal Humphrey Stollmeyer.

In September 2017, during one of the United National Congress’ Monday Night Meetings, Opposition Leader Kamla Persad-Bissessar accused A&V Oil of supplying fake oil to Petrotrin, which she claimed was permitted because the lease operator’s owner, Baksh, was a close, personal friend of Prime Minister Dr Keith Rowley.

In February 2018, Petrotrin announced the termination of A&V’s contract on December 22, 2017.

“Those eminent jurists found that the allegations made by Petrotirn against A&V were not justified by the evidence,” the release stated.

“In its award, the Arbitrators granted an order which returned A&V to the Catshill Field for a ten-year period and ordered the payment of compensatory damages and legal fees by Petrotrin to A&V,” the release stated.

A&V stated that with the new production find, it renews its commitment to the Energy Ministry, Heritage Petroleum and the public at large to maximise on-shore oil production and increase the royalties payable to the government."

[johnoxxx] 07/8/2024 09:50

Not ignoring the opportunity cost at all, simply stating the attention on Ortoire hasn’t been lost based on the activity. Never once in my message did I relate to or discuss opportunity cost. Simply replied to the part regarding attention and Ortoire.

[dunderheed] 07/8/2024 08:16

Good post K!
Stuck until January anyway?

[kaos3] 07/8/2024 08:09

if i would be in charge i would do as much as i could to pump the txp shares by excelling in operations, giving out wild but realistic after merger plans etc.... constant positive bombardment based on facts

and they are giving themselfs shares and buying them cheap and making kind of fun of trin commited shareholders ... we gotch you, you are stuck with us

go figure

txp share price is their currency and it looks to me like they want to keep it low vs the USD bid and at the same time they want trin?

[che7win] 07/8/2024 08:07

Behind a paywall, so I can't read it :htTps://www.upstreamonline.com/finance/could-trinidad-player-s-bid-for-trinity-be-too-late-/2-1-1688400

[dunderheed] 07/8/2024 07:59

Johnoxxx 37855, who cares if the market doesn't recognise all this good (industry standard) work?
Without wishing to surmise incorrectly, I think his main points being, he was glad to have sold out and so far the over promises simply have not been achieved.
I think that's pertinent but, you carry on ignoring the opportunity cost of investing here and the further mess and costs of this latest questionable strategy or at least the timing thereof?
All IMHO.

[che7win] 07/8/2024 07:32

Oil find next to Ortoire:htTps://trinidadexpress.com/business/local/a-v-vindicated-new-oil-wells-produce-1-200-barrels-daily/article_7f838dba-538e-11ef-8d7d-fbd5a378de7b.html

[johnoxxx] 07/8/2024 07:26

Except the attention isn’t switched from Ortoire is it? Because last time I checked they’d just completed optimization work on Cas deep, drilled cas 2 and 3, bringing these online shortly, worked on B pad, worked on the pipelines for Cas gas/liquids and the next drill(s) will also be on Ortoire. That’s good going if no attention on Ortoire block :)

[dunderheed] 07/8/2024 06:44

I don't think buffy has a hidden agenda EC, just a different view of the facts so far.
IMHO.

[eggchaser] 07/8/2024 06:28

What a useful and informative post Buffy... nice of you to spare the time to let us all know how wonderful your strategy worked for you..Spare a thought for the rest of us eh... oh wait... perhaps there is a hidden agenda...Like my coffee - filtered...

[dunderheed] 06/8/2024 07:57

Exactly buffy wish I had followed you when you did!

[buffythebuffoon] 06/8/2024 07:49

Boy am I glad that I finally trusted my gut and got out. I should have done it at least 2 years ago. This reminds me so much of Sound Energy. Lots of spin from the CEO but just fails to deliver. BB posters left arguing about the empire building with the focus switched from Ortoire.

Been there, done that.

Buffy

[thedudie] 06/8/2024 07:41

Long Stop date is 31st January 2025 - page 29 of the Scheme Document

[dunderheed] 06/8/2024 07:01

I've edited my post above as was saying much the same thing actually Soggy but just to be clearer!

[che7win] 06/8/2024 06:54

Soggy, You are factually correct, but my interpretation is different. It really couldn't be any more feeble from TRIN.They have no hand to play and they know it.My reading is that TXP just need to wait this out, get the two new Cas wells on stream and our rising share price takes care of the rest.Far from being TXP under time pressure it's actually TRINMarket surely must see TXP have the winning hand here....

[dunderheed] 06/8/2024 06:48

That's about it. I assume they still get salaries etc during this period? EDIT for Trin.
It's also pretty unlikely to succeed EDIT for Trin.

Another fine mess you got me into! EDIT for TXP.

It kind of reminds me of entering into pre agreed gas sales agreements then crying about it later?! EDIT to be clear TRIN in this case not TXP!

[soggy] 06/8/2024 06:44

So, Trinity are saying that the irrevocable undertakings will lapse if the court proceedings aren't completed by the long stop date and that they will postpone the court date indefinitely to create that outcome?And thus, they urge txp board to play ball and back off?This is what I think today's RNS says. Any other reading?

[dunderheed] 06/8/2024 06:42

This is normally why you have break up costs pre-arranged for takeover "agreements" as well!!

[herman007] 05/8/2024 20:44

Are you refering to his communication on this matter or in general? I appreciate the fact that he did not roll over and accept defeat. My only issue with him on this particular matter is that he let the share price slide due to lack of focus on short/mid term value creation. He left the door wide open and LOL accepted the invitation and waltzed right in.

[redartbmud] 05/8/2024 20:25

Sleepy

Thanks for the information.
Quite frankly, Baay's actions in this matter show that he is unfit for an executive role in a publicly quoted company. Even the most junior trainees in the finance sector amd almost every investor on the planet knows the insider trading rules.

Now I understand why he continues to open his mouth before engaging his brain. It is in his DNA.

red

[zho] 05/8/2024 16:42

Malcy:

There is little I can add until I get a chance to speak to either side but the panel is a stickler and all we can do is to try and read into these legalese statements. With the Touchstone bid almost complete Trinity have magically come across a new bidder but with such a high irrevocables I can’t quite see where the process goes from here, needing a new scheme of arrangement as it will. Given the language used I don’t think that we have heard the last of this and yet again Trinity management are looking a touch on the naive side, watch this space…

[sleepy] 05/8/2024 15:49

Ref Paul Baay top man in TXP -

[sleepy] 05/8/2024 15:48

As I write the TRIN price is 58.5p. roughly halfway between the current value of the 2 offers. That suggests to me that not everyone shares Andrew’s views

Why might that be?

The TXP Scheme of Arrangement cannot go ahead without Court Sanction. From the LO offer document - “The Trinity Directors have withdrawn their recommendation of the Touchstone Offer with immediate effect and intend to postpone indefinitely the Court sanction hearing in respect of the Touchstone Offer”

Also, although Trinity could switch from the Scheme of Arrangement to a conventional offer with a requirement for only 50% + 1 acceptances they would run the risk of being left with TRIN continuing to be a quoted plc with many (concerned and vociferous?) minority shareholders

And of course there may well be other reasons

I would have been critical if the TRIN board had not progressed the LO offer

[kaos3] 05/8/2024 12:09

Thank you Andrew. Than txp has almost won imho. Only if there is no Judas around. Silver is predicted to explode in value.

[dunderheed] 05/8/2024 11:32

Looking at the share price, I am getting concerned that CC may be looking to share his "thoughts" with us? IMHO.