TXO Plc Share Discussion Threads

[lofuw] 01/7/2015 16:14

By DANA SMITH

#Tribune Staff Reporter

#CONCERNED locals reported a “huge” oil spill in the Clifton area yesterday afternoon, but the source of leak has yet to be discovered.

#Gary, an employee of Stuart Cove’s Dive Bahamas, said he was leaving the dock in a boat with a small group of customers at around 2.30pm when he noticed the water was dark and murky with oil.

#“It was right outside the Bahamas Electricity Corporation plant,” he said. “As we went through that area, the water just went black.

#“It’s all in the containment area and all inside the bay. It’s huge.

#“You can put your hand in and you can see the black oil on your hand. If you put a white cloth in the water, it turns black. It’s thick, dark oil.”

#Gary said it appeared to him the oil was reportedly coming from the BEC Clifton power plant.

#When called for comment, BEC public relations and corporate programmes officer Arnette Ingraham said the corporation had no knowledge of a spill.

#“At this point we have not heard of anything,” she said. “We haven’t gotten any reports of anything going on down there.”

#Ms Ingraham explained the oil could have come from a ship or even another company in the area, adding: “For now, we don’t know anything about it and we don’t think that we’ve had any issues down there.”

#However, she added that she would follow-up with the plant and send a representative out there to assess the situation.

#Earlier this year, Robert Kennedy Jr, senior attorney at the Natural Resources Defence Council, urged Bahamians to take a serious stand on the preservation of the country’s precious underwater resources.

#He said he was very concerned about the progressive breakdown of one of the country’s most famous underwater reefs.

#According to Mr Kennedy, several reefs in the Clifton Pier area have been nearly destroyed by repeated oil spills from BEC’s Clifton Pier Diesel Power Plant.

#Last April, Fred Smith – who represents the Coalition to save Clifton – along with Mr Kennedy Jr and Troy Albury of the Save Guana Cay movement, said he has spoken to Esso, Texaco, Shell and BEC about their environmental responsibilities at Clifton.

#Those companies all run industrial operations at Clifton Pier.

#Mr Smith said he has asked the companies for their Environmental Impact Assessments for the area and for them to assist with cleaning up the area.

#Mr Albury said Clifton’s reefs seem to be in good condition despite oil spills in the area, but added that “stiff penalties” must be implemented for individuals who break the law.

#Mr Smith had told Tribune Business in April that he has dived with Stuart Cove in Clifton’s waters “and they are saturated with pools and drips of oil and pollution. Each industrial sector blames the other.”

#Noting the number of industrial plants in the area, Mr Smith did not single out any particular entity for blame.

[temmujin] 01/7/2015 16:11

we're gonna be rich guys...loads of mopping up to do...luvely jubbly

[lofuw] 01/7/2015 16:10

By DANA SMITH

#Tribune Staff Reporter


#CONCERNED locals reported a “huge” oil spill in the Clifton area yesterday afternoon, but the source of leak has yet to be discovered.

#Gary, an employee of Stuart Cove’s Dive Bahamas, said he was leaving the dock in a boat with a small group of customers at around 2.30pm when he noticed the water was dark and murky with oil.

#“It was right outside the Bahamas Electricity Corporation plant,” he said. “As we went through that area, the water just went black.

#“It’s all in the containment area and all inside the bay. It’s huge.

#“You can put your hand in and you can see the black oil on your hand. If you put a white cloth in the water, it turns black. It’s thick, dark oil.”

#Gary said it appeared to him the oil was reportedly coming from the BEC Clifton power plant.

#When called for comment, BEC public relations and corporate programmes officer Arnette Ingraham said the corporation had no knowledge of a spill.

#“At this point we have not heard of anything,” she said. “We haven’t gotten any reports of anything going on down there.”

#Ms Ingraham explained the oil could have come from a ship or even another company in the area, adding: “For now, we don’t know anything about it and we don’t think that we’ve had any issues down there.”

#However, she added that she would follow-up with the plant and send a representative out there to assess the situation.

#Earlier this year, Robert Kennedy Jr, senior attorney at the Natural Resources Defence Council, urged Bahamians to take a serious stand on the preservation of the country’s precious underwater resources.

#He said he was very concerned about the progressive breakdown of one of the country’s most famous underwater reefs.

#According to Mr Kennedy, several reefs in the Clifton Pier area have been nearly destroyed by repeated oil spills from BEC’s Clifton Pier Diesel Power Plant.

#Last April, Fred Smith – who represents the Coalition to save Clifton – along with Mr Kennedy Jr and Troy Albury of the Save Guana Cay movement, said he has spoken to Esso, Texaco, Shell and BEC about their environmental responsibilities at Clifton.

#Those companies all run industrial operations at Clifton Pier.

#Mr Smith said he has asked the companies for their Environmental Impact Assessments for the area and for them to assist with cleaning up the area.

#Mr Albury said Clifton’s reefs seem to be in good condition despite oil spills in the area, but added that “stiff penalties” must be implemented for individuals who break the law.

#Mr Smith had told Tribune Business in April that he has dived with Stuart Cove in Clifton’s waters “and they are saturated with pools and drips of oil and pollution. Each industrial sector blames the other.”

#Noting the number of industrial plants in the area, Mr Smith did not single out any particular entity for blame.

[fishermansfriend] 01/7/2015 15:56

So the company can't produce its annual report but it can send its paid stooge out to post a load of old articles about the Clifton oil spill, which Morgan Oil have clearly failed to clean up.

Clearly a desperate attempt to con shareholders into exercising warrants.

[fishermansfriend] 01/7/2015 15:54

So the company can't produce its annual report but it can send its paid stooge out to post a load of old articles about the Clifton oil spill, which Morgan Oil have clearly failed to clean up.

Clearly a desperate attempt to con shareholders into exercising warrants.

[lofuw] 01/7/2015 15:02

By NICO SCAVELLA

#Tribune Staff Reporter

#THE government has allocated $10m towards the removal of oil from waters off Clifton Pier, Prime Minister Perry Christie announced on Friday.

#Mr Christie said the money has been spent “bringing in engineers” to “remediateR21; all of the “environmental degradation at Clifton Pier”. However, he did not confirm whether the government had identified a culprit in the matter, but said the government would not allow any “entity that is at fault to bring such damage to this country”.

#Mr Christie’s comments referenced a situation last year that saw a significant amount of oil wash ashore on Adelaide Beach, prompting the Ministry of Environment to begin an investigation into the origin of the spill.

#Around the same time, Stuart Cove’s officials had complained that “black crude oil” and fuel emanating from the Bahamas Electricity Corporation’s Clifton Pier Plant were preventing them from conducting their diving business.

#Residents of Adelaide Beach had claimed that it was BEC’s Clifton Pier plant that was leaking the oil; however BEC Chairman Leslie Miller denied those allegations, saying that rather than “pointing fingers at BEC” people should investigate the other companies in the area.

#Addressing the matter at a coral reef preservation conference at Paradise Island yesterday, Mr Christie said: “I advised my colleagues that the implication is a profound one when it comes to damages, not just to think about the environment and the rights for people to swim in waters that are conducive to good health. So the government has made a decision to spend up to $10m in bringing in engineers to remediate all of that environmental degradation at Clifton pier.

#“We’ve hired firms to put booms in place, we’ve hired a firm to extract the oil, we have an engineering formula that would cause concrete to be poured down to five feet below sea level and then 10 feet below sea level, and then for thousands of gallons of oil to be extracted.”

#Mr Christie added: “We cannot allow, whether it’s BEC who is at fault or any other entity that is at fault, to bring such damage to this country.”

#Last September, residents of Adelaide complained of waves of “smelly black oil” that had washed up on the beach, claiming that it might have been a result of ongoing oil leaks from BEC’s Clifton Pier plant. And Stuart Cove told Tribune Business that his diving business had suffered a “huge” impact after its boats and facilities were covered in oil, and added that the oil spill could leave the Bahamas with a “real black eye internationally.R21;

#Albany’s marina chief Derek Roderick also told Tribune Business that it had been impacted “nine to 12 times” by oil pollution since it opened in October 2010.

#Additionally, Sam Duncombe, Director of Rebirth Bahamas, and Save the Bays Director Fred Smith expressed their distaste with the situation.

#Both Adelaide residents and Stuart Cove’s at the time suggested that BEC was the main culprit, however Mr Miller emphatically denied those claims.

#Mr Miller claimed that if BEC was indeed the source, then the oil would have “run the opposite way” near Jaws Beach away from Adelaide. The Ministry of Transport and Aviation subsequently stated that the complaints and the oil leak problem were priorities for the Christie administration.

#BEC executives met government officials and a team of biological engineers from the United States after it was discovered that fuel from the corporation’s Clifton Pier facility was leaking along the coastline.

#Environment Minister Kenred Dorsett at the time said the fuel from BEC was mixed with oil from another source that began spilling into canals near Stuart Cove’s Aqua Adventures and Albany.

#During a subsequent address in the House of Assembly, Mr Dorsett said an inspection of BEC’s plant revealed that not only was fuel being discharged from one of the facility’s outfalls, but it also revealed that BEC’s containment booms were not preventing all of the fuel from spreading.

#Speaking on the issue on Friday as well, Mr Dorsett said the government would not “sit idly by and allow the continued degradation of the environment while waiting on an assessment to determine who to point the finger at”.

#“The cabinet of the Bahamas has approved up to $10m being dedicated to the recommendations that were advanced by Caribbean coastal systems to address containment of oil going into the marine environment, to address extraction of oil that is in the ground and for the construction of a wall along the shoreline, 1,500 feet that will create a trench where the oil will then rest in and we will then be able to do further extractions,” he said.

#“We’re going to advance all of those things hopefully simultaneously. Morgan Oil out of Grand Bahama has already been mobilised to come in and begin the extraction of oil in the ground. They will then take that product, recycle it, and then we will determine whether to sell it, reuse it or whatever. But the bottom line is they’ve been engaged already to recycle it. They have facilities in Grand Bahama where they can do just that. Other Bahamian companies, some out of Grand Bahama, some out of Nassau, have been involved in putting in more containment booms out there at Clifton and the engineering works are now underway for the construction of that trench and that wall, which hopefully will enable us to get more products out of the ground.

#“It will be ongoing investigations as to the source. There was a team on the ground involving all of the oil companies together with the government yesterday on site were involving all of the stakeholders. The finger-pointing exercise is secondary in my mind’s eye to addressing the environmental degradation and advancing the remediation that needs to take place.”

[lofuw] 01/7/2015 14:59

By NICO SCAVELLA

#Tribune Staff Reporter

#THE government has allocated $10m towards the removal of oil from waters off Clifton Pier, Prime Minister Perry Christie announced on Friday.

#Mr Christie said the money has been spent “bringing in engineers” to “remediateR21; all of the “environmental degradation at Clifton Pier”. However, he did not confirm whether the government had identified a culprit in the matter, but said the government would not allow any “entity that is at fault to bring such damage to this country”.

#Mr Christie’s comments referenced a situation last year that saw a significant amount of oil wash ashore on Adelaide Beach, prompting the Ministry of Environment to begin an investigation into the origin of the spill.

#Around the same time, Stuart Cove’s officials had complained that “black crude oil” and fuel emanating from the Bahamas Electricity Corporation’s Clifton Pier Plant were preventing them from conducting their diving business.

#Residents of Adelaide Beach had claimed that it was BEC’s Clifton Pier plant that was leaking the oil; however BEC Chairman Leslie Miller denied those allegations, saying that rather than “pointing fingers at BEC” people should investigate the other companies in the area.

#Addressing the matter at a coral reef preservation conference at Paradise Island yesterday, Mr Christie said: “I advised my colleagues that the implication is a profound one when it comes to damages, not just to think about the environment and the rights for people to swim in waters that are conducive to good health. So the government has made a decision to spend up to $10m in bringing in engineers to remediate all of that environmental degradation at Clifton pier.

#“We’ve hired firms to put booms in place, we’ve hired a firm to extract the oil, we have an engineering formula that would cause concrete to be poured down to five feet below sea level and then 10 feet below sea level, and then for thousands of gallons of oil to be extracted.”

#Mr Christie added: “We cannot allow, whether it’s BEC who is at fault or any other entity that is at fault, to bring such damage to this country.”

#Last September, residents of Adelaide complained of waves of “smelly black oil” that had washed up on the beach, claiming that it might have been a result of ongoing oil leaks from BEC’s Clifton Pier plant. And Stuart Cove told Tribune Business that his diving business had suffered a “huge” impact after its boats and facilities were covered in oil, and added that the oil spill could leave the Bahamas with a “real black eye internationally.R21;

#Albany’s marina chief Derek Roderick also told Tribune Business that it had been impacted “nine to 12 times” by oil pollution since it opened in October 2010.

#Additionally, Sam Duncombe, Director of Rebirth Bahamas, and Save the Bays Director Fred Smith expressed their distaste with the situation.

#Both Adelaide residents and Stuart Cove’s at the time suggested that BEC was the main culprit, however Mr Miller emphatically denied those claims.

#Mr Miller claimed that if BEC was indeed the source, then the oil would have “run the opposite way” near Jaws Beach away from Adelaide. The Ministry of Transport and Aviation subsequently stated that the complaints and the oil leak problem were priorities for the Christie administration.

#BEC executives met government officials and a team of biological engineers from the United States after it was discovered that fuel from the corporation’s Clifton Pier facility was leaking along the coastline.

#Environment Minister Kenred Dorsett at the time said the fuel from BEC was mixed with oil from another source that began spilling into canals near Stuart Cove’s Aqua Adventures and Albany.

#During a subsequent address in the House of Assembly, Mr Dorsett said an inspection of BEC’s plant revealed that not only was fuel being discharged from one of the facility’s outfalls, but it also revealed that BEC’s containment booms were not preventing all of the fuel from spreading.

#Speaking on the issue on Friday as well, Mr Dorsett said the government would not “sit idly by and allow the continued degradation of the environment while waiting on an assessment to determine who to point the finger at”.

#“The cabinet of the Bahamas has approved up to $10m being dedicated to the recommendations that were advanced by Caribbean coastal systems to address containment of oil going into the marine environment, to address extraction of oil that is in the ground and for the construction of a wall along the shoreline, 1,500 feet that will create a trench where the oil will then rest in and we will then be able to do further extractions,” he said.

#“We’re going to advance all of those things hopefully simultaneously. Morgan Oil out of Grand Bahama has already been mobilised to come in and begin the extraction of oil in the ground. They will then take that product, recycle it, and then we will determine whether to sell it, reuse it or whatever. But the bottom line is they’ve been engaged already to recycle it. They have facilities in Grand Bahama where they can do just that. Other Bahamian companies, some out of Grand Bahama, some out of Nassau, have been involved in putting in more containment booms out there at Clifton and the engineering works are now underway for the construction of that trench and that wall, which hopefully will enable us to get more products out of the ground.

#“It will be ongoing investigations as to the source. There was a team on the ground involving all of the oil companies together with the government yesterday on site were involving all of the stakeholders. The finger-pointing exercise is secondary in my mind’s eye to addressing the environmental degradation and advancing the remediation that needs to take place.”

[lofuw] 01/7/2015 14:57

By RASHAD ROLLE

#Tribune Staff Reporter

#[e-mail]

#THE Bahamas Reef Environmental Educational Foundation yesterday released a photo of a visitor’s legs partially covered in oil following a snorkelling trip off Clifton Bay, highlighting the persistent environmental threat oil spills are posing to the area.

#BREEF Executive Director Casuarina McKinney-Lambert said the oil spill has been “unbearable,” negatively impacting the “precious marine environment, human health, livelihoods and the reputation of The Bahamas around the world.”

#This comes despite the fact that the government pledged $10m towards the removal of oil from waters off Clifton Pier in January in response to the longstanding problem.

#Last year, there were complaints that significant amounts of oil washed ashore on the nearby Adelaide Beach.

#Mrs McKinney-Lambert said: “BREEF has been advocating for the clean-up of this environmental disaster for many years, and is hopeful that the clean-up will start soon. There is no time to wait.

#“Last year, BREEF installed the Coral Reef Sculpture Garden to draw attention to critical threats to the marine environment, particularly the use of fossil fuels that can contaminate the environment with spills, and whose combustion changes the global climate.

#“We were very pleased to hear that the prime minister has committed funds for the clean-up, and we are anxiously awaiting for it to result in remediation of the current situation, and on the ground measures to ensure that oil does not leak into the water in the future.

#“This is critically important. BREEF recognises that the oil spills at Clifton have been going on for many years, and that it will take a number of steps to effectively fix this problem.”

#She added: “The installation of BREEF’s Coral Reef Sculpture Garden generated tremendous positive publicity for The Bahamas around the world with print and online media reporting on the story, with over 100 stories in dozens of countries.”

#The Sculpture Garden is home to the world’s largest underwater sculpture - “Ocean Atlas” by Jason deCaires Taylor.

#“The media coverage has inspired many people to visit the country to enjoy our marine environment, and has raised the reputation of the Bahamian artists Andret John and Willicey Tynes who contributed important pieces to the sculpture garden,” she added.

#“The underwater sculptures are now turning into living reefs and BREEF is monitoring both the growth of new corals on this underwater art, as well as monitoring the oil that contaminates the area daily.

#“It is imperative that local and international visitors leave with a positive impression and an enthusiasm to visit again, rather than covered in oil.”

[lofuw] 01/7/2015 14:50

By RASHAD ROLLE

#Tribune Staff Reporter

#THE Bahamas Reef Environmental Educational Foundation yesterday released a photo of a visitor’s legs partially covered in oil following a snorkelling trip off Clifton Bay, highlighting the persistent environmental threat oil spills are posing to the area.

#BREEF Executive Director Casuarina McKinney-Lambert said the oil spill has been “unbearable,” negatively impacting the “precious marine environment, human health, livelihoods and the reputation of The Bahamas around the world.”

#This comes despite the fact that the government pledged $10m towards the removal of oil from waters off Clifton Pier in January in response to the longstanding problem.

#Last year, there were complaints that significant amounts of oil washed ashore on the nearby Adelaide Beach.

#Mrs McKinney-Lambert said: “BREEF has been advocating for the clean-up of this environmental disaster for many years, and is hopeful that the clean-up will start soon. There is no time to wait.

#“Last year, BREEF installed the Coral Reef Sculpture Garden to draw attention to critical threats to the marine environment, particularly the use of fossil fuels that can contaminate the environment with spills, and whose combustion changes the global climate.

#“We were very pleased to hear that the prime minister has committed funds for the clean-up, and we are anxiously awaiting for it to result in remediation of the current situation, and on the ground measures to ensure that oil does not leak into the water in the future.

#“This is critically important. BREEF recognises that the oil spills at Clifton have been going on for many years, and that it will take a number of steps to effectively fix this problem.”

#She added: “The installation of BREEF’s Coral Reef Sculpture Garden generated tremendous positive publicity for The Bahamas around the world with print and online media reporting on the story, with over 100 stories in dozens of countries.”

#The Sculpture Garden is home to the world’s largest underwater sculpture - “Ocean Atlas” by Jason deCaires Taylor.

#“The media coverage has inspired many people to visit the country to enjoy our marine environment, and has raised the reputation of the Bahamian artists Andret John and Willicey Tynes who contributed important pieces to the sculpture garden,” she added.

#“The underwater sculptures are now turning into living reefs and BREEF is monitoring both the growth of new corals on this underwater art, as well as monitoring the oil that contaminates the area daily.

#“It is imperative that local and international visitors leave with a positive impression and an enthusiasm to visit again, rather than covered in oil.”

[fishermansfriend] 01/7/2015 09:39

What an utter disgrace! Still no sign of the annual report, which was supposed to be well advance back at end Jan to be out before 31 Mar, which was even more advance in April with auditors due in in May is still not out 9 months after the period end and therefore TXO will be fined by Companies House. There is clearly a major issue with getting the accounts signed off - it can't be that hard when the revenue figure is zero and all you need to do is tot up the bills that have been paid, the bills that are outstanding and how much has been siphoned off into directors' pockets as fees and related party transactions!

There is still no sign of the ORS annual report that was due on 19 Jun, plus there is no sign of the TOG annual report due yesterday or the EAOC (yes the other Tim Baldwin company that Tim put £50k of TXO money into in order to pay himself £11.5k in directors fees).

I also note that the Athabasca Oil Sands PLC that was set up by Julian Hamilton Barns and Gideon (call me Ian especially now I have British nationality) Botha Roos has changed its name to Carbon Technologies Group PLC a sure sign that the Athabasca listing is completely dead, oh well only another £50k of TXO shareholders' money wasted on that obvious non starter. I dread to think what scam Julian and Gideon are trying to cook up with it now.

Funny how they can get warrants out to their shareholders to enable them to buy more shares, but can't get any of the statutory filing done on time. Given the shares that have been issued since delisting I doubt that the company actually has the authority to issue shares for exercised warrants, but as they are completely unregulated now they will just do what ever they like to screw more money out of shareholders.

I wonder how many of those 50,000 ahem cough cough fractional shares they managed to sell. There is no way that there were anywhere like 50,000 shares resulting from the fractionals and I would not mind betting Tim Baldwin was looking to use it as a way of getting cash for some of the 86,668 shares he awarded to himself as fees for his stirling efforts at destroying the company over the past year.

[fishermansfriend] 27/6/2015 11:18

Despite no listing the dilution continues. Thanks to a number of conversions and payments of directors fees (Tim Baldwin clearly thought he was worth £86,668!) in shares there are now 2,168,838 TXO ordinary shares.

I note ORS has finally submitted its annual return and that strike off action has been discontinued for now - they are now over due on their annual report, which no doubt will make fascinating reading when it does finally arrive. As no doubt will the TXO annoual report if it ever arrives. Quite how they have the brass neck to issue a load of warrants to existing shareholders and expect them to cough up £1 per warrant to convert it into a share when they can't even get an annual report out is beyond me.

So all in all little has changed since delisting, dilution continues, promises are repeatedly broken and shareholders are treated like mushrooms until they need to try and squeeze more money out of them.

Anybody who exercises their warrants needs their head examined.

[hitman92] 25/6/2015 17:54

0N6M
Excellent work once again Corbs.

[corbine] 25/6/2015 16:01

0N6M
we can play chinese casino whilst we play casino aim as to how long it stays up on lse?
new site for txo to be discussed by lse players?
:-)

[corbine] 25/6/2015 15:54

hitman-it appears admin have removed it- i created the page- will try another one and see if that gets stomped on by admin of lse. no legit reason for them to do this- people needed a dialogue front for txo on lse to discuss the future-imo

[hitman92] 23/6/2015 18:52

the txo thread T39X on LSE website has vanished. anyone know what's happened

[temmujin] 20/6/2015 20:57

lol! why did i ask

[temmujin] 20/6/2015 10:47

yeah but what about my spread bet..ive still got it

[fishermansfriend] 20/6/2015 10:38

Annual accounts for ORS (due yesterday) are showing on the companies house website as overdue now - so that will be a fine and will not be helping to get the strike off action discontinued. Tim Joined the board of ORS back in March.