TXO Plc Share Discussion Threads

[sharptack] 16/11/2015 17:01

...and by typical slight of hand, the former Clean Tech Assets Ltd - 09546358 - has become TXO Ltd on the same date but it somewhat hidden from view by the weeble's variable CH identity.

[sweet karolina] 16/11/2015 12:22

I see TXO has finally submitted a change of name notification to Companies House following the illegal AGM held on 20 Oct where the name change was approved by those shareholders who were informed and invited to vote on that and who knows what other resolutions.

[lofuw] 04/11/2015 15:45

U.S. Production Finally Starting To Drop Significantly





By Ron Patterson
Posted on Mon, 02 November 2015 22:28 | 1











The EIA’s Petroleum Supply Monthly is just out with production numbers, through August, for each state and offshore territories. The EIA’s Monthly Energy Review is also out. This publication has U.S. production data through September but not for individual states.



(Click to enlarge)

The Petroleum Supply Monthly June 15 production numbers were revised down considerably this month. And you can see they had a drop of 169,000 bpd in September. I think there will likely be an even larger drop in October. At any rate U.S. production is finally starting to drop significantly.



(Click to enlarge)

The Gulf of Mexico is the one place that is bucking the trend. The GOM was up 146,000 bpd in July and up another 63,000 bpd in August for a total of 209,000 bpd for the two months.



(Click to enlarge)

Texas was down for the fifth straight month.

Related: Major Oil And Gas M&A News That Has Yet To Make The Headlines



(Click to enlarge)

North Dakota has been moving sideways but is now below their September 2014 level.



(Click to enlarge)

Alaska is slightly above their August 2014 level but their average annual production will drop by between 25 and 50 thousand bpd this year.

Related: Low Oil Prices Could Persist Through 2016




Shark Tank Just Revealed a Trillion-Dollar Idea

In a recent episode of Shark Tank, two sharp, young entrepreneurs revealed a fast developing technology that anyone can invest in. In fact, one of the show's "Sharks," Robert Herjavec, already jumped in and invested $750,000!
But that could just be the start. In fact, if some experts are right, this trend could be bigger than Apple and Microsoft combined!

Tech heavyweight Cisco is calling it a $19 trillion opportunity. Not only that, experts believe it could be 37 times bigger than the Internet.

And here's where it gets interesting...this 21st century game-changer is so radically different than anything we've ever seen that it's powering a sea change--a massive shift that billionaire Warren Buffett himself admits is a "real threat" to one of his most prized cash cows.

Click here to find out what the “Sharks” are buying.



(Click to enlarge)

Oklahoma has dropped 59,000 bpd since March.



(Click to enlarge)

New Mexico which holds part of the Permian recovered slightly in August.



(Click to enlarge)

Montana, which holds part of the Bakken, has been in a downward trend since March.

Related: Don’t Expect A Breakout In Oil Prices Any Time Soon



(Click to enlarge)

Wyoming had been bucking the trend but now looks like it has succumbed to low oil prices also.



(Click to enlarge)

The Baker Hughes Rig Count

By Ron Patterson

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[sweet karolina] 04/11/2015 13:50

A shareholder has just received this from his nominee account provider:


TXO PLC - Important Information

The new name of the Company is Clean Tech Assets Plc.

Important Information & Other Key Dates:

The Name Change received shareholder approval at the recent Annual General Meeting and subsequently became effective on 27th October 2015.

The Board of Directors consider that the new name better reflects the current and future operations of the Company.

Should you wish to find more information about the Name Change, please visit the TXO website, hxxp://www.txoplc.co.uk/. The website will direct you to the new Clean Tech Assets Plc website, which the Company advise will be up and running shortly.

27th Oct may have been when they finally bothered to tell Companies House, but they took the website down on 22nd without informing anyone that an AGM had taken place or what the resolutions were and what the result was. The AGM was clearly not correctly called and all shareholders should demand of their nominee account providers first an explanation of why they were not properly informed of the AGM and when the Nominee account providers say we did not know, shareholders should demand that the Nominee account providers, as the shareholders on the register demand that all resolutions passed be declared void and that a properly constituted AGM be held so shareholders can exercise their rights to vote on the resolutions either in person or by proxy.

[sharptack] 04/11/2015 00:36

SK, even if shareholders had been able to access the AR online, they wouldn't have found a GM date in there so you make a very valid point. How was the notice promulgated in a way that it conformed to legal requirements?

Those post balance sheet events show just what an incestuous shambles this company really is! Even a champion boxer couldn't duck, dive and sidestep like these people.

Still dragging their feet on the formal name change. Anyone might think it was deliberate. The stench of weeble gets stronger by the day.

[lofuw] 03/11/2015 15:32

How The Fed Has Backed Itself Into A Corner





By Leonard Brecken
Posted on Sun, 01 November 2015 00:00 | 0











In my last article I outlined the case that the fall in commodities is a result of Fed policy more so than fundamentals. The fall in oil began, almost to the day, when the dollar began its rise last June and remained perfectly inversely correlated for rest of 2014 into part of 2015. In 2015, the dollar began to weaken as the U.S. economic growth myth got exposed and yet oil, instead of rising, fell further. The Iran deal helped, as well as OPEC continuing to pump oil above quota levels.

Admittedly, U.S. oil inventories remain above historical levels, a trend that accelerated in the second half of last year, further fueling the decline in oil. To some extent, that oversupply was enabled by the Federal Reserve’s easy money via rising leverage, as speculation in futures markets drove oil prices up. However, the initial spark was probably tied to a change in the Federal Reserve policy of propping asset prices via Quantitative Easing (QE) vs. what’s going on now in threatening to raise rates.

Coincidence?

With Congress reaching a debt ceiling/budget deal, we learned more about how and why this occurred. Instead of more QE, it appears the government is opting for more fiscal stimulus in 2016 as the “deal” basically gives the White House unlimited spending thanks to a relaxed debt ceiling. Coincidence right? Of course not.

Related: 10 Tips For Oil Companies To Ride Out The Storm

Now it’s becoming clearer as to why this option was taken once again: allow the government to distort asset prices through intervention.

The Yuan Threat

As has been reported in the media, the IMF is likely to include the Yuan in its basket of currencies, basically opening the door to the Yuan becoming a reserve currency. This is occurring at the same time the petrodollar is being sold, as commodity oriented nations such as Saudi Arabia are selling wealth funds (i.e. U.S. dollars) to fill their budget gaps.

Related: One Chart That Explains The Stupidity Of Congress’ SPR Plan


Shark Tank Just Revealed a Trillion-Dollar Idea

In a recent episode of Shark Tank, two sharp, young entrepreneurs revealed a fast developing technology that anyone can invest in. In fact, one of the show's "Sharks," Robert Herjavec, already jumped in and invested $750,000!
But that could just be the start. In fact, if some experts are right, this trend could be bigger than Apple and Microsoft combined!

Tech heavyweight Cisco is calling it a $19 trillion opportunity. Not only that, experts believe it could be 37 times bigger than the Internet.

And here's where it gets interesting...this 21st century game-changer is so radically different than anything we've ever seen that it's powering a sea change--a massive shift that billionaire Warren Buffett himself admits is a "real threat" to one of his most prized cash cows.

Click here to find out what the “Sharks” are buying.



Since this adds to downward pressure on the U.S. dollar, it’s no wonder the Federal Reserve has changed course. For one, a strong U.S. Dollar depresses commodities coming into an election year, boosting consumers in lower income brackets. The second motivation for a strong dollar is to ward off the threat of the Yuan replacing the Dollar as the reserve currency.

Impending U.S Dollar Weakness

The news that the Chinese government is considering relaxing capital controls and thus allowing the Yuan to appreciate, is a sign that they think the IMF inclusion of the Yuan is imminent. The displacement of the Petrodollar, even fractionally, will result in a drop in the U.S. Dollar. Thus, with this threat, if the Federal Reserve undertakes another round of QE it will further stoke U.S. Dollar weakness.

Related: Is This The Most Bearish Oil CEO Statement Yet?

That would reverse the commodity declines that began last summer, wreaking havoc on the standard of living especially for the lower income electorate the government depends on for votes, come 2016. So the Fed is weighing the negative consequences of a strong dollar on corporate profits vs. unleashing inflation on the electorate, pressuring long term interest rates. We now see which negative scenario they favor and why.

This should further explain the influences on oil prices and clearly show that fundamentals aren’t the only thing at play on setting prices.

By Leonard Brecken for Oilprice.com

[lofuw] 03/11/2015 09:50

By Matt Smith

[lofuw] 03/11/2015 09:49

OPEC’s Strategy Starting To Take Its Toll On Gulf States





By Andy Tully
Posted on Mon, 02 November 2015 21:40 | 2









The price of crude oil needn’t be as low as it is today – in the neighborhood of $50 per barrel – except that OPEC decided nearly a year ago to keep it low to in an effort to make shale production unprofitable and restore the cartel’s market share.

The strategy may be working, but it has some unwanted side effects on the cartel’s core producers in the Middle East. Not only are budgets out of balance, but now the region’s stock markets are being affected.

It was the prodigious production of shale oil, mostly in the United States, that caused the price of oil to fall from more than $110 per barrel in June 2014. But it was OPEC’s decision five months later to maintain its production at 30 million barrels per day that drove it to its current low point.

Related: Don’t Expect A Breakout In Oil Prices Any Time Soon

It was a price war declared against shale producers, who rely mostly on hydraulic fracturing, or fracking, to extract shale oil. The process is more expensive than conventional drilling and isn’t profitable if the price of a barrel of crude falls below a threshold of about $60. And the strategy is having its effect on North American extraction.

But it’s also led to lower revenues for OPEC members. The cartel’s pricing maneuver, the brainchild of Saudi Oil Minister Ali al-Naimi, was predicated on rich Gulf States being able to weather a temporary drop in income. When the strategy went into effect, for example, Saudi Arabia’s treasury had a financial reserve of about three-quarters of a trillion dollars.

Not only were less affluent OPEC members such as Venezuela hurt by the lower oil prices, but even Gulf States, including Saudi Arabia, began to feel the pinch almost immediately and revise the projected revenues of their budgets for the fiscal year 2015.

Related: Low Oil Prices Could Persist Through 2016

And on Oct. 30, the U.S. financial services company Standard & Poors (S&P), citing a “pronounced negative swing” in Saudi finances due to lower oil revenues, cut its rating of the Saudi sovereign debt to ’A+/A-1’ from ’AA-/A-1+,R17; and said its outlook for Saudi Arabia remains negative.


Shark Tank Just Revealed a Trillion-Dollar Idea

In a recent episode of Shark Tank, two sharp, young entrepreneurs revealed a fast developing technology that anyone can invest in. In fact, one of the show's "Sharks," Robert Herjavec, already jumped in and invested $750,000!
But that could just be the start. In fact, if some experts are right, this trend could be bigger than Apple and Microsoft combined!

Tech heavyweight Cisco is calling it a $19 trillion opportunity. Not only that, experts believe it could be 37 times bigger than the Internet.

And here's where it gets interesting...this 21st century game-changer is so radically different than anything we've ever seen that it's powering a sea change--a massive shift that billionaire Warren Buffett himself admits is a "real threat" to one of his most prized cash cows.

Click here to find out what the “Sharks” are buying.



In announcing the downgrade, S&P observed that the kingdom had budget surpluses of about 13 percent of gross domestic product in the 10 years leading up to 2013. Since the price of oil began its plunge, however, the agency said that surplus will become a deficit of 16 percent of GDP by the end of fiscal 2015.

A downgrade in debt rating makes borrowing more expensive for the affected company or country.

Still, Saudi Arabia probably will suffer little, if any, financial repercussions for two reasons. First, the other two major rating companies, Fitch and Moody’s, have maintained higher ratings for Saudi Arabia. Second, the Saudi government and Saudi-based companies have little foreign debt.

Related: Major Oil And Gas M&A News That Has Yet To Make The Headlines

But the impact on the Middle East overall has already been negative. On Nov 1, stock markets in the region fell because of investors’ concern that the Saudi government will have to reduce spending even further in fiscal 2016 if oil prices remain low to limit its budget deficit.

Markets fell in Saudi Arabia, Dubai, Abu Dhabi and Egypt, though stocks rose slightly in Kuwait, Oman and Bahrain, where trading is traditionally light and therefore less susceptible to market swings elsewhere in the region.

At its last policy-setting meeting in November 2014, OPEC decided to move ahead with its pricing strategy despite what it perceived as its short-term costs. Now those costs may be incurred over a longer term. It will be interesting to see how the cartel addresses the problem at its next major meeting on Dec. 4.

By Andy Tully of Oilprice.com

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[sweet karolina] 03/11/2015 02:27

Oh dear oh dear. Stay tuned for some fire works.



At least I am not drinking with David Lenigas! Mr Hamilton Barns popped over to see me in Bristol. Heck if there is free drink I have a reputation as a drunken blogger to live up to. Bottom line is that I won Round 1 and there will be no Round 2. Mr Hamilton Barns has dropped his threat of a libel case. I win AGAIN! But…

JHB was, for both myself and Newt Seaman “collateral damage”. We always were, and still are, after Tim Baldwin of TXO infamy. It does appear that the TXO car crash is going to get even more “interesting”.

Tim Baldwin watch your every step. You are “in sights” and you have every reason to be sweating like a pig. A horrid little piglet, Game On. The curse of ShareProphets is upon you….

Developing.

[lofuw] 02/11/2015 19:46

What The Oil And Gas Industry Is Not Telling Investors





By Nick Cunningham
Posted on Sun, 01 November 2015 00:00 | 1











Oil prices crashed because of too much supply, but will rebound as production shrinks and demand rises. But what if long-term demand for oil ends up being sharply lower than what the oil industry believes?

That is the subject of a new report from The Carbon Tracker Initiative, which looks at a range of scenarios that could blow up oil industry projections for long-term oil demand.

Historically, Carbon Tracker says, energy demand has been driven by population, economic growth, and the efficiency (or inefficiency) of energy-using technologies. Carbon Tracker looks at a couple possible future scenarios in which those parameters are altered, resulting in dramatically lower rates of oil consumption.

Related: Iran May Not Be That Attractive To Oil Industry After All

Carbon Tracker has been a pioneer in the concept of “stranded assets,” the notion that fossil fuel assets will lose their value as the world moves to restrict carbon emissions. If an oil field cannot be produced profitably in a carbon-constrained world – or cannot legally be produced because of certain regulations – then it ceases to have value. That puts investors’ dollars at risk, a risk that financial markets have not fully grappled with.

However, in a new report, Carbon Tracker expands upon the possible scenarios in which oil demand may not live up to industry predictions.

For example, if the world population hits only 8.3 billion by 2050 instead of the 9.7 billion figure typically cited by the UN, fossil fuel consumption could end up being 17 percent lower in 2050 than the oil industry thinks. Coal would be affected the most, with 25 percent reduction in demand compared to the business-as-usual case.

How about GDP growth? The expansion of the global economy is pivotal to energy consumption. The industry typically bakes in a GDP growth rate of 2.8 to 3.6 percent per year into its forecasts. But these figures could be on the high end, especially since so much hinges on the ongoing blistering growth from China. But, using BP’s pessimistic GDP scenario in which China and India only grow at 4 percent per year, global energy demand could be 8.5 percent lower in 2035 than the business-as-usual case.

Related: Policy, Coincidence Or Conspiracy: What’s Really Holding Oil Prices Down?


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Perhaps more threatening to future oil demand are global policies to ratchet down greenhouse gas emissions, as previously touched upon. Although international negotiations have largely failed to halt the growth of carbon emissions, a significant effort to zero out carbon over the long-term would necessarily cut deeply into demand. Industry projections largely ignore this possibility, as industry estimates for fossil fuel demand in the future would likely lead to average global warming of 4 to 6 degrees Celsius, exceeding the stated goal of capping warming at 2 degrees. More importantly, industry projections for fossil fuel use already exceed the totals that would result if the carbon reduction goals already laid out by countries heading into Paris are implemented. Caps on emissions would upend the entire business model of the oil industry.

Carbon Tracker looks at a few other scenarios, including the possibility that renewable energy could make cost reductions and deployment much greater than the oil industry thinks. Indeed, energy prognosticators like the IEA consistently underestimate the market penetration of solar PV and wind. Actual deployment wildly exceeds every projection that the IEA publishes. It is not hard to see oil industry projections off the mark, undone by falling costs and rapid deployment of solar and wind.

Related: SPR To Be Used To Raise Cash For US Gov

Moreover, the combination of energy storage and renewable energy could transform power markets, solving the problem of intermittent energy. Battery storage continues to get cheaper, another trend that the oil industry could be underestimating. Electricity market transformation would also help scale up battery manufacturing, which in turn would reduce the cost of electric vehicles.

Take Toyota’s recent announcement that it will target a 90 percent reduction in greenhouse gas emissions from its vehicles by 2050 by developing fuel cell vehicles. There is a long way to go before such a scenario becomes viable, but the announcement should is a shot across the bow for the oil industry.

In short, Carbon Tracker concludes, there are very real threats to the business models of oil companies, threats that need to be explained to investors. Right now, those threats are not being taken seriously.

By Nick Cunningham of Oilprice.com

More Top Reads From Oilprice.com:
10 Tips For Oil Companies To Ride Out The Storm
Top Oil Companies Report Dismal Earnings
One Chart That Explains The Stupidity Of Congress’ SPR Plan



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[sweet karolina] 02/11/2015 05:31

ST

A GM on 20 Oct how interesting, which shareholders were informed and which were not? How can you hold a legal GM if your shareholders have not been informed and given a chance to attend / vote by proxy.

Clearly the NEDs stood down at that meeting - the notification of that appeared very soon afterwards on CH.

What else was discussed and agreed at this highly irregular GM? does anyone have the circular, if so could you post it.

I was checking the TXO website daily for any sign of the annual report and there was no announcement of a GM or circular posted. JP Jenkins did not announce the GM - JP Jenkins does actually provide access for companies to the RNS Reach service. It would seem that only specially selected shareholders were even made aware of this non General Meeting.