Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Poor wording on my part Scott. Don't see much point in Kraken, Steelhead etc when fluids can't be moved for awhile. I don't like idle rig either, hence question on obligation. Believe it is 120 days and we owe 4 development wells this year; my thought was four legacy + the ST, leading to oil volumes, all which could be immediately monetized. A Guyana sized kraken well would really juice the shares, but not sure POS on that or mean success volume. Save the cash for something that produces immediate return. I think PB risks a crucifixion if cash runs down and he has to go back to market for capital with the share price in the tank for the moment. On the lack of urgency in moving the gas on Trinidad, I have been scratching my head for a long time now.....
I think Minister Young plays a key role here in bringing the EIA approval to a resolution asap.
Failing to do so flies in the face of his pro energy development message for TNT . Allowing this to drag on will only deter any further investment in the country. IMHO
mbarnholdt: you write “ Don't see much point of further exploration drilling this year….”
Don’t forget TXP has a contract with Star Valley Rig for 120 days of drilling this year. TXP has to pay even if rig sits idle. Nothing worse than ha Don't see much point of further exploration drilling this year, ving lucrative development wells to drill and paying for a world class rig to sit idle. At least they can use the minimum days drilling two coora wells, then a Coho development well, then Royston ST and Royston Deep and maybe Kraken.Hopefully by time all that is drilled the Cascadura field development plan will be accepted and the Cascadura “A”pad ready to go. TXP is literally stuck in place, and doing nothing is also going to start getting more expensive. Can’t imagine why Coho is not connected - has to happen soon, doesn’t it? Cascadura approval could drag on and on, if it gets highly politicized. Many projects in some US states are blocked for years. But I don’t understand how Trinidad can have bid rounds in 2014, have established minimal drilling commitments that are met, take two years to negotiate a price for gas on the Ortoire block after a big discovery, and then not allow TXP to produce the gas - all in a time of huge need on the island for natural gas to keep petrochemical industry going, to sell lucrative LNG from shuttered trains already built, and to supply all electricity on island. It is kind of mind boggling.
Don't see much point of further exploration drilling this year, unless some cheap oil wells to keep drilling obligation. Not sure status of this. Need to see Coho and Cascadura first I would say. Maybe move forward on Royston sidetrack/new EWT. Put money that can realize return quickly while oil is still high. Won't stay there forever, and the worm will turn at some point.
Paul has said they will be preserving cash until after Coho and Cascadura are on line.
So does that mean no further exploration this year if we don't receive EIA approval until later or end of year?
Sorry, early November.
Plenty of blame to go round, but for me this is the key point and the reason the share price has plummeted today
"According to the EMA its average processing time fora Certificate of Environmental (CEC) Application requiring an Environmental Impact Assessment (EIA) is 180 working days while that of the Applicant is 220 working days."
44 weeks from 23/12/21 is early October '22. And that's just the average time taken. Heaven forbid it should get complicated.
Responses were received from Primera on May 16, 2022 which did not address all the deficiencies identified.
On June 23, 2022—Primera was advised that several deficiencies were not addressed. On July 1, 2022 the EMA reminded Primera that it was still awaiting the outstanding information to satisfy environmental requirements in accordance with the EM Act,” the EMA told the Business Guardian.
END
So the EMA took nearly 5 f******g weeks to let TXP know there were gaps
and yet they say they are not responsible for delays
Yes, asked Mr Curtis Williams to investigate - and he has done an excellent job. If only TXP and EMA could do likewise and take deadlines as seriously as journalists do.
Now everyone in the country (and the region), including the Prime Minister and the Energy Minister, should know the problems - and hopefully something will be done.
Importantly, Mark Loquan, President of NGC, should take note. They, and TXP, now need to speed up their project to try and make up for lost time. If the country is losing $792,000 a day, then NGC should be given a budget of $790,000 a day to get this pipeline built asap. With this, they can hire the top people from anywhere in the world, in sufficient numbers, working all hours, to
get it completed. (As could have the EMA ! )
TXP, for its part, will forego $208,000 per day each day this project remains uncompleted (200,000 scf x $2 x 80% WI x 65% net of tax). Thus they have a budget of $200,000 a day to hire the best people, from anywhere in the world, working all hours, to get this done.
Now - let's get on with it.
Trek - they have had plenty of time during this period to ascertain the expected requirements and it seems TXP are puzzled and confused by this situation?!
EIA is obviously a massive controversial "world" issue and should have been recognised as such a big challenge from day one with appropriate respect, professionalism and resource, allocated towards this issue.
TXP are not coming out of this "smelling of roses" at the moment, IMHO.
The share price tells us a story as well, methinks.
DYOR of course.
They also make it sound that TXP didn’t respond appropriately but they haven’t pointed out that the questions were impossible to answer! Jobsworths!
Usual caveats
Trek
https://guardian.co.tt/news/is-the-ema-costing-tt-hundreds-of-millions-of-dollars-6.2.1515925.448be83063
Maybe down to Happy Sparrows email...
Good Morning.
Administrative delays cost the people of Trinidad dearly. Much needed gas was found inland at Cascadura. Since, deadline after deadline has been missed to approve an Environmental Impact Assessment. Each day $792,000 is lost to Government, money wasted that could go to schools and hospitals. Fifty days late, $40 million lost, and we are still waiting.
The golden egg is being smothered by lame ducks.
Set up the fire, bring out the pot.
Happy Sparrow