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A computer glitch! Will open at 8.45p tomorrow
TOUCHSTONE PROVIDES CLARITY ON PETROTRIN RESTRUCTURING Calgary, Alberta - August 29, 2018 - Touchstone Exploration Inc. ("Touchstone" or the "Company") (TSX / LSE: TXP) would like to provide clarity on the Petroleum Company of Trinidad and Tobago Limited ("Petrotrin") restructuring announced on August 28, 2018. Petrotrin has announced a restructuring of their operations which will include the future closure of their oil-refinery operations and a redesign of their exploration and production business. Petrotrin has advised that the refining of crude oil will be phased out and that future production volumes will be exported for processing at other facilities. Petrotrin expects that it will begin transitioning to this model in October of this year. Touchstone believes these changes will have no impact on its current and future operations, as the Company currently sells produced crude oil volumes to Petrotrin under various marketing contracts and does not interact directly with the refinery. The Company expects that it will continue to sell crude oil production to Petrotrin under our existing contracts; however, rather than selling to the Pointe-a-Pierre refinery, it is presumed that Petrotrin will export the product at world pricing. It is the Company's view that the restructuring will benefit the country in the long-term, as sustainable profitability of the state-owned company will enhance the standard of living in Trinidad and ensure the continued viability of the oil and gas-based economy on the island. Touchstone also recognizes that the announced retrenchment directly impacts a high number of skilled workers in Petrotrin's organization. We are hopeful that as we accelerate our development activities in Trinidad, some of the qualified personnel may find opportunities in our organization. Paul Baay, President and Chief Executive Officer of Touchstone said, "We believe this is a difficult but necessary step for Petrotrin, and we look forward to working with them as a partner while they transition the business and return to profitability." Petrotrin has announced that they will be meeting with all stakeholders in the coming weeks to discuss how the proposed changes will be implemented, and Touchstone expects to be an active participant in these.
Does TRINs oil even get refined in Trinidad? Saw a post suggesting oil extracted in Trinidad is exported out while the oil used in the refinery is imported in.
That's great! Thanks for taking the time to fill me in. Surprised the market cap is so low considering the cash in the bank and likely profits! Will continue researching this weekend!
Hi all, Ive been advised to take a look at TRIN by someone and wondered if anyone could help? What's the monthly profit looking like at current oil prices? How long do we estimate it will take before the placing overhang clears? Tried trawling through the old posts here but couldn't find much discussion on it. Cheers
In my mind there are four good reasons why now is the perfect time to buy into MATD: 1) The current MC is way too low for a company fully funded for 6 highly prospective drills. 2) When the seller dries up, traders will jump all over MATD and cause it to rise to at least 14p (before September) 3) Even if no oil is found the next drill is scheduled straight after (very little downside) apart from a day or so) 4) If oil is found the price will go ballistic! Massive upside; limited downside and a shot at a 10 bagger short term! Buy buy buy!!!
I normally steer well clear of oilies but MATD offers a compelling case! I've never known an oil explorer, on AIM, have so much going on in a short space of time! There was, and maybe still is, a very large seller otherwise this share would be around 13-15p by now imo. I see this as a great buying opportunity more than anything! If SL is a dud there may be a sell off but we're not waiting months/years for the next drill; we're waiting days (and the next one has much greater COS) and so the price will rise again! The risk/ reward at this entry price is fantastic for what could be a 10 nagger at least on one drop of oil being found! At some point the seller will stop and the whole world and his wife will pile in! It's the question of when... not if! GLA
Hopefully that's the last of TB's warrants at this price!
I suspect that a certain ex-director may be using the high volume today to offload a few? In the next couple of months this share simply has to double as it's currently one of the most undervalued shares turning a profit I've ever seen! GLA
So another 350k went through just before the bell! Seems we have an accumulator and possibly dumper in the low 7's! When finished I expect this to take off! GLA
700k bought at 1ish... good signs
Then two sells and widens right up again
Buying and the spread has now closed right up!
On confirmation of 2p EPS i'd expect a re-rate to 15p plus fairly quickly. Anything better could really set the cat amongst the pigeons. Some serious money coming this way soon! GLA