Member Info for mbarnholdt

I had thought about that. I think that collectively we represent a respectable pctg. of shares. Maybe come up with a group name and develop list of questions we want firm answers to.

Well said. We seem to get some positive news, and the shares whip up to $1.90 or $2.00, then the market remembers Coho delays, too much water, tests configured for gas rather than oil, etc. then back to $1.10-1.20 US. Then we think, like the
Brooklyn Dodgers of old, wait till next year, that will finally be the year the cotton grows tall. Don't get me wrong, I still remain a believer, I just hope I live to see "next year" and the tall cotton and my belief borne out.

That's not a bad idea at all. Horizontals will cost a bit more, but might more than make up for in rate. Not sure if the reservoir would be favorable for or not. Might also be interesting on perhaps on of the more promising legacy well structures. Wonder if the rig crews are knowledgeable of.

Its about delivery now I think and has been for awhile. Its unfortunate that during the three royston tests, we really didn't get a feel for what the wells can potentially produce, coupled with perceived high water cut. A strong water drive in a reservoir is a good thing, and results in generally higher recoveries than some other mechanisms. Its interesting that the lowest formation was surrounded by hydrocarbons with no water, and the other two produced some water. Makes me wonder if they tested too near the water contact on the last two. But back to delivery: 1) Give me Coho, producing and on stream 2) Give me my four new wells and tell me what I can expect from this and future legacy wells 3) Give me my extended well test, and keep it going for as long as you can if the rates are decent and prices stay high 4) Give me substantial progress in bringing some Cascadura production online, learning the Coho lessons such as they are 5) Give me a blowout reserve report incorporating all the new discoveries 6) Focus on bringing in the cash, drill Kraken later on, but priority is cash flow catching up with resources. I'm off the soapbox now. My hopes and best wishes to all who contribute to this board, Mike

We got a decent jump here in the states as well. I think PB's words may have helped frame things better.

I think laser focus for them should be on getting coho online, cascadura online, and would be nice to hear something about the legacy wells. Kraken et al are interesting and exciting for the future, but need revenue streams and credibility established/re-established. A long term production test that produced a lot of oil would be nice too.

Thank you MJ, always love your posts, your technical knowledge is excellent. Petrophysics your background perhaps?

In U.S. opened up at 2.04 up .14; now is bid ask 1.80/1.84. Strange.

I think Tullow might have been first mover in Guyana, was right before i left the reserves group at Shell. I think they were supported by Hess and Exxon, perhaps the Chinese later on. You were right, Shell was in Stabroek, but we exited (somebody made a bad call there). I think then Exxon took over on the technical side and really pushed things along thereafter.

Shell getting involved will definitely slow things up a lot. Was very clear to me what happened when PB referred to "process."
Personally I am hoping for no more dilution. Have played enough small companies over the years to fear them, rationally or not. I would rather things slow on the next phase of exploration and focus on getting other developments going full bore if a choice has to be made. May make sense though depending on Royston results, to hit Kraken soon since seems to be in same areal footprint and may affect future activities. Something like Guyana/Suriname there would be beyond my most avaricious dreams.....MJ you are a genius with that large a holding and in cheaply.....

Always welcome Matt. I replied to him with thanks for his candor, and apologized for the brusque tone of my questions.

And the last:
Really appreciate your interest and questions.
Hope this is helpful.
Paul Baay

Here is the rest, the website cut off part of the response:
5)Believe the Rig could be loaded by the middle of July which still puts in months from being operational. In our budget we have it drilling in November
6)I wish shareholders could fully understand the challenges that the team has been working under between the weather, curfews ($10,000 fines) and supply restrictions imposed in Trinidad but we don’t want to sound like we are making excuses so we continue to just push on and get things done as quickly as we can respecting costs and safety. With these challenges predicting timelines is difficult and we will continue to provide timely updates when we have factual information to provide. We never want to appear as though we are reporting on fluff.
7)We have an excellent relationship with the new minister and he is actually going to spend the day in the field with us on Monday observing the Seismic operations, Royston site and possible move in of the rig, completion of the facilities at Coho and possible operations at Chinook.
I couldn’t agree more with making Trinidad more business friendly and we are having those discussions but our focus right now is getting things drilled and on production.
8)I share the pain on the value of the investment but the asset hasn’t change nor has the opportunities. Obviously some nervousness from mainly retail holders from lack of information but we can’t make things up and can only move so quickly under the current environment. We have a solid plan for the Block and the assets so we just need to continue to work the plan and let the results do the talking. I have never been one to try to manage the markets because that never ends well.
This is a world class asset and we need to develop it properly and more importantly with as little dilution as possible to the shareholders. We have a plan that is fully funded through to first gas at Cascadura and that is what the team is focused on because once Cascadura comes on stream we will have more than enough funds to accelerate the production at whatever speed we deem best.
9) Again I really appreciate the questions and share the frustration but we just need to let the team work the plan. This is a 20+ yr. project worth potentially billions of dollars which is very unusual for a company our size and I think the market is having a hard time fully understanding the complexity of what we are doing. We have bridges being built (six), road construction, seismic being shot, condensate line applied for and constructed, design and building a 90-200 MMcf/d separator at Cascadura, drilling a 12, 000 ft exploration well, completing a 10,000mcf/d facility at Coho, constructing a tie-in to the Shell facility, completing the EIA, brining a new purpose designed rig to the island and running the base production of 250 oil wells. All this is significant for a company our size and I believe the shareholders will see the value in the long term.

MJ, here is the reply from June 29 I got from Paul.
Dear Mike
Thanks for the interest and the well thought out questions.
As I am sure you are aware we can’t provide you with confidential (insider) information but think we can maybe provide some clarity for you on some of your questions.
1)I see you are ex-royal Dutch Shell so this will not come as a big surprise but the real hold-up at Coho is the process that Shell needs to have in place before we can tie into the facility they operate. Keeping it in perspective it is 10,000 mcf/d expandable to 20,000 which in the Shell world is really a nuisance volume. Not making excuses but it is really NGC and Shell that need to negotiate a GTA for the plant and it hasn’t been a priority for either of them. We finally got the new Minister to exert some pressure which now has the process moving forward. Bottom line is we have all the facilities in place to deliver gas and now we just need the green light to build the pipeline. The minister has told all parties he wants the gas on in Q3 which is very doable from our part depending on NGC and Shell. We currently think September should be our on stream date. I should point out this is unique on the block because all other gas will go directly to NGC so no triparty negotiations and most importantly no Shell process.
2)I think we have talked about the EIA process and the minister ultimately has the ability to push it along which he is doing. In a speech yesterday to the APPENG he said he anticipates gas from Cascadura in Q4 so we are working to that timeline. The current state of emergency in Trinidad has slowed the process dramatically and I think shareholders don’t fully understand the significance this has had on operations. It is hard to imagine living here in Canada or the USA but the country has been shut down for months. This means no cement, wire fencing, and base products that we need to proceed. We haven’t talked about these because we don’t want to make excuses but it is a very challenging environment at this point.
3)I think we have been very transparent at Chinook that we need to do more work and when we had a definitive answer we would inform the market. The service rig is currently on the well and when we are done testing we will release the results. Sidetracking this well bore makes no economic sense but drilling a different well at the optimal point of the structure is on the schedule for 2022.
4)The spud date for Royston is really based on three things all of which are out of our control. 1 Rain which we have no control of and has been record setting. 2 The certification of the rig which is up to the supplier who has been effected by the state of emergency and its work force ability to operate under the current restrictions. 3 the finalization of the road and lease which requires cement which has been unavailable. With all those moving parts we think the move could start as early as next week.
5)Believe the Rig could be loaded by the

I sent an inquiry to the email listed on their website, and got a reply about a week later from Paul Baay.

Sure be nice if we could be hitting on all cylinders for a bit.

That would sure be nice. Been a tough year despite many good things happening.

Lets hope we can generate some forward momentum on all fronts. Coho has been particularly frustrating to me, being such a short connection. As someone mentioned, maybe will also allow much quicker hookup of proposed Coho development well.

With two rigs running, pl, well testing all supposedly progressing, I would have thought a monthly operational update would be appropriate. Now, I wonder if we have moved on Coho, is the rig working on a new oil well, have we started testing or is the test kit even on site?

Its not just you. TXP's shareholder relations strategy is poor in my opinion. Some good news, a new oil well online when the Coho situation goes on forever, would be particularly reassuring to the shares I would have thought. Be nice to see the first fruit of the second rig is my second thought.