Member Info for Scott22

better than grinding down

We just have a longer opportunity to buy at reasonable price. I have been trying to add more at US 10 cents with 10,000 share bids all or none. Have gotten close but have not been able to buy more there.

"sooner rather than later" is a relative thing. Delay to get Coho into production has been mind blowing. I would say "much later " is the operative term. Delay to get Cascadura into production is a little more understandable since they want to plan the whole project before right sizing the facilities. But is still is "a little later" than expected rather than "a little sooner." And that is being a little kind.

Good to get this started as that may be one of the pieces with longer lead time.

However what we really need is the final Cascadura Field project plan to be presented and accepted. Goal for that to happen is end of 2021. That will set the stage for production from first two Cascadura wells, fully tested with gas currently sitting behind closed valves, ready to go. Paul has said that the construction of the pipeline by NGC will not be a rate limiting step - it will be ready when they are ready to flow the gas. When project plan is in place, and they have gas flowing, then they will be seriously ready to do the Cascadura development wells quickly (even poised to borrow the money for the wells from the banks, while funding all exploration from cash flow). All that should be underway by end of 1H 2022.

Well worth reading that whole January RNS again. Thanks Adon for bringing that up. First they are executing exactly as a paul outlined even though Covid was ramping and Canadian rig was not even in country. They made it happen as they outlined. And second they have 5 high grade prospects on WD - 4 and one is a deep Cruse oil target at about 8000 feet. Wonder if that is the one they are drilling now.

Here is what they said back in January thatvthey would do. on legacy side in 2021.

<
The new arrangements present an opportunity for us to drill additional wells in the second half of 2021, with the expectation that any increase in production will decrease overall royalties under the revised fiscal structure. We have budgeted to drill four wells on the Blocks prior to the end of the year at an average cost of $1 million per well and expect to utilize the new drilling equipment that we have contracted onto the island to perform the drilling operations.>>

thanks, I remember that now. Trinity also got the 3D when they renewed their licenses (also for 10 years). Very odd the government had that 3D and did not share it before even though both companies were generating revenue for them. Both companies are studying the 3D and looking at Herrera tests. TXP has an Herrera test planned at Coora. Trinity is identifying a number of exploration prospects. Also interesting that Trinity added a new contiguous block (PS-4) when they extended for 10 years their leases on WD 5,6 and 2. Most of their on shore production (1100 bopd) is from WD-5.

Don’t get me wrong here. I am not that interest in TRIN except that they operate in legacy area and see the same opportunity there. They also have some shallow off shore stuff. But they produce 3200 bopd and will slowly grow that toward 5,000 or more. I think their share price will relate in next year and could double in that time.

BUT TXP has Cascadura which is worth double the market both companies. And they have a discovery at Royston that will be fleshed out in a month but could be double the size of Cascadura. And they have XM and Paul and whole team. And so much more in terms of development and also second phase of exploration. The path to 25,000 boed is well mapped out and Royston testing results could push that well mapped target to over 50,000 boed.

IMO TXP much better buy. I am happily buying under US $2 while waiting for Royston and I think US $!1.50 is a real bargain. But good to follow everything happening on Trinidad.

I listened to a recent Trinity presentation today. Some interesting things pertinent to TXP.

They own WD5 and WD6 blocks, also WD2, and added adjacent PS4 block recently. They have gotten access to 3D seismic on those blocks. They are planning to drill high angle or even horizontal wells to increase exposure of well bore to reservoirs.
They are also talking about exploration drilling of deeper anomalies. (presumably an Hererra test).

Well TXP has that fancy Star Valley rig sitting on WD 4 block and actually drilling as of yesterday. That rig can drill high angle or even horizontal wells - in its sleep. Wonder if TXP has any plans to try more advanced drilling (like Trinity plans to do) or just drill some vertical wells. And of course the TXP deep test at Coora could come before Trinity gets around to deep test on their blocks, but both companies have the same idea. I assume that TXP also has gotten the 3D seismic Trinity is talking about.

Trinity also just added Derek Hudson to their board, knowledgeable guy, ran Shell operations on Trinidad in past. They also talked about change in surcharge threshold from $50 to $75 (which has benefited TXP as well ) and whether that will be extended. Also talked briefly about other government energy ministry initiatives to incent production, mentioned some bigger but still pretty local oil storage tanks that presumably would decrease cost of facilities at some of the well heads at the drill pads.

Worth listening to - mainly for the info about drilling the wells a little differently to increase production potential from each well.

https://www.youtube.com/watch?v=xpt7R1D8YcQ

1. They can't drill development wells until overall Cascadura project plan is accepted. 2. Paul has stated multiple times over last year that they would not drill cascadura development wells until pipeline connection is built and production from first two Cascadura wellsis on line. At that point he has stated they would be willing (and easily able) to get bank financing to more quickly advance that project. But he is not willing to take on additional debt for that project until those ocnditions met. Considering all the delays that has been good decision.

As for Coho they have one development well "scheduled" and I think could drill it anytime.

1. They can't drill development wells until overall Cascadura project plan is accepted. 2. Paul has stated multiple times over last year that they would not drill cascadura development wells until pipeline connection is built and production from first two Cascadura wellsis on line. At that point he has stated they would be willing (and easily able) to get bank financing to more quickly advance that project. But he is not willing to take on additional debt for that project until those ocnditions met. Considering all the delays that has been good decision.

As for Coho they have one development well "scheduled" and I think could drill it anytime.

I’d like to see some update on their plans to mitigate lead exposure at the site in Zambia. They could benefit from putting a little proof onto their claims of potential environmental benefit from processing of tailings.

They could do that but I really think they will drill the 4 well development program first. I am not sure if the Coora Deep test is going to be the same well as the fourth development well, just extended deeper for a quick test of what is in the Herrera there, or if that will be a separate well. Then the Star Valley rig could easily do the “scheduled” Coho development well - by that time the pipeline from Coho should be running, so hook up of that development well should be a few weeks and not a few years. After that they will not yet be ready for Cascadura development wells, so Star Valley could drill Steelhead or Bass. I think the will use the big Well Services rig for Kraken, that seemed to function great at Royston. However they could choose to delay the entire three well second exploration program until Cascadura development plan accepted and first two Cascadura well on line and producing cash as well as gas.

Zero change.

Seems like the first day in a month that Jubilee shares were not slip sliding downwards.

I am with you - I want Coho on line too. The "first gas" from Ortoire Block will have great symbolic importance. The Minister of Energy will probably attend an event opening the valve or cutting the ribbon or whatever they do. It will add some positive energy going into the Royston results too. I am still buying pretty regularly. Under US $2 I am very comfortable. At US $1.50 it feels like a bargain. I bought some yesterday at $1.55. I had a limit order in today at $1.50 that did not fill.

There is just so much ahead for this company. I just wish they could take some of the baby steps which should be easy - just a little more smoothly and efficiently. Let me make a list of what is on their plate. 1. Knock out the four development wells. 2. Hook up Coho. 3. Drill the scheduled Coho development well. 4. Test Royston and release those results. 5. Get Cascadura plan accepted. 6. Hook up first two Cascadura wells to that giant 20 inch pipe. 7. Start drilling Cascadura development wells. 8. Drill a couple of Chinook Up dip wells. 9. Play around with a Coora deep test and maybe a Chinook Cruse horizontal. 10. Drill the next three well phase of the exploration program. 11. Get a Royston Development plan accepted. 12. Start hammering out Royston development wells. 13 and more. Who knows where Steelhead and Bass and the mightly Kraken might lead in terms of production and development.

Anyone else buying here. It is really a good idea.

The Coho hook up is a distraction to the main event (the Royston test). If it comes on at 9-10 mmcf/day it is good but not really a big deal having been anticipated for yeras. If it comes on at 7-8 mmcf/day it is a little disappointment.

The Coho development well is "scheduled". At least that is new gas. Spudding that might be worth a mention.

But for near future, no news but Royston test results really matters.

There is FB post (video) by Rayber Brown that seems to show the big Well Services rig on trucks moving down the road. Hopefully the service rig and the testing and completion crew can move in. Hope they are free and not booked up like the last time.

They are doing at deep test at Coora, of the Hererra. Otherwise nothing is going to surprise. They have over 200 of those shallow oil wells.

That was the reason they drilled Coho first. It was the smallest prospect but they thought it could be hooked up very quickly, in a few months at the longest. I think it is 3 km away from the Shell hook-up.
It is actually a nice little field, could produce 20 mmcf/day for a long time once they get the already scheduled development well done.
All this delay in frustrating but inconsequential right now. since Royston will be driving everything for next few months.

Okay, glad to do it by the book. Safety checks are good. But they are drilling a shallow oil well and nothing to do with 100’s of millions of cf of high pressure gas. Hope that rig does the scheduled Coho development well after taking care of 4 well commitment on legacy blocks.

Another little item starting to bug me in the “efficient” canadian rig sitting on the WD4 pad waiting to go. That rig can drill a well
a week and it has been sitting there for three weeks waiting to get approval to drill. We have to pay for 120 days a year but those days should be productive days. We have a four well commitment on legacy blocks and should have just about punched those out by now. Sense of urgency needed with high current oil prices. Royston will overshadow all that for next two months but they have to place real emphasis on all operations.

YES! That is what I was trying to say by “unbounded to deep”.