Member Info for Scott22

I was actually out in wilderness Alaska fishing. Great fishing mostly halibut and lingcod. And had close encounter with Kodiak bear and her three cubs. And other adventures. Was waiting on news on my three AIM stocks and in each case was negative and big losses on all three. Sector weakness also a factor. TXP operations update was underwhelming but story still intact and even improving. Just SLOW to get production and cash flow ramping. Still have very high conviction. I have bought more since back. Maybe not catching any Coho or Chinook was a bad omen. I’ll have to go salmon fishing in Sitka next time. Meanwhile Helium One has severe technical problems with first well bore that was widely anticipated to be a discovery well. But wireline impossible so will have to regroup and drill next well after adjustments. Disappointing. Not a fatal wound but they only have cash for a few wells so risk has increased. May add more. Finally Jubilee had operations report that was great but also a little underwhelming and lacked some items like any projections for next six months. They did not mention environmental concerns in Zambia. Copper ramp there a little slow. They are spending a lot on new facilities. They had some downtime integrating new facilities and did not beat on PMG production. Some sector issues short term with fear of covid delta variant slowdown of global economy. And financial reporting in these operations updates in a little weird and incomplete. Not selling, not buying any more right now. And there it is. Was hoping 1or 2 of these would have some positive news while ai was off grid. But all got slammed a bit.

the chinook cruse is a low volume thing -mayor may not be commercial but won’t be meaningful. and no way will they get the plan for Cascadura field submitted by end of year, let alone accepted. Then there is construction of surface facilities and pipelines. Looks like end of 1H 2022for first gas there. However Royston spud.
And the four new oil wells on legacy side will be drilled,

They are hooking it up to the central baracka facility (the initial plan a year ago) and they are building the pipeline themselves ( the initial plan a year ago) - so why the year delay. They are building a six inch pipeline. Wish they would announce that the new rig will pump out one Coho development well as a warm up. That would increase cash flow quickly. Probably not. But remember that NGC will likely buy the pipeline from Touchstone as soon as it is operational. So that will be some cash. They like to own their facilities and that is how the contract is set with NGC for the Ortoire block. Just the planning was far along for Coho before that contract was signed.

that’s the problem. well bore issue really. Maybe the mineral drill no okay for this geology. Obviously something didn’t work. Usually you test the same well bore that finds the discovery, you don’t drill a bigger hole for appraisal.

Anyway, they have some decisions to make. Maybe drill a bigger “appraisal” well at second most promising site, then swing back and drill bigger “appraisal” well at Tai site after studying everything they have learned. Don’t forget the concept of tiny hole for discovery and then a bigger one that can be tested is not a typical thing. Those two new wells plus testing might use up all the cash plus the Mitchell commitment. I still believe the story but it has become much riskier- stock price had to be re-rated. I am not selling. Bad week so far with poor response to JBL operations update. But Touchstone may have some updates tomorrow. Best to all.

LInton as I said, if you have 30 minutes in your 5 star hotel please listen to this as the first chapter of your background information about TXP.

https://youtu.be/hlCEtYN76sI

If you haven't invested 30 minutes of your time, and cannot make a single comment with any substance, please drift away. There are lots of message boards out there. You have 1,646 prior posts and none of them were about TXP until you popped up from nowhere. You are not a good addition here. At least so far. Closing out your short would also be a good idea. No particular reason to hang around after that. And I think it is likely to preserve whatever profit you have. There has been a big pull back. Congratulations if you have shorted. But placing a short right here, or maintaining one for overly long, is not a good idea.

You know clearly what I meant - this post was fine - your first post was offensive. Paul Baay and his lieutenants have not even set foot on Trinidad since the pandemic started. they have a great team on the ground in Trinidad including many who have earned leadership positions. No way it woudl have worked without a lot of local contributions. The Calgary crew also contributed greatly mainly on the finance side including raising the money for the five well exploration program without taking on debt, and bidding for Ortoire block way back in 2013/2014 time frame and helping facilitate all the background research and then fully supporting the exploration plan as it developed. I think that the Calgary team was also instrumental in negotiating the NGC contrat, and if you recall that took longer than about anything else to get it done.

111baker - I am not sure space travel to offload our population to new civilizations is the answer. 385,000 new babies are born every day. That is a LOT of spaceships to keep the population steady. And the resources required to ship each single person to hospitable distant planet are 100’s of times more than to support them in-situ.

Locals have helped build the company, locals run the company operationally, and locals have contributed greatly to setting the direction over the past 7 -8 years, not the least by providing deep insight into the geology. Without locals there is no TXP, and certainly no TXP with huge exploration success already and more to come.

From this well being they will get wireline and DST. They can declare a discovery. They can determine how many meters of “pay”. They can make some inferences about the reservoir. They may be able to get a downhole gas sample and test it - with the helium percentage being very important.

They will need a second appraisal well to do flow testing and pressure build up testing which are necessary to judge size of reservoir, estimate of rate it can be produced, and to book actual reserves.

“not be stupid” is not the strongest endorsement. Maybe “would be smart to buy today” has a better ring to it.

Performance
Our fleet of modern and technologically advanced rigs are equipped with integrated top drives and are suited for most drilling applications. Our rigs have the capacity to drill short range verticals to long range horizontals.

205
Ultra Heavy Telescopic Double
Mast
500,000 lbs Hook Load
Hodgeson Enginerring
Telescopic Double
Static Hook Load: 222,000 daN (500,000 lbs) Racking: + 3500m w/ ( 127mm / 5 ")
Substructure
Extreme Engineering
One Piece Step Down w/ Pony Subs
Setback Capacity: 178,000 daN (400,000 lbs) Casing Capacity: 200,000 daN (450,000 lbs) Clear Working Hight: 14'4 or 3.81m Plus Pony Pony Sub: 4'
TSM (850 hp / 633 kW)
Input: Catepillar C-16 (665hp / 496kW)
Drawworks
Mud Pump #1 (Triplex)
Gardner Denver Maverick Rated: 1500 hp / 1118 kW Input: MUT Detroit 12V4000
Mud Pump #2 (Triplex)
Gardner Denver Maverick Rated: 1500 hp / 1118 kW Input: MUT Detroit 12V4000
Mud System
Circulation System: 52 MPa / 7500 psi
Tank (1) w/ 6 Compartments: 72.5 m3 (450bbl) Tank (2) w/ 6 Compartments: 72.5 m3 (450bbl) Shakers: (2) Derrick Hyperpool 4 Panel Vacumm Degasser: Mi Swaco CD 1400
Tesco HXI-250
Rating: 221,000 daN (500,000 lbs) 32,000 ft-lbs /43,400 Nm
Fully Automated Hyd RIII w/ Manifold
Block: RG Petro Machinery
Rated: 222,000 daN (500,000 lbs) Swivel: Intergrated with Top Drive
Top Drive
Catwalk
Traveling Assembly
Rotary Table
Hydrulic Drive (698.5 mm / 27.5 ") 500,000 lbs
Generator / Light Plant
Rated: 550 hp / 475 kW Input: Catepillar C-16 Rated: 550 hp / 475 kW Input: Catepillar C-16
4500m +
Well Control
BOP: Shaffer Double Gate
- (280 mm / 11 ") - (35 Mpa / 5000 psi)
Choke manifold: (35 Mpa / 5000 psi)
Pacific Valves Single Gut (2 Choke) Accumulator: 5 Station (416 L / 110 G) Wireless Mud Gas Separator: (1220 mm / 48 ")
Storage
Fuel: 20,000 L or 5283 G
Tubulars
Drill Pipe: 5" or 127mm NC50 Connection Drill Pipe: 4.5" or 114mm NC46 Connection

Our Mission
Our mission is to be successful, which leads to the people we care about – our community, employees, clients, vendors, and stakeholders – sharing in our success. Innovative solutions, a sense of urgency, and the philosophy that you are only as good as your last job all contribute to our company culture and success. That means getting it done safely and efficiently to ensure everyone can get home to their families.

About Star Valley Drilling Fleet:
 
* No recordable or lost time incidents (Zero TRIF)
* Entire fleet repair time is less than 1%
* International repair time 0.63%
* Cut Drill times by 60%
* Reduce Rig up time by 85%
* Using highly experienced Canadian rig crews
* Modern Advanced Drilling Rigs

Let’s talk about the rig - a Star Valley 205 from Star Valley drilling in alberta, international division. There is lots of interesting material on their website. The rig has a three hour set up time and they have a time lapse video.

It has a canadian crew. They didn’t come on the Zia Servant so wonder if they are in Trinidad and have passed covid protocols. I am assuming they are all vaccinated. This will be a little departure for the company as so far every aspect of the Trinidad operation has been local sourced - except only the company principals based in Calgary. Well Services Rig drilling royston well has experienced Trinidad crew. This will require a little culture change with good communication with the Trinidad leaders including head geologist Xavier Moonan and also operations manager Christopher George. I hope there are workers from trinidad on the rig and that they build an effective team. Maybe they will let us know who is leading that drilling team and what their background and experience are.

In next few posts I am going to place some text off the Star Vally website that has interesting details. I’ll put them in a separate thread called new rig details from
Star Valley website (if that all fits.

A true "disciple" of TA won't know about the stock.

That WOULD be hard core. Like standing on the track ignoring a train in plain sight, because the signal light did not go off. Would you have to put a bag over your head, or just swear off reading or watching anything about world events, global and national economies, and factors related to the sector and the specific company. Seems like a lot of work.

TrekMadone..as I said being critical with a good reason is a great contribution, even if the criticism proves unwarranted. That is not the phenotype I am talking about.

And you are right that the warning that patience would be needed was likely a telegraph to sell and buy back later (I did not do that, apparently I misread the telegraph. That signal would have been even clearer if one had considered the lassonde curve which might have predicted a pull back at that time. But to me at least, it doesn't make sense to bail out right now, AFTER that pull back has already occurred , with the shares having based at this point. There are a lot of positive things down the road where revenues and earnings start (wall of cash coming in) and the company begins to be valued on more usual metrics rather than future promise alone. So that is why I am buying right now - though clearly if I had sold at $2.20 then I would have the cash to buy a lot more.

corpse - I would have kept just a little skepticism about his thesis if the first four wells of the five well exploration program had all been negative. But when the first four attempts were a double, a home run, an infield single (Chinook Cruse ), then another home run - well I am having a hard time not strongly believing in turbidite sands on-shore Trinidad - and the biggest and baddest turbidite sand yet is about to be tested at Royston.

No other small EP company on Trinidad has drilled a single exploration well in years. TXP has now completed four of them in last two years with results as above, is spudding number five now, has another 3 well exploration program planned and announced, and will drill at least one and deep test of the Herrera sands (really an exploration project) on the legacy lands, with first one on Coora block. Plus there are number of development wells ready to drill at Cascadura which very high chance of success.

Xavier Moonan was working for Petrotrin at that time. Besides his knowledge of the Ortoire block, he has more insight into potential of deeper targets on the legacy blocks than anyone else.

Every totally negative comment by Linton (if based on nothing) I plan to ask him if he has bothered to listen to that one presentation. Negative comments with sound reasoning I welcome.

That phenotype ruins any board in time, especially if you get a couple (or more) of them. My experience all the way back to Raging Bull first boards is that there can be great discussions if 20 people with varying expertise and interests all contribute. But then one Linton with really nothing to say but just a snarky negative attitude that at time verges on personal attacks. One is okay when there 100 active participants and 5 Lintons the board turns to crap and I leave. After a certain point it becomes a fatal wound. I have experienced that dozens of times.

The present state of TXP is the result of 8 years of work and I have followed it very closely. If Linton wants to learn more, he might contribute. 8 years ago TXP was just being formed. The Ortoire block was being offered in a bid round. Xavier Moonan was a young geologist working for petroleum. He presented some of his research into the Herrera sands deposited on-shore Trinidad. It was fascinating work. (he also was ahead of his time thinking about off shore guyana and surinam as high potential areas but that is another story.) Now the model of hydrocarbon filled Herrera sands (on shore turbidite sands) is fully proven. (after 5 years of study of every old well bore and all old seismic) The model is not only proven but has been exploited - there are three wells in two discovers that are ready to be produced with turn of a spigot, once hooked up to pipe.

This is the presentation that got me totally hooked. I have followed Xavier Moonan closely ever since, including all his posts and tweets and presentations. I would like to meet him someday. By the way he was a consultant to TXP while they were studying the Ortoire block and is now the chief geologist of TXP, shaping their strategy. I have followed not only XM but also everything from TXP and from Paul Baay over the whole 5 years they were preparing to start first exploration wells - and that included details of raising the money to fund that. (TXP has NO net debt).

So if Linton (specific) wants to contribute and not be a Linton (generic) ,
I would suggest listening to this one presentation and then filling in all the work over years that has gotten to this early point in development of the company which has less risk and more promise than any time since formation of TXP in early 2014.

https://youtu.be/hlCEtYN76sI