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Thanks Tobin, Whether an existing holder or a potential investor everyone should spend a few minutes reading through that very interesting evaluation of the present drill program to date and what lies ahead.
I got the impression a lot of trades were wrongly displayed today so i went down the list and added up all the trades i thought were buys even though most are in red, interestingly when the total of these is added to the total of claimed sells they add up almost exactly to the total traded volume figure! The price has been manipulated down, it is not as they are trying to portray as a result of an excess of selling. Makes me all the more determined to hold!! :-)
The MM's are being a bit sneaky! Buys at 9.35 and 9.45 have not been displayed yet a sell that came after them at 9.49 has been! It would appear they are trying to scare people into selling to accumulate some stock ? Always a good sign!
Considering PB stated in an earlier interview that the gas prices other companies are receiving are between $2.70 and $3.40, He expected that we would be in that range. I think your range of $1.50 to $2.50 is way too low!
The potential for substantial upside from here is huge! Cascadura deep is all but nailed on but not factored in at all. And imagine if they announced experiencing a gas kick in mid August during the drilling of Chinook?! There has been a well drilled at Chinook in the early 60's i believe which did record gas, of course this was while the world was running on coal gas before the switch to natural gas so it was not exploited.
With the NGC negotiations going on too and Coho being connected it is a time to sit on your hands and wait, there is an awful lot to come in the next few weeks and months!
I am sure Paul said 2022 by mistake, we have been told previously that Cascadura, Chinook and Cascadura deep will be connected together and put into production by Q2 2021.
Looks to me like the MM's are fishing for shares, maybe they still have orders to fill?
Norb, it could even be a buy, i estimated 325k were missing from the book before lunchtime today, the trade has a declared time of about 1.30pm. I am sure it was actually before then when i noticed the missing numbers which would have it as a buy. Also there would be no reason to hide a sell with North known to be raising funds. There are other off book trades, just shy of 1 million in total today.
A nice summary, except Cas Chinook and Cas deep are all going to be connected together and routed to the main line in one pipeline so they will most likely all come on line together. We have been told this by Paul in interviews.
So Cascadura has around US $1b worth of gas! They have hit 2 from 2 now, lets hope their estimation of Chinook at multiples of the size of Cascadura is also correct!!
Carapal ridge was sold for half the well head sales price of the proven reserves. The full extent of our reserves cannot be accurately established until the wells have flowed for some time to get lots more data. Carapal ridge was piped up and on extended test before it was sold. So i don't see a sale here at all until after Cascadura, Chinook and Cas deep are connected and flowing. By which time the wall of cash will be flowing at us and any deal done at a much higher price. Also Royston will be drilled around the same time as the connections adding that result to the portfolio. Talk of low ball offers is just silly, Paul is not impatient, he will hold out for all the data to add value!
If Chinook does hit another very large gas holding structure then the biggest takeaway from that is the fact that TXP's understanding of the geology and seismic data is sound. 3 from 3 would be a great base and improves the chance of success at the other targets in this field. This could add as much value as the discovery itself.