TXO – This Just Does not look quite tickety-boo

Comments

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   Sweet Karolina

   26 October 2014, 12:17

   Tim Baldwin has been doing this for decades. Look at RAM he did exactly the same there.

   His most recent AIM Mega Flop, Cientifica suspended on Friday. It looks like he was kicked off the board there just as he was at RAM.

   Why does the FCA not look at the whole picture of all his failures and dodgy deals? They even took him to court over some insider dealing he was accused of in the course of his dealings with Minmet.

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   J P Spaghetti

   26 October 2014, 13:00

   The late (great -ish?) Christopher Hitchens might well have agreed with the Mother Teresa analogy but for rather different reasons. But then he preferred Black to Blue Label.

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   J P Spaghetti

   26 October 2014, 13:17

   Given that Tim Baldwin trained as an investment analyst I thought perhaps the Cientifica case might have exemplified the cynical exploitation of yet another egg-head who’d escaped his ivory tower whilst he struggled to tie his shoe laces, but Tim Harper (having a formal background in physics) seems to be no green-fingered Chance. Then again, I bet he’s well into his whole grains. Strange days indeed.

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   Brains

   26 October 2014, 18:28

   I firmly believe that you are a lone crusader of morals up against a multitude of crooks otherwise known as the city

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   drunken sailor

   27 October 2014, 18:47

   Typical propaganda pushed out via Oil Barrel:

   27 Oct 2014 by Stewart Dalby

   AIM-listed TXO, started out as an gas E & P some time ago and became an oil and gas investment company. It has a frontier exploration venture in Tasmania in which it has a 25 per cent interest but which is now non-core.

   It also, through an investment has some small oil production in Kentucky in the US. It wanted to divest this holding, but believes it can increase production through Enhanced Oil Recovery methods, which it intends to commence shortly. It is continuing its career as a conventional oil and gas group through a 18.8 per cent stake in Athabasca Resources, which is looking for listing is looking to list and exploit heavy oil tar sands in Canada.

   But management time these days is largely taken up advancing its core activity: its hydrocarbon recovery and remediation business in The Bahamas.

   TXO has increased its investment in Grand Bahama Group (GBG) to 35.67 per cent. When TXO presented at our November 7 conference 2013 the holding was 30.17 per cent. GBG’s 100 per cent held subsidiary Morgan Oil Marine (MOM) was planning to build a hydrocarbon recycling plant (HRP) at Freeport, in the Bahamas, which would have been able to treat slops and oil waste at a rate of 3,000 gallons a minute.

   As an interim measure TXO utilised the barge “Martha” which can hold one million gallons of used oil, and is capable of processing the cargo on board. The barge can deal with some of the hundreds of ships which call at Freeport each year. The barge is free to roam among passing shipping traffic to pick up cargoes. It is estimated some 4,800 vessels dock in Freeport and a further 134,000 travel annually in the shipping lanes around The Bahamas.

   The original plan has changed, however, because TXO has been buying into complementary technologies for oil waste recycling. Post the 2013 year-end TXO took a 25.1 per cent equity interest in Oil Recovery Services (ORS) for £200,000 in cash. This group has proprietary technology for the reprocessing of contaminated oils and the remediation of dirty water. ORS technology removes the contamination from the oil rather than re-refining it, producing greater yields of usable oil, particularly fuel oil and is less harsh on the environment.

   Apart from anything else ORS has ways of treating the waste oil which will obviate the need for a HRP facility, or at least such a large one as was being planned. This will result in a capital cost saving.

   Using ORS technology MOM will be able to process at a rate of over 100,00O tonnes a year (27million gallons). But it has also discovered that there are man-made oil lakes all around the world and three of them are in The Bahamas. They are owned by a well-known major oil company and they offer a one off chance to validate the technology in a different field. The first contract has been successfully completed and another, to process 70,000 tonnes (14 million gallons), is hoped for.

   Most recently TXO invested in a new joint venture company by buying a 30 per cent stake in Oil Technology Royalties (OTR). OTR has certain commercialisation rights to a patented acoustic flow reactor valve called “RAP” which improves the homogeneity, viscosity and API gravity of heavy crude oil and is used to create heavy fuel oil and diesel emulsions.

   OTR was originally planned to be used by MOM, but recently TXO announced it was setting up a joint venture (JV) in Kuwait. The company has signed a non-binding letter of intent with Abdulaziz Abdulmohsin Al-Rashid Sons one of the largest commercial enterprises in Kuwait to in order to promote and commercialise OTR’s technology in Kuwait. But this is for the future.

   TXO has been, in the recent past, bedevilled by feelings that the company is strapped for cash, that it is not generating revenue and its technologies are not well known. This has all impacted on the share price, which is bumping along just above the 52 week low of 0.14p at 0.17p.

   But look at things in a different way. The company has arranged a convertible loan which allows it to keep the lights on. Leave out OTR altogether and the prize from The alone Bahamas could be great.

   Accept that the company says it can process 124,000 tonnes of waste oil a year (26 million gallons). Accept also that MOM can make US$1 a gallon profit, then the cash flow to the company is a mouth-watering US$26 million a year.

   This is some cash flow for a company which is supposedly strapped for cash. TXO’s share of 60 per cent of net distributable profits should filter back to the company. The market seems to be taking no notice of the acquisitions and progress made.

   Notice how it omits key facts like 2/3rds of the company being given away to keep the lights on and a MAX conversion price of 0.16p, which is going to keep the shareprice depressed.

   The summary judgement hearing in the farcical New York court case is on Thurs. The company have not admitted that it is a lose – lose situation whatever happens and that $100k of TXO shareholders’ money has been wasted to keep this charade on the road.

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   Sweet Karolina

   27 October 2014, 20:15

   I see my post of this article on the ADVFN TXO board has been deleted.

   Crumbs the censorship their has got completely out of hand. At least Share Prophets supports free speach

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   drunken sailor

   30 October 2014, 21:05

   Wow, this article must have really hit the spot, the company has gone into overdrive to get it and even just plain links to it removed from every bulletin board going. They clearly only want their own paid for marketing by Stewart Dalby to be seen.

   Well done to share prophets for standing up for free speech and for small investors.

   I wonder if there has been any pressure put on Share Prophets to remove it?

   Tim Baldwin went on the road yesterday at a Shares Investors evening. The share price dropped today so clearly he was up to his usual sparkling form – It can’t have been as bad as that complete calamity at UK investors show can it? I have not seen anyone posting a link to the video so maybe it was.

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   Tom Winnifrith

   30 October 2014, 21:23

   To answer:

   We were told by the PR man that the article was all wrong with a number of clear factual errors….
   The expected response was “we will take it down.”

   My actual response was “ write to me with the factual errors and I will correct”

   Four days later I have received nothing

   tom

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   drunken sailor

   30 October 2014, 21:39

   Cheers Tom I will let the BBs know as it will give me an opportunity to repost the link.

   I feel some progress might be being made on this at last.