Post by
Proselenes on Nov 27, 2020 2:04pm
Response from TXP
Thanks to che7win at ADVFN..
I contacted the company today regarding the share price fall.
I have requested permission if it’s ok to post here, so here is the reply:
“Thanks for reaching out and requesting clarification. I agree the share price is likely reflecting the NGC article which like a lot of news is not fully correct and doesn’t provide the entire picture. The truth is NGC has had a tough first half of 2020 as has every company involved in energy throughout the world. The bottom line is NGC is a crown corporation in Trinidad and backed by the Government so failure isn’t an option as natural gas and the petrochemical business are the main drivers for the country. The article is also driven by the opposition party which is trying to make the government look bad after they took some long over due steps to disband the unions and close down the money losing refinery.
If you look at third party credit rating for NGC it is evident they are not going broke.
With regards to doing another deal for selling the gas it would be significantly detrimental to all the shareholders to do so as NGC is the main aggregator on the island and can assure high load factors with the best price.
In summary this is really an internal political matter that isn’t going to affect us in anyway.
NGC is a world class company with a positive independent credit rating.”
Comment by
Goaweigh on Nov 27, 2020 2:59pm
I'm certain I speak for everyone when I say thanks very much for posting. That seems like a very happy letter, he sounds very assured so I'm going with the hunch that things are looking good on the drilling side too. And Wildcat is having kittens right about now !
Comment by
moric122 on Nov 27, 2020 4:37pm
Thanks for posting this! Personally not concerned that this issue will effect my TXP holding. But could see how folks without perspective might get fidgetty (speculative money). If I manage to find the motivation this weekend, ill try and write up a bit about my thoughts on LNG and suppy/demand on T&T. Have a great weekend everyone!