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MMs don't like it, so I'm buying more
Another solid result at Cascadura with Cas3 encountering a substantial sand layer whilst crossing the fault. Results to date are more than we could have hoped, the structure is huge and the delineation wells may even be more optimally placed for increased production.
Better than expected results at Coora with a second well currently being drilled.
Optimisation of deep appears to have offered little success but something that could be remediated later I believe. Sidetrack and or tapped off another drill with the lessons learnt and a more appropriate heavy consistency. I think optimisations now complete and a reduction in shut in periods going foreward should likely bring the average back up. We already know of a number of days the well was offline whilst the work was carried out.
Overall solid results, things are moving fast here - I still stand by year end production figures of +16k boepd. The RNS has certainly been conservatively written given the excellent results, is this in part being tempered until asset sign off is complete? That’s my thoughts.
This should be well received.
Trek, Also add that Cas-3 adds to previously unbooked reserves.
Wow, great drilling results,
We know how happy and impressed they were with Cas 2 and for comparison see below:
Cascadura-2 openhole logs and drilling data indicated a total sand thickness of approximately 525 feet in the targeted Herrera formation.
vs
The Cascadura-3ST1 delineation well was drilled to a total depth of 8,252 feet, and openhole logs and drilling data indicated a total sand thickness of approximately 900 feet in the targeted Herrera Formation.
In addition to that "the Cascadura-3ST1 well is the first to cross the C-fault to the east side of the structure, an area where reserves have not been previously assigned"!!
Oh and finally
"The CO-374 development well is also noteworthy, as it has the highest net pay we have observed to date on our crude oil legacy blocks."
Two oil wells at Coora is certainly not to be sniffed at.
Great news today.
Excellent rns succinct. Keep the lid on the SP for a couple months longer if you don't mind. I need a refill from funds from elsewhere to go all-in in TXP.- again.
Meeting all day for me. looking forward to the presentation tonight.
TXP have certainly been kicking on with everything
Great RNS
Casca 3ST1 Is a whopper. Note they have encountered high pressures and had to sidetrack. That’s all pretty positive ops procedures. As I read it testing will be done as production testing straight into the new infrastructure. So this really is production wells as opposed to discovery contrary to the sp!. So the data they have and the well management is sound.
The perf on Casca 1 and Casca deep have had ‘limited success’. I guess that means only a slightly positive step. Not sure what impact that has going forward so welcome for comments.
The legacy Co 374 & 375 wells - now that is an unexpected surprise (700ft!) as is the identification of additional pay across the C fault at Casca 3ST1. So I read that as there should be additional pay to the 900ft. That’s to come.
Casca looks a huge deposit. It will be good if they can optimise production from Casca 1 before the others come on.
In the meantime POO is well up and we have fixed gas contract with no upper volume limit.
The sp should tick up considerably towards new year. Loads of production to come on line!
Usual caveats
Trek
52 or 56p today ?
Firstly, really good news, well done all at TXP!
Secondly, IMHO the wording of the RNS has for once been very carefully considered. There is nothing over-the-top, nor any unsubstantiated spin applied. This means the tone of the RNS is flatter than it perhaps deserves to be, given the great news reported, but it suggests they are learning. Better to under promise and over deliver than the opposite, Mr B!
Successful results from the two delineation wells at Cascadura, with both wells demonstrating the quality and scale of the structure.
Not too shabby
Sturm, Stacey Gundersen is our Investor Relations Manager, oh yes we have one, has all the looks and creds.
Would assume being paid well as a party starter, trouble is not many got invites here.
Tree shake over sold completely.
Wish I could of taken advantage.
Gl all
L2
1 @ 49
6 @ 50
On Bloomberg this morning they were suggest we may break in the $100 Brent in the coming month or so, due to OPEC reductions and demand in the global economy picking up more than forecast.
... is just behaving perfectly. Just below 75 after the 18 percent realized Brent differential.
Guidance 2024: Brent = $75.00 - 18%
So they've been earning a lot more this first quarter than guided. SP doesn't yet reflect that. At all.
And given the forward Brent prices it's unlikely that we'll see Brent go below 75 in 2024 IMO. (Though with all the macro noise, it's a hard call to make).
Have to see how the day plays out, low volume but someone likes the opportunity :-)
Following up on my earlier post :D - I wonder which of the many board members are truly independent and on retail investors side (we're the VAST majority here)? I'd like to see one of them buy 500.000 new shares with a "let's get this party started" attitude.
Got a feeling Cascadura 2 and 3 are better than Cascadura 1. Will we ever hit the bottom of this structure. Bring on that 1 tcf of gas.
Blue by end of day.
Nothing at all to suggest anything bad has happened here, other than recent inpatient expectations.
All to often peeps jump before transformational news.
Come on PB let's blow the lid of ...
Load up, load up, bargain prices, Spring sale is now on. 50% discount for early bird customers.
If they are drilling wells off the same pad I believe in a recent interview Baay said you have to test at the end?
Bloody hell we are only a week or so behind Casca 2 drill time and people on Discord was having a meltdown last night. If it takes another few weeks then so be it as long as we get good results. And I believe we should test those wells before September for obvious reasons. It's not as if we can't afford to, plus it reassures the market everything is good and gives some guidance of what can be expected from them.
Just my opinion.
Think Canada caused a bit of a panic last night as historically it's been leaky. No news this morning indicated its just a seller dumping and not the facility exploded because of a rouge groundhog...