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Excellent presentation as usual with lots of very useful info from Paul. I'd be gobsmacked if we get to 120 tomorrow though. Nice and steady will do me and lots of news coming next couple of months by sound of it....
Got stuck at bloody work although I was registered to watch it. Annoying but I take it from the posts all positive as expected so all good.
Hopefully see us back to 120 ish tomorrow with new investors plus top ups
tsx recovering - not txp - i reckon finish blue ? what time does TSX shut ?
txp - recovering - a tad - tbh i think placing scares the carp out of investors - but we have had a placing at 39 ? and are sat at 104 - if we can accelrerate drills - I would be happy with a small - ish placing - if banks don't play ball - at currentsp or above - three rigs drilling - imagine the excitement - news flow - BRING IT ON
$50 spt to $ 75 ?
1. They want to drill several new wells at cascadura and a couple more at chinook - that is what the current rig will do in 2021. Those are development wells.
2. They have already reserved the bigger drill on the island for 2Q 2021 to drill Royston. That is new.
3. The contract with national gas compoany will be signed within a month. Currently it is designed to take all the pipeline and gas processing cost away from Touchstone. They will essentially be drilling and selling gas at the wellhead as the wells are drilled and come on line. He did not mention a price (NDA) but he said it would be favorable and did reference current Trinidad procing being favorable.
4. Mentioned a third rig drilling economic oil wells on the legacy acres. Much shallower wells. As long as price of oil is near $50. Also mentioned that the step up for extra oil surcharge tax has been bumped up wquite a bit - from 65 to 85(???).
tsx - down atm - THICK FECKS LOL - tbh Happy if this were to drop sub 100 - would add a fair chunk
The previous MD'S - seemed o be doing hard sell - which instantly turns me off - PB told the truth - warts and all - and the positives far outweighed the negatives - PB does not throw the phrase world class around lightly - if I had not drunk so much , would take the old duck to bed lol
Very exciting times --surely a major will come in here
I am open to challenge - I think the muted response to drill success was doubt that Chinook was economically viable - PB - who plays a straight bat - under promising and over delivering - has on record declared Chinook - WORLD FECKING CLASS - all I needed to know
My overall take away - WORLD CLASS - TWO - yes Two WORLD CLASS WELLS NOW - and casc and royston - plus 21 other taargets to drill - at low cost - plus the acknowledgement TXP not selling cheap to big boys - all fantastic news - a smallish raise at 150 ? is not an issue for me - open to dissentful comments / discussion - ALSO world class putputs - ONSHORE costs - fantastic
Il like the fact he plans to run two rigs (one for development and one for exploration)
Growing cash flow while raising the bar in terms of reserves
Probably a placing yes, Lexion was probably wrong (still to be confirmed)
a very very good presentation with the 24 prospects, gas contract in one month, the confirmation we could have cascadura and chinook connected at the bottom
Very coy on finances - I guess he will wait to see what the Cascadura Deep result is to decide whether to fast track (equity raise) or plod along (debt funding of development and Royston well into Q2)
Given how things went it seems Royston is planned for Q2 currently and no equity raise. Royston is also the only exploration drill left. In the event Casca Deep comes in we may see an equity raise and Royston fast tracked into Q1 along with more development drilling at Casca/Chinook Q1.
NGC will pay for all the pipe/connections for Coho and Cascadura/Chinook - so there is zero cost to TXP there.
Casca Deep seems to be the key event..........if its a monster and connected with Chinook then everything goes fast track imo with an equity raise....... and if its not then slow and steady and debt funding.
NGC deal seems to be late November news.......with Casca Deep results before Christmas.
All goes well (and it most likely will not) but if it does.......might be looking at 150p to 175p levels for 2020 year end with a Casca Deep success.
If we do sell to big boys - not going to give it awy - and 2nd world class well - the positives - up to three rigs drilling - maybe a placing - alll in all very very happy holder
That was a good question Lex, and the answer is also (IMO) the biggest take away from this presentation, a resounding Yes, definitely another World class find!!
Got me excited about Cascadura Deep now.......the potential that its connected to the deep at Chinook...........the deep, if its hydrocarbon bearing, might be a real monster size.
Now that would be a Christmas present !!!
Awesome presentation
My question Do you consider Chinook to be a world class discoverywas answered with a firm YES
Looks like we have another monster 500 bcf on our hands
GLA