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I just wanted to say to all that I appreciate the professionalism shown on this board and good analysis. I looked at several other boards for Touchstone and mostly saw exchanges of insults, etc. Here we generally have good folks looking at information and providing good analysis and insights. I appreciate that from all.
I’ll believe you, thou if you where Richard Sneller that’s just what you would say...
But at least your in good company!
No not me Tobin lol, small PI who is a bit too careful sometimes!
Just read the RNS again and picked this out;
With success at Coho, Cascadura, and now Chinook, we have identified an inventory of up to ten development wells offsetting our discoveries. At the same time, the team has identified a further 21 exploration prospects on the block which will represent our second phase of exploration at Ortoire."
Ten development wells which i presume are needed to exploit Cascadura and Chinook. If each produces 25mmcfd we will be looking at US$750,000 a day from these 2 discoveries alone at a $3 per 1mcf.
2021 is going to be an awesome year!
Really great news.
So if they find something “Interesting” at depth they can chase this to depth.
Also a nice big drill is just the ticket for going through broken rock areas where “Issues” can arise. Cuts the risk of troubles substantially and suggests that PB is no longer too tight on costs.
Proselenes not sure thats right, There is a rig that can drill deep on Trinidad, and its from the same company that drilled Chinook, but it can apparently drill to 16,000 ft. Presume that is the one they are signed up to use? https://wellservicespetroleum.com/land-operations/
Trytry etc .. your not richard sneller are you ? That seriously hot city wiz-kid who sold down below 3%, probably lent the the rest and bought back in?
Load of bull, just like the other board, loads of jam here, oodles of it, in fact millions of barrels if not trillions.
Why can't all CEO/BOD cobduct themselves like this! So many more investors would be in a better place as we are
Beware. notorious ramper!!!
I'm back on board I don't think I can go too wrong from here. cost me 20% to duck out from the last drill but I am ok with that.
SimonT, I think he means a rig capable of doing 12,000 feet.
Royston primary target was just the 7a.
Now they will go into the 7bc around 10,000 feet. They run out of rig at Chinook (meaning they wanted to go deeper but could not as the rig limited them) - so with a rig capable of 12,000 feet they can go to 10,600 and beyond at Royston.......
Their obligation was 4 wells and seismic. All parties clearly are keener on seeing cashflow from Royston if the gas is there than slightly more academic seismic which can be done at a later date if required.
The big winner here is NGC as they don’t now have to pay for Royston and equally TXP who have just had $4m of expenses taken out and means if they want to equity finance it might happen at £1.75 in six months rather than £1.25 post the Cascadura testing.
Proselenes, the planned target depth for Royston is 12,000 feet. 27:30 in this video of the latest interview
https://www.youtube.com/watch?v=7bDmIA1vS10
Something else that may have been missed but could be exciting.
Cascadura Deep is targeting the 7a formation, but will poke its nose into the deeper 7bc formation.
If you notice today, the news is the well next year (Royston) - which was targeting the 7a formation as Primary - will now be drilled to 10,600 feet and poke its nose into the 7bc.
Chinook had 68 feet net pay in the 7bc subthrust.
If you add 2 and 2.
Chinook hit net pay in the deep 7bc subthrust (as Paul said, thanks to the crew for drilling deeper and running out of drill, else they would not have known)
Casca-Deep will also go down in the 7bc subthrust now.
NOW - Royston also will go past the 7a target and into the 7bc subthrust (todays news of the Royston drill going to 10,600 feet)
Are they indeed suggesting the whole 7bc subtrhust might be in connection from Casca to Chinook to Royston ?
Thats what got me interested when they said today Royston will now go to 10,600 feet (which therefore means that they are drilling the primary 7a target of Royston and now includes a secondary 7bc target lower down).
If Casca Deep (lets not forget primary target is 7a) hits pay in the 7bc - then it now opens up the potential for the whole 7bc to be connected and laden with hydrocarbons from Casca to Chinook to Royston and beyond.
Get your toast ready - there is jam !!
So watch that Casca Deep results RNS in December - the primary target is 7a but keep a very keen watch for any net pay in the deeper 7bc.
Another great RNS
- pleased /lucky to get chance to top up Yday aft
10 development wells - WOW
Am I right in thinking that Touchstone have now committed to a further exploration well before end June 21 as well as Royston?
NGC swooped $1m of drilling cost on Royston next year for letting TXP reduce its seismic costs. This is a very good deal for all parties.
It also hints that the “Chinese walls” between the government regulators and NGC are rather thin if it suits them! But in a good way in this instance.
As I recall the original 3D siesmic was going to cost $3-4million so should save a couple of million $.
Logically will do it on the road to Royston, at least to start with, there are 4-5 targets, its along the turbidite fairway, and there is a lot of jungle.
One assumes that the reduction in the seismic is offset by the drilling of the Royston well.
TXP will have completed the required 4 drills with Casca Deep........they dont have to drill Royston for the license commitment.
So a very clever swap of cash use here......reduce the seismic but drill a 5th well - more benefit for T&T and more benefit for TXP.....win-win and also reduces TXP funding needs.......greatly reducing the chances of any fund raise, provided Coho-1 is online in late Q1.
Trinidad government want flow rates from chinook before they finalise NGC contract hence push
Millions saved on a much reduced seismic programme, and afterall we’re doing just fine with seismic data we have.
Down hole pressures at chinook and cascadura the same(at the corresponding point where the drill bit got in herras sands before pulling out) hence comment about possibly connected: afterall no new seismic data so can only really be based on drill data.
Drill rig is hot, working well with no problems, so schedule should hold.
Get to drill one of the other 24 targets, all very exciting.
All above my thoughts, but well done PB
Spawny, l would think the dragging of feet by the government and experience for laying new pipe lines. Even working from home, getting things done here UK taking ten times longer as all working from home, at least it's in the ground and not going anywhere.
Thanks tidd. Yes that is possibly the way he is playing it regarding flow rates but I wish he'd just come out and say it if so rather than have us continually thinking the deal is imminent.
Spawny, offsetting an extension (without the need for reapplication) and a reduction in seismic to drill an additional well is much better use of capex!
Ref NGC, I personally believe they are waiting to see ideas of total flow rates to negotiate the best possible deal, with a rising price at Henry hub this could prove to be very lucrative.
AIMHO
Ah I see now regarding extension:
Touchstone has been formally notified by the Trinidad and Tobago Ministry of Energy and Energy Industries that the exploration phase of Ortoire exploration and production licence has been approved by the government for a nine-month extension to July 31, 2021. In addition, the Company's 2D seismic commitment has been reduced from 85-line to 20-line kilometres. In exchange for the extension and seismic program reduction, the Company has agreed to drill an additional well to a true vertical depth of 10,000 feet prior to June 2021. The formal amending document has yet to be executed by all participating parties.
Great spud ahead of schedule. Not clear on why licence needed to be extended for a 4th well as I thought Casca Deep was their 4th exploration well? What's not to like is the constant slipping of timescales ref Coho approval and NGC contract. We were expecting Coho to be online by now and to have had the NGC contract by end of summer. I have patience as Paul asks but it's not infinite when things keep getting put back.