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Thanks guys, apreciated.
BEST thing go on trust pilot and see reviews a few good and bad there atb
Apologies All for the unrelated message here but advice please.
I am setting up a Live Forex account with Plus500, well, trying to. I seem to be reasonably successful with the Japanese 225 for some reason. When I tried to transfer the money Santander flagged it as a possible scam company. I asked P500 about this and they gave me a close, but different, reference number for their FCA registration.
Has anybody else had similar issues with Plus500?
Malcy has done several write ups on TXP in the last fortnight, i am sure in one of them he reiterated that his 200p target is still valid.
SimonT, Thanks for sharing, although, having read through it several times, I have concluded that it does not really bring any new information to the fore. What is missing is Malcy's sp prediction, not least given that his last promulgation was a target of 200p. The absence of this from his statement suggest that he is backing off this optimistic number.
Continued;
These plays, along with some of the newer blocks yet to be in the portfolio, gives TXP great opportunities in the longer term and in my view give a very rounded valuation for the company and where the shortest of term worries about production should be put firmly in context. A solid banker for the new Bucket list.
I met with Paul Baay, CEO and James Shipka, COO this week as they were in London meeting investors. They kindly gave me a couple of hours of their time, they knew that I was keen for an update and that I had a few questions from Blog readers to ask them and nothing was off limits.
TXP achieved Q1 production of 33,521 Mcf/d plus some liquids giving 7,015 boe/d against the facility capacity of 21,250 boe/d so scope for an increase which is where most of my questions had appeared. It is however a significant y/y increase in production and that fed through to an increase in operating netbacks and cash flow.
This created sufficient cash flow for an ambitious drilling campaign and further investment in Cascadura where a large number of locations have been identified and are already being drilled. The company is now a leading presence in Trinidad and its portfolio ensures a good long term supply of opportunities for the company.
Cascadura coming onstream in September added to the legacy production and that of Coho which had also recently got underway. The wells that initially came onstream have indeed showed a bigger initial decline than originally expected although payback is still excellent and of course reserves are not affected. What it does do is mean that the company might drill as many as 10 wells against the projected 6.
The wells in question that saw the decline have already flattened out and with such porosities and fractures exhibited a likeness to matrix formations and against expectations of 7/- b/d achieved 6/- b/d. But the good news is that having drilled these wells already they will have been drilled and thus coming on production in Q3.
I found that the map of the Cascadura development was fascinating as the CAS-2 and CAS-3 wells have been drilled further away from the facility and will pipe the hydrocarbons back to the facility. The advantage here is that they save $2m to test the wells, now they can spend that money on the pipeline and test when putting the hydrocarbons in and of course in Q3.
As for CAS-4 it will drill away from the 2 and 3 wells and head towards the Rio Claro block and the fault where 900′ of sand has been spotted and with pay likely on the other side of the fault as well could significantly add to reserves. This makes for good news and whilst the wells have not delivered quite as quickly as expected underlying value has not been affected.
Going forward, with its finances in good order TXP has a fully funded production and development programme in what is an asset portfolio laden with opportunities. The company has been working away behind the scenes getting away from the smaller, lower value ends of the portfolio and looking at new, added value and bigger plays in asset swaps and deals with the Government. Some of these have been previously drilled by the majors and some are considered to be adjacent to the play with significant success in Guyana.
Let's just see now...
I had an order that didn't fill. So no supply. Owners hold. At least they're not cheap. I hope they'll do the same in London.
Toronto has always been a minor market for TXP, unless a significant event occurs it is going to be pretty illiquid.
Add a whopping 6503 shares traded in Toronto today.
Market won’t even take £500 worth atm for a bed n ISA.
I don’t disagree they or comma is poor and misleading, but they intend to leave the year with same debt they started and are investing money earlier than generating it. I wish they had the wall of cash now, but it costs money to drill and they forecast that income over the year.
If the earnings are going to be so good, why did they need the loan for 'working capital' ?
Pre loan RNS:
We intend to use the additional Amended Bank Loan facility borrowing capacity to finance our 2024 capital program as presented in our December 19, 2023 news release entitled "Touchstone Announces 2024 Capital Budget, Preliminary 2024 Guidance and an Operational Update".
Post loan RNS:
We intend to fully draw the new $10 million non-revolving term loan facility to finance our 2024 capital program as previously set out in our December 19, 2023 announcement and expect to use the additional revolving loan facility credit capacity for general working capital purposes on an as needed basis.
Q3 Update:
"The positive impact that initial output from our Cascadura field has had on both our production profile, and more importantly, our operating cash flows is clear. The results from the first few weeks of production at Cascadura demonstrate that we can look forward to materially enhanced operational and financial results.
All 3 of these statements appear to contradict each other?
Oh I ain’t going to over ramp it. But I think I have earnt the right to post one here.
Check out HEX, a US helium play. Just IPO’d. I know there are some geo knowledgeable investors here that can figure it out for themselves but you may not have heard of it. A home for some change!
Good luck
Usual caveats
Trek
Absolutely thrilled that we have had some news and the SP has held!
Next news it may even go up!
Trek
Level 2 well poised for a tick-up with level 2 current 6 v 1 so last stock left at 44p IMO
Q1 earnings should be here in 3 weeks. Numbers should be fine and maybe a turning point. I think they'll also reiterate guidance plus updates on the new wells might give some support. Drilling 2 Coho wells next... (cf. preliminary Capex budget)... I'm not a fan. Let's see what they do.
As they say here in Italy speriamo
Well at least they are adding capex and expanding the facilities. All takes time though but we are much further along now.
Once that extra gas hookup is tested I think we could be near the £1 or hopefully closer to Malcy’s TP!
Usual caveats
Trek
So I can at least bail before I die
Well it should be 250 ;)
My bad; typo, meant to write 150 million but as you note, it's not even there ATM. Just makes the SP even more silly (and an even better buying opportunity).
Sturm
At the moment the co. Is capitalised at 126 million usd.
Think we are in a bit of a lull of news and updates as TXP build out infrastructure to support the future growth from the drill and fill, while some well have settled out at below initial levels and upcoming drills will supplement and grow this to back above 10k and on towards the 15k by the end of FY24. Seems like we are being treated a little poorly by the market but so much incoming improvements that this will only be for a short period :-)
No volume these days.
Anyways, what's worth remembering is that guidance remains the same for the full year; meaning the work with chokes etc. hasn't changed production plans. And that they forecast wells - new ones included - to perform. So that's 9.400 BOE's per day; 2K oil? and 48 mmcf gas. 40 million USD EBITDA? It's going to be a busy second half of 2024 for sure. Market cap 250 mio USD. One job... drill to fill. ASAP. (Or rather - sooner than that). P/E for H2 2024 is certainly appealing; 2025 will be even better. Question is how much it rerates before those new wells are hooked up.