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Nice debrief Highlandmatt! Think this drop highlights the ‘fear’ factor here. Nothing has changed in the fundamentals, only noise around a Qtr over Qtr drop which in Q1 is not unusual anyway and ramp up tend to happen throughout the fiscal year.
Https://www.malcysblog.com/2024/04/oil-price-chariot-touchstone-jadestone-and-finally/
I guess news was not “exciting enough” and Q1 output reduction taking precedence.
Really this news was neutral and not worth the overreacting drop. It will come back to high 40’s in a couple of days so worth a top up as guidance has not changed, loan is secured and production ongoing….
Absurd discount applied today on excellent news.
I’ve taken the opportunity to add to my holding.
I note PANR rallied yesterday adding circa £100m to its MCAP based on a remodelled desktop study with not even a drill bit turning.
TXP producing and a further two successful development wells into an ever growing proven resource and the SP falls.
Spangle did a good pro/con on ADVFN https://uk.advfn.com/stock-market/london/touchstone-exploration-TXP/share-chat
Yes I remember mate, but wouldn't a test on both wells give a good understanding of what can be delivered and also if it's still unbounded in the Wells ( I think that's the correct terminology). Plus would it not give rise to new reserves.
Also helps repair trust with the market.
The testing kit available on the island was maxed out testing Cas 1 and Cas Deep. Probably feel it's not worth the money and effort.
Shouldn't Txp come out and say how many days Cascadura 1 and deep was down while they worked on them. It's as if they knew this would happen. It certainly hasn't helped us investors, and why won't they test the 2 Wells as that also is causing the market to react like this. Cascadura 2/3 looks fantastic yet we can't open the prize for 5/ 6 months but what a huge difference it would make to all if they did including reserves . If technical they can't then fair enough.
Perhaps North selling into any news and/or volume. The results are great, two more development wells successfully drilled and awaiting tie in.
Rather they are speculating to accumulate and using cash flows to expand the resource and grow production than sitting on it or offering it to SHs as dividends. The aspect of TXP is most certainly growth. The right approach imho
I believe the market is only seeing the headline production numbers not the downtime for optimisation, the drilling success and the resultant increase in reserves. We are now in a virtuous cycle where cash flow from operations drives the drill bit to prove up for resources and connect more production.
Hi HIGHLAND it seems people know about news first and you can see the sells thats how i trade itb
Because another two wells have been successfully drilled? Or are you referring to the lower production numbers? Do we know how many days were lost to optimisation activities?
WITH THE SELLS OF LATE PLENYN OF 20000 POUNDS ONES
It doesn't seem to matter how good the RNS is the SP always drops. This has been the case the last few bits of 'good news'. Other than increased production and a free hamper from PB, I don't know what the MM's would like from TXP? Maybe it's just the hamper.....
It was interesting to me that they didn't use the word 'pleased' in the announcement.
I agree they could have been more forthcoming with info on these tests in Cas 1.
Also, the big decline in production is the cause for the SP to fall. 8500 to 7000 in one quarter is a pretty steep decline curve. Some of this may be due to shut off for testing, but if so, why did they not state that? Presumably there was also downtime in Q4 so it is not unreasonable to assume that most of this decline is not due to shut ins for testing. In which case, what does the decline curve look like?
JL
A bit annoying that they're not informing about present (last 7 days e.g.) production @ Cascadura - why leave it up to the market to determine what "moderate succes" and "limited" succes is?
Apart from that, still looking good - next 6 months will move TXP from the little league. Q1 earnings should be ok; stronger Brent price compensates somewhat for the (planned) drop in production.
Now l think PB has got it right, the over promise has gone, now in the strait for the turn. I expect in a interview a buoyant PB. Do they have the cash or ready to extend to fund more Casa wells?.
Expect this to turn later today also waiting for the land swap as l believe, as news being kept back on future potential.
A somewhat limp RNS but preferable to the out and out optimism by PB in the past. That said, the market is clearly not impressed despite the positives contained therein. This reaction highlights the credibility challenge that PB and the company face in selling the company story as a whole.
The high pressure kick on the Cas-3ST1 well was unfortunate but subsequently sidetracked. Likewise the less than anticipated results from the Cas-1ST1 and Cas Deep-1 wells was disappointing and both issues have not gone unnoticed by the market, which is why the sp has dropped.
Long term I still believe that TXP will impress but the road to that nirvana is littered with the detritus of the past. Notwithstanding, I will add share at this price.
If I had a
They may not like it because Casca 2 & 3 is not being tested till they are hooked up to the main facility which I mentioned even though they look fantastic results.
It's a great rns for sure and a slow climb up .
Probably end up blue when this all sinks in an creep North from here .
⁶Doh of to work "
Being marked down on production, but the market has missed the point both the main wells Casa 1 and Casa deep closed for testing for testing?. This is still a sleeping giant but need more wells to plant to fill expectations.
Flip merchants will have to sell at a loss .
Suits me I'm in for Medium to Long Term .
Definitely a surprise but convinced we're be climbing over the coming weeks incredible q3 coming .
Guess AiM is all about the scramble
Extremely odd reaction. Has anyone bought but it's showing as a sell/red?
Is f%^^&&g ridiculous
MMs don't like it, so I'm buying more