Member Info for 1750mk1

very encouraging... bonus hydrocarbons found and onto main target. RBD increasing their stake in Corallion on the back of this bodes very well.

no

@ levi... there is nothing I could say that Paul Calf couldn't articulate better.

Looks like someone managed to get 60k bought at 12p... I had an order in at 12p all day but it didn't get filled and they were asking 13p, up from around 12.3 on previous quote .... so that 60k might explain it.

For anyone that doesn't know... there are / were a limited number of placing shares available via teathers app at 12p 'till 25th. About £150k of the 3.8m... Surprised it wasn't made more clear.

moving quicker than usual today... big mac stopped selling ? ... Brent having a good look at 68.

if you haven't ... then that will be because someone else in your house has been face thong shopping on another polluter :)

I'm not going to google what one is.

Nobody expects the Spanish Inquisition ... nor the mayhem of Q4 with oil flash crash, global markets diving so badly rounded off with SPX having the worst december since the great depression. No way could little old TXP continue its climb through that... looking forward I hope we will see TXP back on track tho.GL fella.

Couldn't really say Photo ... I'm not fessed in any case as this is a long SIPP position for me now as I don't see it needing constant monitoring or worrying about and I figured downside so limited vs significant upside... that limited downside being something I see as now being underlined by the placing which was at barely any discount to what anyone could've bought at recently with no games, no sell off, no spikes etc. in advance.

If its relatively quiet 'till May and the run up to Corosan generating a buzz then fine with me. I appreciate that you appear to have held through the SP climbing high with oil and the markets peaking ned of Q3 right through a crushing Q4 on all counts ... so more time on lows is frustrating.

That said... There are a few possible near term drivers... not least of all the price of oil being on a proper charge (two feet over 67 as I write). Hand in hand with that we also have the possibility (probability imo) of the development program gearing back up as early as March (as mentioned by PB) ... if we are indeed at the touted 2100bopd and the dev program kicks back in with oil firmed up then I believe the SP will climb nicely through the year regardless of Ortoire which I see as a boom boom bonus if it delivers.... main thing for me is that there is upside anyway. Oil key though of course. GL

tick tock...

According to the VTM article from speaking to PB, it mentions production already being at 2100 and says "Baay told us that drilling could begin as soon as March" ...

"‘Oil has moved up around 20pc since the end of the year, so we are now looking at when we get that programme geared back up,’ he said. ‘Where the oil price is right now you could see us starting up as early as March"

I also thought this was interesting ...

"Also, we do not have any more commitment wells, we have met all of these under our contract, so we can really high-grade now and drill where we want to"

looks like they been filling that 12.5k buy from yesterday and maybe more to go too ?

VTM cont..

Baay said that, if conditions allow, Touchstone would like to drill a similar number of wells in 2019 as it did last year, potentially adding another 800-1000bopd of production. He adds that the business has the bonus of possessing a greater understanding of Trinidad’s geology as it moves forward:

‘The wells are about $1m each, and they come on production at about 70bopd. They take roughly two weeks to drill, and they are on a couple of weeks after that, so it is basically a month from start to finish. Last year’s wells exceeded expectations, and as we now understand them a little better we can high-grade where we are drilling,’ said Baay. Also, we do not have any more commitment wells, we have met all of these under our contract, so we can really high-grade now and drill where we want to rather than being dictated to a point to where some of the contracts required us to drill.’

Development drilling

Elsewhere in Tuesday’s update, Touchstone provided an update on the ongoing development drilling programme across its Coora 1, WD-4, WD-8, and South Palo Seco properties in Trinidad. Last year, the firm drilled a total of 11 wells, taking its production from around 1,200bopd to its current 2,100bopd.

However, in response to crude oil price volatility experienced in Q4 last year, Touchstone said on Tuesday that it had held back from starting up the programme again in 2019. This decision remains under active review, and the company expects to use cash flows from operations to finance future development drilling based on prevailing commodity market conditions. With oil prices stabilising somewhat in the New Year, Baay told us that drilling could begin as soon as March:

‘Oil has moved up around 20pc since the end of the year, so we are now looking at when we get that programme geared back up,’ he said. ‘Where the oil price is right now you could see us starting up as early as March. One of the other things we want to wait on is the Government is talking about making some tax changes, and their budget is usually in March. So, we might wait to see what those tax changes are before we ramp it up again. Regardless, there are lots of rigs on the island. Indeed, there are three or four idle rigs so we can ramp up pretty quickly. We currently have three leases built so there would be no delay there.’

http://www.valuethemarkets.com/index.php/2019/02/19/touchstones-paul-baay-ramping-operations-ortoire-firm-raises-3-8m-fund-maiden-drill-txp/?utm_campaign=shareaholic&utm_medium=twitter&utm_source=socialnetwork

£66.76k buy (surely) showing from cop yesterday ... might go someway to explaining the odd price action throughout the session ?

Paul Baay CEO / Feb 19th 2019 (approx 2100bopd / SP 12.25 / Brent at $66.4 / Just raised £3.5m at 12 to fund Ortoire drill Q2)

“ These funds will be mainly focused on the exploration program (Ortoire) which is sort of a step change, or potential step-change, for us…. We are targeting very large gas reserves and very large oil reserves “

“ when I talk about step change we are currently about 2100bopd production and each one of the prospects on their own is larger than that so the first gas target that we’ll drill has basically the opportunity to double production. When you look at the oil opportunity we could have up to 65 wells to drill in there… and then the final well that we’ll drill later in the year could be up to about half a TCF of gas which is really world class prospects for a company our size”

“We’ll be able to put the money to work very quickly, the first well will be drilled in June, followed by the second well, depending on oil price, if it stays where it is now it will be terrific. The second opportunity would be somewhere around late summer and hopefully we’d have the third well down by the end of the year… so we are not really sitting on the cash here, its getting put to work very quickly.”

rossannan appears to be a serial troll so I’m not really interested in his comments.

That said... I don't see that PB ruled out a placing at all, he said they ‘can’ fund it but clearly intimated (especially given the drop in oil) that it would have a knock on effect on the development program on the west side of the island as Ortoire was a priority this year..

I think on one of the recent conference calls he actually said that they would maybe do some equity to accelerate things but that the BOD wasn’t really there and didn’t want to dilute…. That was with Brent at around $75 so I’m sure they didn’t … but oil went to low 50s … so I think you need to read between all the lines as always… and account for fundamental factor such as oil price.

Yes... oil has recovered somewhat and appears bullish ... but it has only broken out very recently and the funding will have been arranged before. I think it's more than prudent given the last Q of 2018, not just regards oil price but the market volatility at large.

I’d like to think that if oil stays around here or preferably continues to head north … then this raise will allow the company to get back on track with the development program alongside the exploration sooner rather than later… and it would be very welcome to see an RNS to say as much.

No worries, well worth some research imo and GL. Attraction for me now is very minimal downside vs steady upside with bonus of significant upside this summer if Ortoire exploration comes good... not a trade tho imo so don't expect a rampy spike anytime soon. May well build towards June for the drill tho and placing now underlines the current SP imo.

Oil price the thing to watch of course...

Maybe worth a note that Paul Baay commented today that if the price of oil stays where it is (currently 66) then that's teriffic.

... and we are now at 2100bopd :)

PB interview on proactive today... audio is not working right as can't hear the questions so maybe expect a new link ?

https://www.proactiveinvestors.co.uk/mediaFiles/stocktubeDetails/12278/touchstone-to-target-very-large-oil-and-gas-reserves-after-fundraise-12278.html

Delayed 400k B ing Da FD

Good to see the smart money beavering the dam fire department :)

* on point 2... "Oil price crash since xmas" ... shouldn't say since xmas of course, since early oct.