Member Info for Adon30

Typical! Full cloud white out on latest visual pass.

Further equipment reflections on radar images for today. All go at MOU-3. Shame we can not see any flare as that would massive.

Radar of MOU-3 showing some more substantial equipment is on site than seen previously. Decent reflection recorded.

All quiet at MOU-1 so far based on images.

The ‘satellite watchers’ won’t be able to tell you much…. Lots of cloud…

Keith, the bits further down the report are very interesting. Folks need to read it fully themselves rather than relying on others and listening to people on BBs

They do not have to issue an rns. They have already informed the market of their intentions.

TXP did not rns when they spud their latest well. The market had already been informed that it was going to happen.

Testing results will be material and have an rns.

GLA

Haven't seen any activity at N2. They were supposed to be acidizing last I heard.

Tunisia and their partner are slower than a very slow thing.

What happened to all the seismic and drilling in Romania also.

I wonder if this company taking a lot of shares will try to shake things up on the BOD?

There is unlikely to be any (major) action in Paradox until late February at the earliest. That is when I am expecting any news from based on previous RNS.

And Yes, it is because of the weather in the area at this time. I wouldn't expect anything less. Better to have a smooth operation that a stop start clunky drill affected by equipment failures and people not being able to work.

Just another few months of patience... I hope.

The official line for TD at Cas C is 40 days from spud

Https://x.com/TouchstoneExp/status/1744822662646702393?s=20

The blm approval for 16-3 was on the back of the permit application for 16-3 which would also need approval (if not already done). This is to drill the overlying C9 layer as an exploration well. This is because state 36 was so prolific and already has infrastructure that it was better to move the exploration to state 16. Very unlikely that this will be done in the first half of this year and maybe not until 2025.

Not to bothered about the pipeline at state 16. It’s small fry compared to getting state 36 and federal 28 going. It’ll happen at some point but not fretting if it’s a further 9 months down the line.

Don’t worry I’m still here. Just sat watching. Laughing at the FUD posters and not wasting my breath on them.

Plenty to look forward to. Not expecting a re drill until late February/ March at earliest but it’ll be done. There was snow in Utah end of November so I’d rather they wait for the better weather window than add any further risk.

Plenty more to come.

They are currently installing a new pump on state 28-11. Hence no output fit a few months. A well that is already connected to infrastructure. They could in future also look at drilling further laterals there and frac to increase output.

There is also the salt wash farm in that’ll be drilled (possibly) after the state 36 drill or in parallel. They may negotiate a single rig for both though…

If they find helium there that will provide a lift off in more ways than one.

And as everyone has been mentioning the current production with the addition of the Slawson wells is now providing the funds to do all this.

I won’t disagree. There is plenty more to do and put in place. 2023 was supposed to be transformative but I think 2024 definitely will be.

Ignore my assumption of YE 2023 debt being $24m. I think it’ll be slightly more. Loan payments are made as required by the agreement so these will continue this year and 2024 to bring overall debt down to $25m by YE 2024. Either way it’s still heading downwards from the Q3 results.

I was looking at TXPs overall debt.

Currently as of Q3 it is just under $30m and that includes the $7m revolving debt facility. In the latest TXP presentation they have a planned debt of $25m YE 2024. That is even with the increase in revolving debt facility from $7m to $20m.

So you could assume that year end 2023 results will have overall debt down to around $24m to allow for the extra $1m of debt they envisage in 2024.

So as I said yesterday revolving credit is to cover ups and downs in expenses throughout the year that they cannot cover with production income. But overall debt will only increase by $1m in 2024 but be down for YE 2023.

I think the increase in revolving credit limit will prove its usefulness more in 2025 and beyond. And they will still pay off their existing loans.

The increase in credit facility is to facilitate any upfront costs for drilling or purchasing equipment for the production facility.

They have said they need $33 for 2024 of which $32 will be provided by production income. However that is a steady monthly income and to deal with the ups and downs of costs they need a bigger credit window so that they are not restricted. Otherwise they would have to sit idle for several months while the production income built up the balance sheet before moving to the next step.

No

Royston workover for pump now complete and coho to be revisited next week by the sounds of things. So plenty still happening with plenty of cash coming in to clear the debt.

It’s the Emperors new clothes

Did Colin mention anything about the Federal 28 workover in the presentation last night? I haven't had chance to watch the full thing yet as started watching this morning and had to do other jobs.

It looks as though the workover rig is being broken down at state 36 (as of yesterday) so could be heading over there shortly.

Trades don't have to be reported at the exact time they occur. They can be anytime during the day or previous day. This happens more often with big trades hence why you see late reporting.