Member Info for John2727

If we get 20 MMcf/d extra from Cascadura 4 and 5, 20 MMcf/d from Central Block, and 100 barrels of oil a day out of C3, you’re talking about $26–27 million a year net extra cash flow on top of what’s already flowing and that’s using conservative netbacks after all the usual deductions, royalties, and tax. It’s basically more than half the entire market cap in free cash flow every 12 months, and that’s not taking into account initial flush rates.

This is exactly why I don’t think raising $10m in bank funding should be an issue. The assets are there, and paid for, the production profile is about to step up, and once the LNG-linked pricing over 22 MMcf kicks in at Central Block, the cash margins are a different level to what we’ve been used to.

In my view, the board knows full well that if they can show this scale of production coming onstream, pulling back on any further dilution and placements becomes very realistic. The market is looking for evidence that we can actually deliver the volumes and the revenue - if they do, it won’t take much to fund the gap without smashing the share price again.

At this point, the story is simple: get these wells drilled, get over the 22 MMcf threshold at Central Block, and put some stable oil through C3. That’s the point where the whole narrative shifts from survival funding to growth funding.

People can moan all day about the last four years, but if they execute this plan, it completely changes the cash flow profile.

Two very good RNS’s in 7 days, the bank will like and will more than extend the loan covenant IMO

When on site, the pipe work to hook up the two dev wells were about 200m away and apart from having to clear some teak trees where the pads go, it’s a clear path from pads to pipe. This is going to be incredible if we can get 20 from those two dev wells

The two CB Dev pads are about 500m from the plant. And surveying is all sorted and ready to go

Alright, finally got the official numbers to stop us all guessing.

• Q1 gas volumes ~16.7 MMcf/d gross, Q2 nudged up to ~17 MMcf/d—so at least no decline.

• Realised LNG price before deductions was $6.15/MMBtu, dropping to $4 net plant gate after all the usual costs.

• Domestic gas sold around $4.33 net.

• Condensate about $48/bbl.

• Total gross revenue Jan–April $9.9m, net $6.4m before royalties and tax.

So it basically confirms what we’ve all been saying—the real net price is around $4/mcf before you pay the state and the taxman.

At least the production is consistent and the LNG payments are about to start, which should help cash flow a bit. It’s not huge margins, but it’s steady.

Following 7:53, I’ve now received replies to most of my questions to TXP (10 answers) and have shared them in the Discord group if anyone wants to read them in full (management’s own words, no edits).

Quite a lot was covered—Shell payment timing, the fact that the remaining placement is now formally cancelled, and confirmation they are pursuing all funding alternatives.

Now that the 50m shares are officially dead and the “boat has floated,” it feels like only a matter of time before C4 gets going again.

Yes, there’s still the point about the US$18m equity raise requirement by year end, but this is actively being discussed with RBL, and management made it clear there are multiple paths to address it rather than jumping straight to a placement at these levels.

I’ll keep updating if/when anything further lands.

Fair play 18:42 you finally twigged in to us! We were never in Trinidad. The whole PI visit was filmed in the same studio where the fake moon landings were filmed. What did you think of CGI render of Cas 5 ?

😂 Honestly, this is classic Rossannan—he complains when there’s no news, then complains when there is news.

It’s almost like:

“How dare you tell us you drilled a successful well…while I’m still grumpy about the funding!”

From a reality check perspective:

They had to RNS the Cas-5 results.

AIM Rule 11 requires disclosure of any price-sensitive info without delay.

Finding hydrocarbons and confirming positive wireline logs is precisely that.

If they didn’t release it, they’d get hammered for selective disclosure.

The fact any PI got an invite to go and see first-hand the progress that we usually only glimpse in the occasional social media post was without doubt a bonus for me and JM to report back on what’s actually happening on the ground. The fact the BOD gave us unprecedented access to everyone we wanted to talk to and any facility we wanted to visit told me they weren’t trying to hide anything. And after just 36 hours on site meeting everyone from the board right through to the working teams, I can say it was anything but enlightening and I loaded up to my original position straight after the trip.

So despite some negativity, my aim now is to update whenever I can to make sure that the trip wasn’t wasted and if we hadn’t had the chance to go out there and see the progress in person, we’d all still be scrambling around for information.

If you now believe TXP is a busted flush, then sell. If you believe, like I do, that you don’t lose until you sell, then my recommendation is to hold for 4–6 weeks and then make that decision. All I can say is every bit of infrastructure and both facilities were running perfectly, the roads and all the capex are in place, and the last part of the puzzle is the funding to keep moving forward with development and IMO what’s $10m when you’ve spent over $100m to get free tickets to the acreage we our own.

I’ll keep pushing for full answers to the questions I sent over and will share any updates or correspondence as soon as they land.

Appreciate all the feedback and the open discussions-we’re all in this together, and hopefully the next few days bring some positive news to get us back to the 20s and beyond.

As always, I’ll post updates on Discord and in the Instagram Touchstone investor group. So if you want the information before it lands here, feel free to join Discord or follow the Instagram page.

TXP Shareholder Update

After my trip to see first-hand the progress on the ground in T&T, I’ve posted lots of photos, videos, and write-ups about the massive strides TXP has made over the last 12 months. Then the wrench got thrown into the works by way of the placement broker, Oak Securities, last Monday.

Since spending the whole day with Paul and his team, I reached out directly with some hard questions about the failed placing and why we haven’t seen clear production disclosures—especially considering the volumes we saw during the site visit.

I’ve received a couple of emails back (main points below) and was informed that the drafted replies to my 17 questions are being checked to ensure no market regulations are breached. Hopefully, we’ll see a full reply tomorrow or an RNS that clears up some of the questions.

If you’d like full disclosure in real time, join our Discord group—there are incredible in-depth wiki pages on each well, etc.

✅ Paul confirmed the main focus is getting the funding issue fully resolved.

✅ Drilling updates will be coming in the next few days rather than holding everything back.

✅ Once Shell provides final data, they will publish production figures and pricing clarity.

✅ They’re shifting to more frequent, smaller updates instead of big gaps of silence.

While not every question was answered in detail, it’s clear they understand the frustration and are working to rebuild confidence step by step. Let’s see what comes through next week.

#TXP #TouchstoneExploration #InvestorUpdate #Oil #Gas

Https://www.instagram.com/p/DLtuy80C-4M/?igsh=MWh1dTc1aWExdTJ2aA==

If you want to look it up, check Article 17(4) of MAR, or here’s the FCA link:

https://www.handbook.fca.org.uk/handbook/DTR/2/?view=chapter

Hope that helps clarify.

21:43 Spot on!

I haven’t listened back to every interview over the past couple of years, but O&G exploration is always unfolding, and back in 2019–2021 TXP were pure, true-form exploration. Are there other AIM O&G companies out there doing the same by spinning plates in the hope of keeping them all going? Probably every one of them drop a few as we all have in our lives.

But I’ll say again, we met every one of the crew along with the control room guys, and I left T&T more confident than I entered.

What I will say is that John0 has been and still is a solid poster of facts when it comes to everything TXP, so if he’s outlined it was said, I don’t feel the need to swing a dick to prove otherwise.

All I know is we probably need to look forward now and put the sidetrack questions to bed, as there’s a lot more ahead. Moving from an exploration company to an actual energy-producing company for start.

Cascadura-3 Update from the ground:

When we were on site, the service rig was working on CASC-3. They’d just perforated another section of the wellbore to commingle more reservoir zones and hopefully bump up production.

Completion fluid was being flowed to tanks to clean out the wellbore before seeing what it will do on its own.

From here, two paths:

If pressure holds, the well should flow naturally to surface.

If not, TXP will install a PCP (progressive cavity pump)—basically an auger-style pump designed to lift heavier crude and mixed fluids.

For anyone curious about how PCPs work, imagine a helical screw spinning inside a rubber sleeve, creating cavities that move fluid up the wellbore. Pretty simple but very effective in this kind of reservoir.

Not sure about mish mash. Just takes a bit of time to navigate all the valuable info, especially in the Wiki pages the creator has put together on each Well etc.

Anyway, Q&A is under upcoming trigger tag

I sent some post–T&T site visit questions to TXP and have now received a few follow-up updates. Obviously, TXP couldn’t answer everything due to market regulations, but they did provide some insights.

I’ve shared the key points over on the TXP Discord including comments on the current CAS-5 operation, the potential use of sidewall coring, and a few other updates.

Feel free to check it out if you’re part of the group, and feel free to add your thoughts. I’ll also be updating the Instagram page with more information later today.

Https://www.instagram.com/p/DLUGuDECyDW/?igsh=MWdteWd2dWRpYzdxaw==

Appreciate the lesson, but let’s not pretend we’re drilling bingo cards. I’ve been following all the posts, but honestly, you need to see the site and what’s been achieved over the last few years to really grasp the scale and groundwork now behind them.

We had full access to every well site, every facility, and anyone we wanted to speak with. I even spent half an hour chatting with the new rig crew while standing on the Cas-5 rig watching them case the well. I’ve shared that info on Discord, along with videos and pictures. After several hours talking with Xavier, I’ve now reloaded to my original position and I’ll be ready to load more once things start locking into place.

TXP isn’t “playing percentages.” They’re drilling into near-certain geology after over $100m in Capex. The aim now is clear: get the next four wells online, each delivering a conservative 10 MMcf/d, alongside current production. That alone shifts the cashflow game completely.

Once these are hopefully flowing, then they can afford to go bolder & maybe even return to Coho-2, where Coho-1 just clipped the edge of structure back in 2019. But this time, they’ll hopefully be doing it with a funded plan, proven infrastructure, and room to chase serious upside.

This isn’t about sidetrack labels. It’s about production, revenue, debt service and setting up for real exploration returns.

Yes, things could still go wrong. It would be foolish to think otherwise. But I saw first-hand the professionalism of the crew and the control room staff, and they gave us full access to the live data. That level of transparency says a lot.

Given the structure and what we’ve seen on site, that’s a solid buffer and should give us a clean read on new pay zones without drainage interference.

Fault C - agree 100%. From what we were told on the ground, CAS-5 is staying west of it, targeting the same up-dip sweet spot as 1ST1 but with its own structural high. So it’s not pushing into unknown compartments just yet. So still everything to play for IMO.

We should have some more in-depth detail soon on geology etc very soon.