Member Info for mbarnholdt

I hope some good news, please god no dilution.

I wanted to add that I thought doing the trade for a new well in exchange for the seismic was smart as well. Seems like these guys have a pretty good geological model built already. I still like this license area for 6-8 TCF if they have more exploration leads similar to what we have seen so far.

I added to my position this morning here in the U.S.

I just wanted to say to all that I appreciate the professionalism shown on this board and good analysis. I looked at several other boards for Touchstone and mostly saw exchanges of insults, etc. Here we generally have good folks looking at information and providing good analysis and insights. I appreciate that from all.

I would be very surprised to see that Venezuelan deal get down, sanctions or no.

I have spent my whole life searching the markets for small companies like Touchstone and could use another in my limited portfolio. Anyone have any others they like and are willing to share?

I think those are pretty reasonable expectations. I think with the drill successes thus far we are looking at 1-2 TCF, and I think the block may be good for 6-8 TCF if the high level of technical work they have done continues.

I think personally I would have to be very impressed with a third party bid for the company. Sounds like with Cascadura & Chinook we are talking at least a TCF in expectation volumes, with acreage believed to be in the sweet spot with a lot more possibilities. If this is indeed a prolific turbidite basin, the upside on this could be huge. The only thing I worry about now is that if additional gas processing is necessary, that their may be a bottleneck. I would have liked to ask Mr. Baay about this yesterday if I could have attended.

Interesting, thanks for this. Note the slide where they try to tie in exploration success to larger regional trend of XOM discoveries in Guyana, i think in terms of similar deposition/geology. Have wondered out loud about that myself........

I won't be able to make this one-would anyone who attends share notes regarding anything of interest which might come up?

I did ask this question of PB at one of the webinars-was there any license risk due to non-completion of the work program, this was while we were waiting for one of the spuds delayed by Covid-maybe in July-he indicated he was not worried about any license risk, and that the government was good about working with them on. All the same, like to have the fourth well down and not leave any doubts. I think there is also a seismic obligation to comply with as well-not sure the time frame of.

I am also wondering if the slowness in getting the NGC contract inked may relate to the size of new facilities needed. I think the processing and carry out from this area is somewhat limited (80MMCF/D?). Now we have Coho at 10-12 MMCF/D, Cascadura 1 at possibly 40-50MMCF/D, and Chinook at some number. NGC, if they are indeed to pay for all the hookups etc. may want to see exactly what they might be looking at in order to size the facilities right. Appreciate thoughts of others more knowledgeable than I on this.

Thank you Simon for clarification. I think I also remember from one of the webcasts I atteneded online was that the earlier equity raise was strictly for exploration wells, and that they would not borrow to finance. The credit line was only to be used for development wells. Where Royston is a exploration well, would assume next cascadura would be largely development/appraisal, although you might classify the deep section as exploration since has not been penetrated and seems clearly to be separate structure. Kind of disappointed that they didn't do a test on Chinook, wondering if equipment on hand not sufficient to deal with high pressures. May then make some sense to do next Cascadura, and follow with flow tests at chinook and cascadura 2 deep with right equipment on hand. May be difficult without flow test to classify chinook as reserves at year end, more likely a contingent resource. Would think for Coho and Cascadura 1 there would be sufficient to book some proved and 2P for year end given that wells are already drilled and only need hookup to be paid for by NGC. Thoughts?

Earlier this year I think they executed a new credit line for something like 20MM (Cdn)? I think Mr. Baay said they were going to try and not dilute further. Always a concern with small cap, I have been burned on dilutions more times than I can count. Was trying to see how much they have drawn against it, but some reason links to financials didn't seem to work. Perhaps someone more knowledgeable than I can comment.

A nice move thus far in the US today, up to almost $1.04 for the moment.

Thanks so much for this additional information, most helpful. Regards, Mike

Shellguy, not sure if the 21 wells on the block are all exploration, but I may have missed in my notes. I think a lot well depend on how many wells they reckon will be needed to develop & drain cascadura, and whether the sand packages are separate, or vertically connected-I still don't have good feel for Cascadura as to whether we are looking at 2 or 3 tanks, or one big connected tank. If separate, I would think you'd want one well at least to develop each tank, avoid any kind of crossflow issues. I asked PB this question at the webinar, but it was not one they picked to answer that day. Anyone have a feel for this? I'd also planned to ask question about lower kruse oil potential, see if this might be some relatively cheap low hanging fruit. Appreciate insights here as well.

On point 3, I think he was just emphasizing that with rig modifications, and using a bit heavier weight mud/drilling fluid, they would be able to manage any gas kicks at Chinook, where they were unable to do it at Cascadura safely.

shares off 1 cent in canada, almost 3.5 cents here in us, flat in london. Seems odd to me.

I had trouble getting in as well; had to do some sort of download to get in.

Here were my notes from:
1) Coho on production prior to y/e
2) Gas is expected (Ortoire) at Phoenix Park Industrial Complex
3) Thinks with rig modifications, heavier drilling fluid will be able to get to Casc Deep on Chinook
4) Has inventory of 21 additional drilling projects as of now on Ortoire, or 5 year program
5) Expects gas contract to be signed sometime next month to take all gas from Ortoire; contract valued at $1B; is not a take or pay contract model, discussion seems to be on pricing between industrial price on Trinidad and LNG pricing.
6) Still expects Cascadura deep prior to year end
7) Coho development-pipe on site and coated; separator being delivered
8) Oil Plays-208 drilling locations, or 20 year development inventory
9)Oil volumes produced $1MM US positive cf in first six months of year with unfavorable pricing
10) Looking at methods of gas capture on oil developments - capture and using as fuel for equipment or to generate steam for injection
11)Absolutely refused to comment on Chinook progress. Says we need wait until end of month before he will talk on.
12)COVID-two rig workers were infected, but protocols in place to isolate and keep on with drilling. Good so far, but cautioned on.
13) Might move to two rig model in 2021 if justified; second rig available on Trinidad, may be more suitable for one or the other-but upshot was maybe do Royston and gas development simultaneously, using LOC for development work. Internal CF for exploration wells.

Let me know if I missed anything or misunderstood.