Member Info for ZENGAS

Trying not to dupicate others notes but what i took from it.

Again emphasised 200-240 mmcf/d capability from CPF.
By end of year should be doing 15% of Nigerias power up from 10%.
Afam 3rd party work was held up by Covid and hope to add up to 35 mmcf/d in this first half.
Emphasised the importance to really note and remember - was that the $4.3b revenue stream was the 'minimum' and that this is based only on the 3 contracts/TOP. Highlighted power growth/delivery numbers/population relevance - my take is doesn't take a genius that the revenue stream just from Accugas could grow to multiples.

Currently 79% EBITDA. New customers basically drop straight to the bottom line.
Mentioned the previous goal of $40m new additional cash flow pipeline.
On New customer announcements - "shortly"
Plan to significantly reduce the interest payments via refinancing. Goal isn't to clear the debt.
Litigation nothing that bothers the company. Not losing any sleep.
Talked about value and dealing with any bid. Currently a nonsense cheap valuation.
Others comments re divided as my take.
New IIs in.
When asked on 2 different questions about when Vitol came in he said he couldn't comment and would leave it at that.
Mentioned Sinopecs known plan to leave Nigeria and i think he said something like draw your own conclusions what that will mean for us on Stubb Creek and think he was reffereing to the huge gas resources there that they have around half off.

Amdigh one of the biggest discoveries in Niger. (I think this is v significant given the additional zones that could take the existing discoveries up to around 100 mmbls net - and before the deeper sections are drilled in Amdigh and 2 other existing discoveries - wished i had thought to ask on this what his thoughts wre but it is in the CPR so nothing that's not out there).
Bit muffled, but beleive the additional free cash flow was either $28 or $38m cash flow from EPS in Niger
Final comment was that he really emphasised the "Tremendous upside in Niger exploration"

Interzone beat me to it NR11. October presentation slide page still on the SAVE website.

Valueseeker, that was said before when we went down that route over a year ago and we repaid the facility without doing any conversion at all. If it's the right cash flow positive asset at the right value and price and can add value, why not.

Re the share price here and might have been touched on in the last week.

We know SAVE are after further acquisitions as West Africa is consistently mentioned by the CEO in interviews and Oxy Ghana assets reported to be linked to Save last year. Also CEO and broker had mentioned pre financing arrangement in respect of Niger.

My point is based on ADM Energy a small operator in Nigeria valued at about £5m today.

29/1/21 -
" ADM Energy extends agreement with Trafigura for conditional financing of up to $120m.
ADM and Trafigura intend to create a strategic alliance that enables the development and financing of energy projects in Africa. Under the terms of the MOU, ADM will act as the sponsor for investment opportunities in the African energy sector ("Projects") which will be presented to Trafigura for consideration as a trading counterparty, or financing provider.
Trafigura will be entitled to provide ADM with conditional pre-financing of up to US$100 million for the acquisition or development of Approved Projects. It is anticipated that Trafigura may subscribe for up to US$20 million in convertible loan notes in ADM as definitive agreements and project funding for Approved Projects are agreed. "

Bottom line is if ADM can secure up to $120m as a £5m m/cap company with a small interest asset in Nigeria, what kind of facility could Save attract if they went down that road given our much greater position/strength as a company ?.

If something similar was to happen here on a bigger scale for Save, woud it be possible to keep the Save share price low If a convetible loan note was part of anything ie then the cheaper the share price the better when setting a conversion price.

Interesting times with Vitol now being noted on the Save blue chip investor base from under 3 months ago. Refer back to reports Vitol/Boru supposedly forming a consortium at the time for the Ghana assets re AEI.

Question is, how did Save propose to buy in if successful and surely must have been in some kinds of financial talks beforehand to enable them to even consider any assets such as Ghana If reported correctly by AEI ?

$2.50/mcf and possibly another 50c/mcf for transport - all in perhaps $3/mcf.

Supplying 25 mmcf/d of the 35 mmcf/d at $3/mcf worth around an additional $27m/yr and at little cost.

I would like to know what the status is regards Alaoji because in future years it and Calabar have the combined ability for 225-270 mmcf/d not counting the other 2 contracts to Ibom and Unicem that we currently supply.

'The Company announced on 31 January 2020 that Accugas had entered into a new interruptible gas sales agreement (“IGSA”) with First Independent Power Limited (“FIPL”) in relation to the provision of gas sales to the FIPL Afam power plant (“Afam”). FIPL is an affiliate company of Sahara Group, a leading international energy and infrastructure conglomerate with operations in over 38 countries across Africa, the Middle East, Europe and Asia. Afam has a current power generation capacity of 180MW. The FIPL IGSA envisages the supply of gas (produced by Uquo, with a maximum daily nominated quantity of 35 MMscfpd.

First Independent Power Limited will pay to Accugas Limited a gas sales price of US$2.50 per MMBtu and will pay an additional transportation tariff to transport the gas from the Uquo CPF to the Ikot Abasi Gas Receiving Facility at a rate specified in the gas transportation agreement which is yet to be agreed.'

The Company announced on 21 December 2018 that Accugas had entered into an agreement with Calabar Generation Company Limited and NDPHC in relation to the supply of gas to the Alaoji power station (which, like Calabar NIPP, is owned by NDPHC). Alaoji is a 504MW gas fired power station which is connected to the Accugas pipeline network via the Ukanafun Manifold and NGC/Shell gas pipelines. Potential gas demand from the two NDPHC power stations at full dispatch is currently estimated to be 225 – 270 MMscfpd.

Did anyone again listen to the CEOs comments AGAIN yesterday about lots of opportunities that should come Saves way in West Africa other than Niger or Nigeria.

I asked the question at the time when Save were first reported by AEI to be in the running for the Oxxy Ghana (West Africa) assets - what if SAVE were part of a consortium given they were mentioned in the same article ?

Who is/was the consortium that Boru was putting together with Vitol ? Either way its' interesting that Vitol is now a blue chip investor in Save.

Highlights from the 3 AEI articles on Ghana and the recent transcript is also available online where Occidental says the outcome of the Ghana assets should be known soon.
"15/5/20 - After Total's withdrawal, Glencore and Vitol come running for what's left of Anadarko. What of Boru Energy and Vitol? Other companies are thought to be keen on the purchase, such as Boru Energy (founded in 2019 by Tullow's former chairman Aidan Heavey), ****which is putting together a consortium with trading company Vitol for this purpose****.
Finally, Savannah Energy, which operates blocks R1, R2, R3 and R4 in Niger as well as active gas assets bought from Seven Energy, is reportedly also in the running.
2/9/20 - Anadarko assets: Oxy courted by majors, traders and bold juniors
12/10/20 -CNOOC and Boru bid high for Oxy-Anadarko assets to force out their rivals.
To prevail over CNOOC, Boru Energy is counting heavily on the ties that its founder, Aidan Heavey, has with senior Ghanaian figures. Boru is owned by the former boss of Tullow Oil, who has hand plenty of time to build up a network in Ghana. Founded in 2019 and financed by Carlyle, Boru is still seeking to acquire its first major asset."

That's a great presentation and look at that revenue stream of $4.3b for the contract period of just 3 gas customers.

All that aside has anyone spotted this -

The shareholder register dated 9/12/20 has 8 institutional shareholders listed from 9.2% down to 4.2% in size of holding having a total of having 55.33% and the directors another 4.36% = just shy of 60% in total.
In tems of Niger and the pre-payment facility under consideration -
In the 'blue chip investor base' - Can any significance be drawn about the oil trading group Vitol now being highlighted in todays January 26th blue chip investor base yet were not present on the October blue chip investor base ?

Surely a very big vote of confidence in having Vitol onboard even if they are below a notifiable interest. They aren't here to market our gas. What do they see in Save that has made them become an investor as i was not aware of them before being here before.

Phase 1 was about $14.4m to first oil 1-1500 bopd ($6.3m of cash needed and $8.1m leased equipment ?).
Phase 2 bringing it up to 5,000 bopd was another $43.3m then self funding after that for ongoing development - so a total of $57.7m for the 2 phases of which $8.1m leased meaning about $50m cash needed.

From what they have said and in the recent broker note was that each business was expected to stand on its own, even though the note said there was enough cash coming in to support Niger - so i get the impression that no cash would be diverted too soon from Nigeria given that AIIM are 20% partners and i feel would be saying all capital might need to be retained for at least a year or so to support that business as it is now just 1 year old rather than draw off significant cash for Niger too early and leave the pot bare in Accugas. Nigeria debt is ring fenced on that asset only.
CEO and broker note recently said oil trading group pre payment facility being considered for Niger. Possible and feasible imo given the amount needed and they had a $50m facility in place before some years ago.

Given they also want to continue exploration drilling etc this might be influencing the start up as perhaps any farm in would maybe want to buy a stake or form part of the discussions in the already discovered 2C and early production - so a few things to consider ??

I think the last thing they would have wanted would be to do all the planning/work and oil prices take a hit again for a few months. Saying that i see less risk now given the cost involved just for phase 1 and could delay phase 2 if need be ? There's over $100m of costs to recover in Niger from memory. I think it's down to patience and it's only a matter of when, not if.
CEO yesterday 'In Niger we have a high quality exploration and appraisal business. The R3 east project is going to come in and deliver significant growth for us'.

What is to be made of the switch from drilling (4 wells now 1) to compression in 2020-23?

I would think it will both increase production and reserves by improving the overall RF hence less need for the planned number of wells so early on. We know the wells have high deliverability as production was periodically increased to 27,000 boepd (Jan 2019 i think and March-April 2020). One needs to look at the Gas in Place versus the booked reserves and see how any increase in RF could materially lift those reserves in both the P2/P3 case.

On track to be at $243m net debt by end next year on the 3 contracts which is the ongoing case and should be better on this mornings update.

'we do not anticipate production levels associated with the Group's three principal gas sales agreements to drive incremental revenue generation above this level in 2021.' - meaning inline with the TOP of the 3 contracts as i see it nothing more/nothing less. Production levels would obviously rise through new GSAs which they anticipate to deliver on.

From the CPR-
'The planned capex for Accugas totals $105MM comprising
$59MM for pipelines,
$45MM for compression and
$0.7MM of other costs.

Compression is planned for 2023 (two stages) for the Proved case, 2026 (1st stage) and 2027 (2nd stage) for the Proved+Probable case, and 2025 (1st stage) and 2027 (2nd stage) for the Proved+Probable+Possible case.

Seven has performed a reservoir simulation study for the Uquo Field. The gas recovery factors estimated by the study were between 75% to 90%. These are based on a high permeability gas reservoir with depletion drive and assuming compression, and are deemed to be reasonable by CGG.'

We have 500.9 bcf gross P2. The Gas in place mid to high case is 813 bcf - 1.056 tcf so any improvement in RF to that in the study has the potential to increase reserves/field life.

Who's the 3rd party nominated for the nominal $1 sales price. Who would be buying this asset ? As far as i know both gas/oil - would Save benefit by handling this as future 3rd part gas or even end up with the gas themselves ??

"As detailed in the June 2020 report, in accordance with the terms of the restructuring the joint administrators were asked to consider a sale of the companys shares in Seven Energy Jersey Ltd and Gas Transmission and Power Ltd to a third party for nominal consideration of $1 (the 'Anambra Transaction'). The effect of the sale would have been to release the company from certain contingent guarantee claims (approximately $43.75m). This third-party purchaser was nominated for such purpose by Savannah in accordance with the terms of the impementation agreement which was necessary for the Anambra Transaction.

In October 2020, Savannah engaged the administrators to assist with the Anambra Transaction. As there is expected to be only nominal sale consideration, the costs of the administrators (and the Mauritian Administrators) and legal representatives have been agreed to be met by Savannah. Savannah has not yet provided the funds to pay these costs and as such the Anambra Transaction has not progressed since our last update.

In the event that the originally envisaged Anambra Transaction does not proceed, the directors of the respective SEIL subsiduary companies will need to wind up each of these entities. There are no surplus assets available to be distributed to the company in respect of these shareholdings."

Before to todays update, FinnCap showed net debt would greatly improve to just $243m by the end of next year considering we started with over $500m debt. If that's not fast enough i don't know what is, especially considering it's only on the 3 existing gas contracts. Its not the intention to be debt free.

For this current year, they appear to have guided by up to a potential further $12.5m in cost savings compared to what FinnCaps analysis was just a month ago for 2021. They also highlight in this mornings RNS additional potential savings from the compression project.

We know they were speaking to mutiple potential customers and they said they were targeting a prize of over $40m/yr in additional FCF which is in addition to the Afam contract still to kick in.

Doing what they said they would in terms of delivery and i fully expect those new contracts will be added.

I think it was Shore Capital who recently had an initial $3m dividend pencilled in. On the back of these savings and AKs intention to start paying 'a progressive dividend' perhaps it will soon become a reality.

There are 2 100 mmcf/d trains. One has been tested at 120 mmcf/d and they plan to upgrade them to 240 mmcf/d combined.

The pipeline system is 100,000 boepd equivalent or 600 mmcf/d capacity.

I beleive we will add a sizeable significant asset outside of the 2 countries we are presently in irrespective of any new deals in Nigeria. They have mentioned it in the adm doc, again significantly on 31st July 2020 and the brokers/FinnCap have just recently mentioned again looking at acquisition opportunities. AEI were able to report that Save (amongst others) were in the running for Occidentals Ghana assets at an expected $800m which were producing some 30k boepd, with significant reserves and further upside. Obviously at that price tag there were many ways to do deals and being in a partnership/consortium couldnt be ruled out but given the AEI mention and the numerous flagging of seeking accquisitions, at some point a sizeable deal will be done imo and it will take us to a new level in terms of production/reserves. AK just recently said to Malcy about screening deal potential. Save have already demonstrated their ability to greatly reduce costs so this could prove a deciding factor in acquiring assets that can be streamlined.

"Outside of “on asset” or “near asset” growth opportunities in Niger and Nigeria, the Company reviews potential acquisitions and strategic transactions on an ongoing basis. In order for the Company to progress with a growth opportunity, it assesses the potential opportunity to deliver material NAV accretion, asset diversification and medium-term cost of capital reduction. Opportunities should also be cash flow generative, or close to delivering cash flow generation, represent controlling interests in assets (or have a competent, credible operator) and be located in an emerging market jurisdiction with high-quality subsurface characteristics".

"We have a clear focus on projects we would consider pursuing and the patience to wait for the right opportunity. It is not possible to predict the exact timing or nature of the opportunities that we will potentially pursue. I believe an abundance of robust, cashflow generative and high-quality assets will potentially become available for acquisition over the course of the next 12 months " (Jul 2020).

"All the above said, it important to stress that we have an extremely robust existing business with significant organic growth potential. We will also only pursue new venture opportunities to the extent they significantly enhance the unit value per share of our company and our ability to commence ***significant dividend payments*** to our shareholders.

Save have what they treat as 2 distinct business under the parent.

As for the Recon opportunity (in an unproven basin) they have a valuation on hope of over £250m on account of the sheer scale/size.

By comparrison - Saves Niger opportunity is on an identical scale but in a proven basin and backed up by a 100% success rate this far - yet for whatever reason has had little recognition for that success nor indeed any understanding for the upside just on those 5 discoveries alone and in addition absolutely no hope value built in.

My point is we have one company on a more riskier early stage and untested basin valued at £250m. Save if not a much better opportunity given size, proof of finding oil and close proximity/adjacent analogue discoveries in predominatly 1 to 2 play types of over 1 billion bls that Recon do not have the luxury of.

Yes we have debt - but it is entirely tied to the Nigerian assets only, seviced under it's own steam generating high levels of cash and valued at more than its debt for that asset. It was bought at 35p plus debt so still a stinging disparity to only 14-15p now all in, but i think this will continue to re-rate the more people would understand the model of it.

If the debt was secured on the wider group assets, then yes i'd agree somewhat about the E/V but not in this case and my point is we should have a similar 25p (£250m) attributed to Niger alone. I think the first thing potential investors see is Nigeria/Debt and rationale for investing is then clouded without deeper research/understanding as i see it (but apologies if others who do, draw different conclusions). My positive for Nigeria is that it is a much wider valuable asset than the norm via Accugas.

I think the FinnCap note is bang on with the latest risked valuation increased to 52p with a further 34p to come from debt reduction. They are valuing 78 mmbls in Niger at 18p - so with the scope/plan for finding hundreds of millions bls given the very high basin success rate/risk profile - whats the potential value upside from from a high side unrisked recoverable of 10 billion bls given the rich data and oil generation for the basin. It hasn't got any remote semblance of value attributed to it and Recon as an example clearly shows this massive disparity at a much earlier stage and again highlights how woefully undervalued we are compared to the scale of the opportunity not only for Niger but for Accugas/Nigeria also.

From Save/CGG CPR-

'The Agadem Rift Basin is a part of the wider Central African Rift System.

The Agadem Rift Basin contains a sedimentary fill of more than 5km.
Shales at Cretaceous level have entered the oil window across much of the basin.
Consequently, the basin offers source and reservoir potential in multiple stratigraphic intervals, including at levels that to date have received few well penetrations. The fault blocks created by late Cenozoic faulting formed the traps targeted by almost all exploration drilling to date, whereas the structures formed by Santonian-Campanian tectonics are essentially unexplored.

The source systems in the Agadem Rift Basin started generating oil relatively recently: The modelled volumes of oil expelled are very large, at up to: 60 mmbbl/km2 (Donga), 80
mmbbl/km2 (Lower Yogou), 97 mmbbl/km2 (Top Yogou), 50 mmbbl/km2 (Base Sokor), 30 mmbbl/km2. These volume estimates suggest that the basin has generated far more oil than is required to fill the traps to spill'. (Dyor)

From the above figures you can see the sheer amount of oil volume generated inside our 13,655 km2 imo in excess of or similar to the 100 billion bls that Don Jarvie talks about for Reco. This is why SAVE have an unrisked recoverable of 6.8 billion - 9.98 billion mid-high case while risked recoverable is 2.69 billion - 3.86 billion bls.

Infact Reco are using a report from the highly respected Wood McKenzie of Nov 2020 (which states "Whilst the current geological understanding across the Kavango Basin is immature, there are preliminary indicators that, should the presence of a working petroleum system be proved, it could provide abundant opportunities for further exploration and appraisal"). They also use the Central African Rift basin has one of three basins to compare to Recos untested/unproven Kavango basin.

Saves m/cap £135m. Reco £250m.
CNPC proved over 1 billion bls from their acreage portion and mostly just from 1 play type - the Sokor Alternannces.
Save 5 out of 5 discoveries recording 33 mmbls 2C so far though Amdigh may lift this depending on pressure communication and other adjacent segments to over 100 mmbls - while not counting the deeper potential in 3 of these discoveries that will be drilled down to.

100p for Niger is the tip of the iceberg in terms of the overall potential and when compared to whats being promoted at Reco and their share price/valuation.

(Thanks for the comments, sorry for not acknowledging earlier and HNY to u 2.)

Here's an interesting comparison and why i see the screaming and unrecognised value lag in Save.
Anyone seeing the mention of 100 billion bls generated in the report below might be thinking 'wow' at first glance but infact should see this is exactly no different to Save opportunity in scale and size and Save much further poven in terms of their basin acerage as Recons value is built entirely for now on hope value and an unproved/untested basin.

Recon Africa are a Canadian junior currently drilling what is deemed as the last of the great undrilled deep onshore basins in Africa and hoping to 'prove' a petroleum system (Namibia & Botswana).

They have currently 109m shares in issue and the price is cdn$4 some 5 days after the latest stock coverage. They have cdn$17m cash, no production, no reserves. Puts them at a m/cap value of $436m cdn or £250m and far in excess of SAVE.
A find of 500 mmbls is estimated to be worth $2.6b cdn or $2b US or £1.3 billion. They are using circa US$4 per barrel. Saves analsyts were being conservative in the lower oil price envirnonment and used $3.20/b. The risked recoverable for Save is 2.695 - 3.868 billion bls mid-high case or $8-$12 billion (£5.5b - £8.5b).

" VALUATION
RECO trades at 0.49x our heavily risked NAV of $4.00/share with an unrisked upside ~$24/share at a modest field discovery of 500 mmbbls.
An early 2020 assessment from Sproule underlined the potential with 1,044 mmbbls and 44.9 Tcf of working interest best estimate prospective resource. More recently, noted source rock expert Dan Jarvie has estimated that the basin is capable of generating 100 Billion+ barrels of oil."
We continue to see RECO as a special situational stock that is positioned to deliver on a high-impact exploration program over the first half of 2021 that will substantially de-risk a material resource and drive significant share price appreciation on positive results. We recommend building a position in the name ahead ofexploration resultson all three wells expected in late spring ".
https://reconafrica.com/wp-content/uploads/RECOJan112021.pdf

What's also interesting is the size of our basin (see following post pt 2), but the very big difference is that we have a very substantial and proven working petroleum system.

Interesting - now we have our Chairman SJ taking up a role at Viaro who provide the type of funding we'd be looking for - so any chance they are a potential candidate for pre funding Niger ?

'We are an Independent British Energy Company active in production and trading. We have grown rapidly since 2012, the Viaro Group reached turnover of close to $1 billion in 2019. We have production assets in the UKCS and commodities we trade include gasoline, middle distillates, petrochemicals, naphtha, fuel oil, and crude oil with global trading houses and other counterparties. Through our trading activities, the Viaro Group has established strong relationships with many oil and gas operators. '
Trading Activities.
Viaro Energy has been trading petroleum and petrochemical products with international partners since 2012. Our trading is based on a network of established international partners, but our intention is to enhance our business by expanding our network and researching new opportunities. Oil and Gas is our core business.
---------------------------
From FinnCap in the last 8 weeks re Niger -
"Savannah is also considering a potential pre-payment facility as a funding option."
"The funding requirement to develop the five R3 East discoveries is ~US$60m. On our estimates, Savannah would be able to finance this organically from existing cash resources and the free cash flow we expect it to generate in Nigeria. However, management has said that each business needs to stand on its own, and so financing will require either partnering or project finance. Management is expecting to provide and update on its future plans in the near future".

Has to be very, very positive for us and why Save chose to tweet this. On the road to 25GW. If we only maintain our 10% supply of the gas generation market, it should give us a target 3-4 fold increase for revenue.

Save tweet 50 mins ago that power transmission hits an all time peak of 5552.8 MW highlighting a gradual but consistent growth.

https://platformsafrica.com/2021/01/07/nigerias-power-transmission-hits-all-time-peak-of-5552-80mw/

'The new peak, she said, was an indication of the gradual but consistent growth in the capability of the power sector under the present administration.

She said that with the capacity to transmit 8,100MW, TCN successfully transmitted the enhanced peak through the nation’s grid at a frequency of 50.08Hz.

Also, the Acting Managing Director of TCN, Mr Sule Abdulaziz, encouraged all sector players to work together to ensure sustained improvement in the power sector.

“TCN will continue to build more substations as well as install additional transformers in various substations nationwide.

“It is also restringing old transmission lines to further increase their capacity to transmit more bulk electricity for Discos nationwide, ” Abdulaziz said.

Great to see TXP at 157p close today and substantially ahead of the broker targets at the time and why it pays to DYOR. To those that say this is paid for research - not in that sense otherwise it would be a blatant ramp, some would see through it if not up to scrtach but it's nothing other than pointing out a potential interest conflict and if anyone carefully did their own research they'd recognise imo proper diligent research. Like TXP at the time, the current valuation analysis now for Save doesn't reflect the true upside potential imo.

With Patience expecting to see 200p at some point for Save and for me reflects only part of the potential for either Niger or Accugas but the clues are there for the potential of such a reasonable price target imo. I know some find 200p questionable but 150p at TXP was also called questionable at the time being so far ahead of some of the brokers.

1) Price target upped to 52p risked for just a fraction of current opportunity and just THREE (3) TOP gas contracts . Additional 34p falling from debt reduction/cash build (net debt). Further upside if TOP moves to DCQ level. More contracts to follow - so should be worth 100p+ in value as some or variety of those milestones are reached.

2) 18p for 78 mmbls (FinnCap) Niger. Absolute World Class potential and about the best COS anywhere as evidenced with 5 out of 5 drilling successes. Multiple analog adjacent close proximity discoveries of over 1 billion bls booked from roughly just 2 play types.

Unrisked recoverable 6.8 - 9.987 billion bls mid -high case.
Risked recoverable 2.695 - 3.868 billion bls mid-high case. Serious numbers and like TXP/Ortoire, Save will get around to it.

As MT points out - average institutional fundings circa 39p so barely a 5 bagger for 200p.

Txp Share Price May 2018 15.5p

ZENGAS 3 May '18 - 12:52 - 1285 of 15285 Touchstone Exploration.
Personally speaking it's failing to see the wood for the trees.
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ZENGAS - 14 Jun 2018 - 07:44:46 - 1591 of 15286 Touchstone Exploration
150p target = 10 bagger from here.
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ZENGAS - 02 Jul 2018 - 12:00:51 - 1857 of 15286 Touchstone Exploration
The proximity of the other discoveries is also significant - some of the 200 mmboe in 4 discoveries by barely a mile or two outside the block boundary. For me it doesn't get much more exciting than that for a company of TXPs size.

ZENGAS - 14 Aug 2018 - 11:25:20 - 2586 of 15286 Touchstone Exploration - TXP
It's a growing company. Nit picking every barrel and day to day analysis is pointless
Continue to grow oil production from development locations.
Continue to moderately increase reserves from dev drilling programme.
Dedicated exploration assets for potential major reserve increases.
Invest/don't invest - simple - or find something to be relaxed about!
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ZENGAS - 30 Jul 2018 - 11:56:47 - 2275 of 15286 Touchstone Exploration - TXP
Shore Capital upgrade last week.
'The City brokers bullish view comes after its analysts upgraded their sum-of-the-parts valuation for the Trinidad-focused oil producer by circa 20% to 35p
" ... their risked NAV estimate for Touchstone has been upgraded to 35p a share"
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ZENGAS - 30 Jul 2018 - 12:17:49 - 2278 of 15286 Touchstone Exploration - TXP
It is very conservative and imo could be possible for a triple figure share price with average success.
It's got world class potential - has structural traps, stratigraphic traps, turbidite deposits and both shallow and deep potential and you can see the amount of reserves/acres from just some of the formations and pay attributed to Coora and WD blocks.
There is over 200 mmboe recoverable reserves found on 3 sides, just outside of the block boundary in 4 accumulations that would cover only a sixth of the Ortoire block.