Touchstone Exploration Share Discussion Threads

[captainfatcat] 18/6/2018 10:21

TXP I suspect for now is just way off investors radars.

[che7win] 18/6/2018 10:04

Proactive investor forum tomorrow and further presentations Wednesday.

[mount teide] 18/6/2018 08:59

$8.2m freed up for a one off payment of $0.15m - great work by the management.

Looks like they have just generated the funding for Ortoire's 5 well high impact exploration programme starting Jan 2019 for a payment of just 1.8% of the total amount of additional cash, that the credit facility extension and lifting of the minimum cash reserve covenant will make immediately available for use over the next 18 months.

[brasso3] 18/6/2018 08:45

Sleveen

PPC also have some additional production from other assets. They are running at around 2900 BOPD gross but I take your point how undervalued TXP are by comparison.

[sleveen] 18/6/2018 08:21

Agreed, addresses financing concerns up to a point.

PPC have today RNSed production of 2000bopd and their MC is £99m.

Whilst TXP is not directly comparable with PPC , there seems to be a large undervaluation with TXP. IMHO.

[brasso3] 18/6/2018 07:40

I'll keep buying it!

[2prsimo] 18/6/2018 07:36

One of the cheapest oilers on the market at present. I'll keep saying it!

[brasso3] 18/6/2018 07:31

Surely that should see us out of the teens.

[grannyboy] 18/6/2018 07:26

Yes and by the time it's due to start to be repaid, should be well on the way to 3000+bopd,..at least!

[zengas] 18/6/2018 07:24

Well there's $5m available that was locked up plus they won't be paying any of the quarterly payments in 2019 which were to start January 2019 of $810k/qtr = total of $8.2m freed up. Commencing Jan 2020 instead with a 1 year extension on the facility.

[brasso3] 18/6/2018 07:21

Nice RNS. That frees up an extra $5M

[sleveen] 15/6/2018 17:08

ross...a pretty fair assessment.

I suspect the debt route might not be appropriate given the current loan, which would leave the equity route possible convertibles ala TRIN?

[sleveen] 14/6/2018 16:07

Agreed, good debate is what a BB is all about.

For my money, I'm somewhere between the 2 protagonists.

That said I do recall the unexpected nature (as posted on the previous BB) of the last placing (Dec 2017) to fund the 2018 drilling campaign, promoted by PB.

The thinking was that TXP would generate plenty of cash to fund the 2018 drilling...

[zengas] 14/6/2018 14:41

Maybe you should refrain from describing shareholders "as apologists for their BoDs" when it comes to swapping personal comments. I'm certainly not an apologist but I am a shareholder!

If you're not selling up ros, what exactly 'concerns' you to labour the point ?

If you're concerned, then sell up and wait and see what transpires. Otherwise I fail to see your constant fixation of it being a "concern". As I see it, they are in a position of strength not weakness as to what path they choose.

By the way Parex reserves were -
32 mmboe P2 in 2013 with 128m shares in issue.
162 mmboe P2 in 2017 with 155m shares in issue.

There was little dilution in creating those 5 fold increase in reserves with a 20% increase in shares issued by comparison. They didn't get to 40,000 boepd without creating/adding reserves from 2013.

In the last 4 years price has risen 6 fold to cdn $3.8b (£2.2 billion) and you have to take into account the effect of 2014/15 markets.

[mr. t] 14/6/2018 14:25

captainfatcat - I agree and appreciate the constructive debate.

[captainfatcat] 14/6/2018 14:00

Always a positive thing in my book to have different view points and a bit of constructive debate on the bb.

[captainfatcat] 14/6/2018 13:05

If the first well comes in on the Ortoire block and produces at anything like its neighbours in early 2019 (just six months away) then self funding is not going to be an issue. If it doesn't come in then drilling plans may be paused as the seismic is revaluated.

May be shooting a bit of modern 3d seismic over the Ortorie targets wouldn't be amiss.

Pleased at any rate and feel its a real positive move by the company that Ortorie potential is now being talked about openly at last.