Touchstone Exploration Share Discussion Threads

[brasso3] 14/3/2019 08:21

Great update.

Bought some more!

[ileeman] 14/3/2019 08:12

I dont think TXP is one to spike but should see interest return after todays update.

Maybe concerns production was falling which would account for muted shareprice but that concern has been stamped out.

[spangle93] 14/3/2019 08:09

Sounds like there is more production gain to come, even without drilling recommencing, once the remaining 3 wells are recompleted in the higher sands

[ileeman] 14/3/2019 07:59

Great update with oil on weekly highs, lagging oil significantly if you compare to other producers.

Surely this is about to wake up after todays news.

[mount teide] 14/3/2019 07:55

Very impressive update - currently production of 2,358 bopd despite three wells with initial zones suspended awaiting authorisation to move to more prospective sands uphole - suggests production could be north of 2,500 bopd once these wells are producing from the upper sands.

993bopd from the eleven 2018 wells = an average of 90.27 bopd per well but since three wells are currently suspended, this means the eight wells fully on production are averaging 124.1 bopd - some 65% higher than the 75bopd target figure.

[captainfatcat] 14/3/2019 07:40

Brent pushing north again

[ileeman] 14/3/2019 07:39

Well was not expecting that, jump in production hitting almost 2400 well above market estimates + Ortoire has been approved

[captainfatcat] 14/3/2019 07:39

Solid ops update, onwards and upwards I would hope.

[lord gnome] 14/3/2019 07:35

Nie update - but will the market even notice?

[lauders] 13/3/2019 22:34

That is interesting iLeeman. Either something we don't know about is going on or there has to be a sharp upward correction to get us back on track! Hoping it is the latter of course!

[ileeman] 13/3/2019 22:11

Like most producers TXP has tracked oil extremely well until very recently, with oil on weekly highs TXP should be up atleast another 20%+

You can see it very clearly on this chart, TXP is the red and green.


free stock charts from uk.advfn.com

[fardels bear] 13/3/2019 21:37

I thought he was being ironic...

[ileeman] 13/3/2019 20:38

Oil has broken into new weekly highs, expect more highs to come.

I note Mr 100k buyer took some more today.

[wanobi] 13/3/2019 20:14

lol JM, nice one, time to buy more then :-) can't see this not rising soon btwtkdik :-) cheers Wan

[junky monkey] 13/3/2019 19:53

I think the market believes Touchstone produce significantly lower than 2000 barrels of salt water a day, and that the chances of the drill bit finding anything other than that or even gas nobody wants to buy is slim to none. They don't even have any money to rent a drilling rig anyways so nobody cares.

Paul Baay is the greatest snake oil salesman that ever lived. He also sells waterfront property to the retirees in Arizona as a side gig.

It's a shame I have over 550,000 shares of this train wreck, money would have been better spent on a 12 year homebrew alcoholic binge with subsequent liver transplant.

All my shares are in Canada, and even though it tracks the UK price fairly close, it's still Canada, and no one should trust Canadians, especially Paul.

[ileeman] 13/3/2019 14:46

Oil still testing weekly highs/resistance, looks like a break will follow shortly.

A ton of producers breaking out today, little old TXP still flat...does the market know they produce oil xD

[mount teide] 13/3/2019 11:55

Oil Markets See An Explosion Of Bullish News - Oilprice.com

'Oil prices jumped to two-week highs on Tuesday morning, rising on the back of severe outages in Venezuela and the ongoing production cuts from OPEC+.

A devastating electricity blackout swept over Venezuela late last week, crippling daily life for much of the country. PDVSA’s oil exports have been severely disrupted, and while data is scarce, output may have plunged by half to about 500,000 bpd, according to Energy Aspects. “Operations halted at main facilities, reducing output of main synthetic grades and blended Merey to almost zero,” Energy Aspects wrote in a note.

“There’s a vicious circle,” the International Energy Agency’s head Fatih Birol told Bloomberg on the sidelines of the IHS CERAWeek Conference in Houston. “Since the oil isn’t exported, there’s not revenue, since there’s not revenue you cannot invest in infrastructure.̶1;

The big question is how long the outage will last. The U.S. State Department announced the withdrawal of its remaining embassy personnel in Caracas. That could reduce the potential for conflict, since any incursion on American personnel could be used as a pretext for an escalation, possibly even military intervention. However, the withdrawal cuts both ways. Removing American diplomats could get them out of harm’s way, clearing the way for bolder action. Worryingly, U.S. Secretary of State justified the withdrawal by saying that keeping them in Venezuela had become a “constraint221; on U.S. policy.

The outages have global implications. Oil prices surged at the start of the week, with WTI jumping above $57 per barrel, and Brent above $67 per barrel.

Meanwhile, the OPEC+ cuts remain in place, and Saudi Arabia has suggested that it would maintain output well below its required levels. As part of the Vienna agreement in December, Saudi Arabia agreed to limit output to 10.3 million barrels per day (mb/d). However, as of March, Saudi officials said that they would only produce 9.8 mb/d. More recently, Saudi Arabia indicated it would maintain the 9.8 mb/d level through April, a sign that even as oil prices inch up, Riyadh would rather err on the side of doing too much rather than too little.

Saudi oil minister Khalid al-Falih also indicated that the OPEC production cuts could remain in place beyond June.

Combined, Venezuela and Saudi Arabia have provided a jolt to the market. “Oil prices are rising for the second day in a row…They are continuing to receive tailwind from yesterday’s announcement by Saudi Arabia that it will significantly restrict oil supply in April,” Commerzbank wrote in a note on Tuesday. “This shows Saudi Arabia’s resolve to keep the oil market balanced by keeping oil supply tight. Additional buoyancy has come from news that the massive power outage in Venezuela, that has been ongoing for five days now, is also hampering the country’s oil exports.”

On top of that, U.S. oil production actually fell slightly in December, an indication that the blistering growth rate could be “taking a breather after a six-month-long streak of all-time highs,” Barclays wrote in a report. The U.S. averaged 11.85 mb/d in December, down roughly 60,000 bpd from November levels. The decline came as a surprise after consecutive months of rapid growth.

It is too early to come to any conclusions, and one month’s worth of data does not indicate a trend, but the collapse of oil prices in November and December may have slowed the trajectory of the U.S. shale patch. Spending cuts and pressure from investors are forcing a lot of companies to curtail their ambitions.

To be sure, ost forecasts still call for another year of massive output growth. The EIA sees production jumping by another 1.4 mb/d. But other analysts said that the spending cuts could result in output undershooting those estimates. “Fundamentally I think supply estimates for the U.S will disappoint,” Ben Dell, managing partner at Kimmeridge, told CNBC.

“We expect production growth to remain relatively soft during H1 19 but pick up pace in the second half,” Barclays said.

In short, there are several factors working in a bullish direction, especially when compared to more pessimistic forecasts from a few months ago. Demand has held steady, defying dire forecasts for an imminent collapse due to a souring economy. The OPEC+ cuts, combined with unexpected outages, are tightening up the market. And while there is a great deal of uncertainty, U.S. shale could potentially slow down.

While inventories have yet to demonstrate a decline following the OPEC+ cuts, the market appears to be tightening up. Next up: Waivers on U.S. sanctions on Iran are a little more than two months away from expiration, which offers another land mine for global supply.'

[mount teide] 12/3/2019 21:20

Venezuela - Crude output has more than halved according to Bloomberg reports as a result of a five day Nationwide blackout seriously impacting the industry which is heavily reliant on the National Grid. Such is the fast deteriorating situation in the country, the US announced this afternoon that it is withdrawing ALL diplomats.

Saudi Arabia piled the pressure on the supply side today by announcing it is to keep oil production below 10 mb/d in April, extending its deeper-than-required cuts for another month. The move is said to highlight the Saudis desire to rapidly drain inventories and boost prices.


Crude Output Plunges on Venezuela Power Cuts - Bloomberg today

'Oil production in Venezuela has collapsed due to power blackouts throughout the country with state-owned Petroleos de Venezuela and its joint venture partners struggling to operate wells and other facilities due to the electrical problems which began four days ago, according to a senior Oil Ministry official.

Oil wells were halted and production stopped in some parts of the country as the industry depends on the national electricity grid, said the official, who asked not to be named since he’s not authorized to speak publicly on the matter. The person didn’t provide details on the scope or duration of the stoppage but described the cuts as severe.

Consultant Energy Aspects Ltd told clients in a note that Venezuelan oil production had fallen temporarily to as low as 500,000 barrels a day, more than 50 percent below 1.1 million barrels a day that the nation pumped in January. "Operations halted at main facilities, reducing output of main synthetic grades and blended Merey to almost zero," the consultant said.

The impact will be reflected in official production reports for March and company president and Oil Minister Manuel Quevedo should provide details on the situation this week, the person said. The ministry and company declined to comment on the state of the industry. PDVSA said on Sunday that gasoline supplies were guaranteed across the country.

Venezuela’s oil industry has already been decimated in recent years by declining production, a lack of investment and an exodus of trained and experienced managers and workers. In addition, sanctions recently closed Venezuela off from the U.S. market both for crude exports and imports of refined goods needed to blend with its heavy grade oil. Venezuela was exempted from the last round of OPEC-mandated output cuts due to the steep decline in production.

"The deterioration has accelerated," Fatih Birol, executive director of the International Energy Agency, said in an interview. Even before the current power blackouts, the IEA was expecting Venezuelan output to decline a further 500,000 barrels a day over time, he said. "I don’t see a reversal of the production trend in the current context."

"There’s a vicious circle," Birol said. "Since the oil isn’t exported, there’s no revenue, since there’s no revenue you cannot invest in infrastructure."

Output in the west of the country where lighter grades are pulled from wells has been hit hardest while some areas of the Orinoco Belt have been able to keep pumping, according to two people with direct knowledge of the situation.

The Orinoco Belt, which represents over 50 percent of total production, is connected to high voltage power lines coming from the hydroelectric dam known as El Guri where the bulk of Venezuela’s electricity is generated. PDVSA runs joint ventures with Equinor ASA, Chevron Corp, Total SA, Rosneft and Repsol SA, among others in the area.

Chevron and Equinor referred requests for comment to majority joint venture partner PDVSA while Total, Rosneft and Repsol didn’t immediately reply to a request for comment.

Oil stocks at upgraders, which are used to convert heavy tar-like crude into lighter blends for export, have reached their limits in the past weeks and downstream production was already being cut back at some oil wells to prevent backlog, one of the people said.

"We continue working to guarantee the efficient supply to the whole country, our inventories continue to be stable, we deny any shortage," PDVSA said on Twitter Monday.

Other than that, the government has remained silent both with details of the power failures and with any impact on the oil industry. Beyond blaming the opposition and U.S. for alleged sabotage of the Guri dam and distribution lines.'

[ileeman] 12/3/2019 19:32

TXP has some serious catching upto to oil/brent, TXP is my only producer that is lagging.

GKP holding just broke into new weekly highs.

Surely cannot be long until the market wakes up here. I assume March update lands this week or next should reiterate to market 2100bopd day + reduction in debt + update on Ortiore (first drill next to shell discovery)