Touchstone Exploration Share Discussion Threads

[lazarus2010] 04/2/2015 14:13

JB, is there any way to see the actual trades going through? I notice that the advfn Trades page doesn't work for txp presumably as it is tsx?

[dosser2] 03/2/2015 19:44

Moving up at last

[carpadium] 25/1/2015 13:11

Note confirms what a well-run, responsible company TXP are. They certainly are playing the game well in these troubled times, shareholders should applaud.

Thanks for that Jb, one to tuck away and add to over the next couple of years.

[jamesiebabie] 24/1/2015 19:23

New Edison broker note out; it makes for a good read and the management are playing the game well, aimho.

OT - I am aware that the management are seeking tax changes from the T&T government. Let's see what happens.

I like the hedge at this time for 800bbls/day at $70. :0)

[jamesiebabie] 20/1/2015 20:59

What will he be saying today?

[jamesiebabie] 13/1/2015 17:51

Cheers blik - steady as we go. tbh I'm not sure I'd be doing too much drilling or should I say, not too many completions at this level of PoO.

Rock steady with no debt.

[blik] 13/1/2015 16:43

Jan 13 2015 - Fourth quarter operational update from Touchstone Exploration:

- Achieved peak production of 2,539 barrels per day ("bbls/d") in the quarter with 2,234 bbls/d from Trinidad and 305 bbls/d from Canada (based on seven day field estimated production average).

- Realized average sales in the fourth quarter of 2014 of 2,276 bbls/d with 1,896 bbls/d from Trinidad and 380 bbls/d from Canadian operations.

- 2014 annual corporate average oil sales were 1,549 bbls/d with Trinidad production averaging 1,804 bbls/d post-acquisition (May 14, 2014 through December 31, 2014).

-Drilled and cased four (4 net) wells in Trinidad during the fourth quarter.

Touchstone Exploration Inc. ("Touchstone" or the "Company") (TSX:TXP) is pleased to provide the following operational update.

Trinidad Operations

Touchstone drilled a total of twelve (11.16 net) wells in 2014 as four (4 net) wells were drilled in the fourth quarter of the year. Four (4 net) wells were drilled on the Grand Ravine WD-4 block, three (3 net) wells were drilled on the Forest Reserve WD-8 block, two (2 net) wells on the Coora block, one (1 net) well on Fyzabad, one (1 net) well on Sunty and one (0.16 net) exploratory well on the Cory Moruga block.

Grand Ravine WD-4

Two (2 net) wells were drilled in Grand Ravine WD-4 in the fourth quarter of 2014. The first well (PS-582) was drilled to a total depth of 6,494 feet and encountered 694 feet of net oil pay. 164 feet of oil pay was encountered in the Upper Forest formation, 299 feet in the Lower Forest formation, 96 feet in the Upper Cruse formation and 135 feet in the shallow Morne L'Enfer formation. The well was initially completed in the Upper Cruse formation and is currently flowing in excess of 105 bbls/d. The second WD-4 well (PS-583) was drilled to a total depth of 5,548 feet and was logged on December 31, 2014. The well encountered 195 feet of pay in the Upper Forest formation and will be completed prior to the end of January 2015.

Coora

Two (2 net) wells were drilled on the Coora Block in the fourth quarter of 2014. The first Coora well (CO-366) was placed on production on November 16, 2014 and has averaged 70 bbls/d (pumping) since completion. The second well (CO-367) was drilled to a total measured depth of 4,290 feet and encountered 313 feet of net oil pay; 115 feet in the Upper Forest formation, 121 feet in the Lower Forest formation, and 77 feet in the Upper Cruse formation. Well CO-367 was completed in the Upper Cruse formation on December 10, 2014 and has average 60 bbls/d (pumping) since completion.

Sunty

The well on the Company's Sunty property (Sunty-3) encountered 110 feet of net oil pay in the Herrera formation. It was placed on production on November 4, 2014 and has averaged 170 bbls/d (flowing) since completion. Touchstone's other well on the Sunty property (Sunty 2 - drilled in September 2012) was recompleted in the fourth quarter and is currently producing at a rate of approximately 32 bbls/d from the Herrera formation in an adjacent fault block.

James Shipka, Chief Operating Officer, said, "The Company's decision to reduce our capital spending and pare back drilling operations in response to volatile commodity prices in the quarter resulted in drilling approximately half of our planned wells for the year. Despite this reduction, the Company achieved peak daily production of 2,389 barrels of oil per day in the quarter and enjoyed record production in Trinidad."

In the fourth quarter of 2014 Touchstone finalized both of its Exploration and Production Licenses in Trinidad on the East Brighton and Ortoire properties. The Company's 2015 commitments related to these licenses are minimal and preliminary work on both blocks is currently underway.

Canadian Operations

During the fourth quarter, the Kerrobert property produced average daily volumes of 308 bbls/d. The Company's cost-cutting strategy at Kerrobert has proven successful since its implementation and the Company will continue to focus on reducing operating costs and optimizing production at the facility. Cold production from the Mannville formation at Luseland averaged 59 bbls/d in the quarter.

As previously announced, the Company secured an additional 4.5 prospective sections on the Viking drilling trend in the Beadle area south of Kerrobert. This increased the Company's total position to 22.5 (14.5 net) sections of highly prospective Viking land, of which 112 (net, unrisked) drilling locations have been identified.

[jamesiebabie] 09/1/2015 19:45

I have tried to replicate the chart from TXP's Q3 results and extrapolated some more points down to $40 oil and what this means to TXP's profits per barrel.

[jamesiebabie] 09/1/2015 16:17

More director buys, yesterday. I'd love to know how he gets them so cheap.

[jamesiebabie] 07/1/2015 19:48

It will be interesting to see where we go from here including the PoO.

[dosser2] 07/1/2015 17:54

Better price to add now after the huge falls

[carpadium] 05/1/2015 18:28

Oh I agree, my holding is within my SIPP and it's certainly one stock that I'm comfortable with and one to which I'll add to regularly.

[jamesiebabie] 05/1/2015 18:21

Carp - As far as I am concerned TXP is one of a handful of companies that ARE investable at this time as they have no debt to service and are producing; the share price movements are short term things. I will be adding later this week as I see the true vale at multiples of where we are now over the coming couple of years.

[carpadium] 05/1/2015 18:16

Cheers Jamesie, matter of staying tuned :~)

See we're back to pre-last Friday level :~(

[jamesiebabie] 05/1/2015 16:59

Carp - It really depends on whether the companies can get their production levels up to a level where they would be happy; where that lies I do not know, but I should think it will be somewhere over 10k bopd.

[carpadium] 05/1/2015 16:32

Jamesie, do you reckon there's a possibility of, sometime in the distant future when the current bedlam is historic, the likes of Sinopec or Repsol may make a move on TXP or LGO for T&T expansion. Perhaps this would run counter to IPSC terms and therefore be unlikely? Appreciate your thoughts.

[jamesiebabie] 03/1/2015 22:20

Carp - here's another one along similar lines; I didn't realise that we are working with Sinopec!!

[jamesiebabie] 03/1/2015 21:55

Carp - cheers for this.

Regardless of oil price, investment continues apace’
Story Created: Dec 30, 2014 at 11:28 PM ECT
Story Updated: Dec 30, 2014 at 11:28 PM ECT

On December 22, Energy Minister Kevin Ramnarine hosted the signing ceremony for the East Brighton Block at his office in Port of Spain.

A licence was signed for oil and gas exploration and production with Touchstone of Canada, SOOGL of China and State company Petrotrin.
Following is Ramnarine’s full presentation at the signing agreement:

We gather here again to mark the signing of yet another agreement between the Government of Trinidad and Tobago and companies in the oil and gas industry. In this case we have signed the licence for exploration and production as it relates to the East Brighton block. The three companies involved are Touchstone of Canada, SOOGL of China and Petrotrin. SOOGL is a subsidiary of Sinopec of China and Touchstone is a Canadian company with extensive interest here in Trinidad and Tobago.

The exploration and production (Public Petroleum Rights) licence for the East Brighton Block is being granted for a period of six years to Petrotrin, SOOGL Antilles (Trinidad) Ltd and Primera East Brighton Limited (PEBL) or Touchstone. The block comprises an area of approximately 8332 hectares and is situated off the Gulf-of-Paria coast of Trinidad in shallow water. The minimum work obligation commits the companies to one exploration well that must be drilled within the next 36 months.

The working interests in the block are now as follows:
• 24.5 per cent Primera/ Touchstone
• 45.5 per cent SOOGL
• 30 per cent Petrotrin

To date 113 sq km of 3D seismic has been acquired on the block. Touchstone will be the operator of the Block. The major minimum commitment here is one exploration well.

The East Brighton Marine block has been characterised as a potential oil-bearing play and the encouragement of activities in the block is consistent with the strategy of the Ministry to focus on the stimulation of oil production in Trinidad and Tobago.

Ladies and gentlemen, this is the seventeenth licence or PSC that I have signed in the last three years. I am told by the ministry that based on our records, this is unprecedented. It demonstrates that our focus has worked. Of these 17 agreements, nine are for deepwater blocks. This block is oil prone.

Ladies and gentlemen, in the last three years we have arrested the decline in oil production that started in 2006. In the last three years, oil production has stood still at around 81,000 barrels of oil per day. I expect 2015 to average above what we averaged in 2014.

2015 has seen increases in oil production from Repsol, Leni Gas and Oil (LGO) and BP. In fact Leni has been the star performer of 2014. A few weeks ago they brought in a new well GY 670 at a rate of 1100 barrels of oil per day. That makes that well the highest producing oil well on land and the highest producing well on land in some 20 years. The success of Leni in the far-flung Gourdron field demonstrates that the “Incremental Production Sharing Contract” or IPSC model has worked. We are also seeing success from another IPSC AV drilling. The IPSC’s averaged 730 barrels in calendar 2013 and will end 2014 with an average of 2347 barrels per day in December of this year.

Most of the upstream companies have indicated to the ministry that they have no plans to change their investment profile in 2015. This is good news and we expect 2015 to be a year of high capex spend as BP ramps up its capex on Juniper and that means another rig coming into the country. With regard to BG, drilling will commence in Blocks 5(D) and 5(C) and BHP prepares to start drilling related to its Angostura Phase III project. So regardless of the oil price, the investment programme of the upstream companies continues apace.

The MEEA has also been working with Petrotrin to reduce the time taken to give approvals to lease operators to drill. We have a better appreciation for the challenges the LOFO community faces and we are working with them to deal with the bottlenecks in the system. At the end of the day we all want more drilling and more oil production. This is in the national interest. One improvement is the length of time it takes for Petrotrin to give approvals to lease operators to drill. We have now agreed that the maximum period is 30 days. This will improve ease of doing business in the oil industry.

As we close let me commend Touchstone and SOOGL for their demonstration of confidence in T&T. In 2011 Touchstone entered T&T and acquired the assets of Primera Oil and Gas which were formerly owned by CL Financial. The production then was 975 barrels of oil per day (bopd). By the end of 2014 they would have increased that number to 2,200 bopd. For Touchstone I know 2015 is a busy year. The company has plans to drill 30 wells in its lease and farmout operations in 2015 and they expect to repeat that in 2016. As a consequence at the end of 2015 their forecasted production will go to 3,500 bopd and by the end of 2016 it will be 5,000 bopd.

The oil and gas industry, ladies and gentlemen, in this country is strong only a few weeks ago we read that Touchstone secured a loan for $US50 million with Scotiabank here in T&T to support its ambitious drilling programme. This is a demonstration of confidence in our economy. We want to encourage the local banks to get behind the lease and farmout Operators and the Independent producers.

As I look back on 2014 it was a challenging year, I think we met those challenges. The T&T energy sector has held together in the midst of the most significant structural change in 40 years and I speak of course of the Shale Oil/Shale Gas revolution in the USA. But we must be constantly vigilant and our policy must be flexible and not rigid. It is also indisputable that this ministry and its agencies have put in place in the last four years the platform for the future. When I speak at the Energy Conference next month I will give an idea of the level of activity in the energy sector for the next 24 months.

[carpadium] 02/1/2015 16:38

HNY Jb, let's hope this one comes alive this year!

Nice bit of coverage here for TXP....

hxxp://www.trinidadexpress.com/business-magazine/Regardless-of-oil-price-investment-continues-apace-287174261.html

(sorry URL is not live, can't seem to make it so of late ... someone tell me what I'm doing wrong please)

[jamesiebabie] 01/1/2015 14:51

HNY to all.

P Baay speaking later this month. I also note NR from LGO will be presenting.

[dosser2] 24/12/2014 16:36

Silly price again!

[jamesiebabie] 23/12/2014 08:49

December 22, 2014 16:35 ET

Touchstone Announces Signing of East Brighton Exploration License
CALGARY, ALBERTA--(Marketwired - Dec. 22, 2014) - Touchstone Exploration Inc. ("Touchstone" or the "Company") (TSX:TXP) is pleased to announce that it has signed an Exploration and Production License for the East Brighton Block (the "License") in the Republic of Trinidad and Tobago. The License is for an initial six year term, with the option to extend a further twenty-five years upon commercial discovery. The licensed area is a contiguous block directly adjacent to the Brighton Marine field which has produced approximately 60 million barrels of oil to date. The Company holds a 24.5% non-operated working interest in the Block.

Paul Baay, President and CEO, said "East Brighton represents Touchstone's third major oil exploration block in Trinidad and Tobago. Combined with the Cory Moruga and Ortoire Blocks, the Company has excellent potential for future growth and looks forward to sharing the benefits with the people of Trinidad and Tobago."

Initial work commitments associated with the License renewal include conducting technical studies and revaluation of existing 3D seismic within two years of the effective date of the License, and the drilling of one 5,000 foot exploration well by the end of year three. The Company currently forecasts its share of these commitments to be approximately $3.5 million over the three year period. The commitments are expected to be funded through future cash flows.

James Shipka, Chief Operating Officer, said "the East Brighton Exploration Block is a significant exploration opportunity for the Company. With high quality 3D seismic coverage over the block and two noteworthy drilling tests on the block (PBM-1 and PBM-2), the East Brighton block has tremendous potential and complements our existing inventory of low risk development properties."
The East Brighton Block brings Touchstone's land holdings in Trinidad and Tobago to a total of 60,300 net working interest acres.

[dosser2] 17/12/2014 21:15

Down a bit at close

[jamesiebabie] 17/12/2014 20:16

I'm expecting an update on the exit rate within the next few weeks.