Share Name Share Symbol Market Type Share ISIN Share Description
Touchst EX Di LSE:TXP London Ordinary Share CA89156L1085 COM SHS NPV (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 8.625p 8.50p 8.75p - - - 0 06:30:08
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers - - - - 8.90

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Date Time Title Posts
21/9/201717:22Touchstone Exploration - 2014 - A new dawn876

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2017-09-21 12:59:578.5929,2502,511.99O
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Touchst EX Di Daily Update: Touchst EX Di is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker TXP. The last closing price for Touchst EX Di was 8.63p.
Touchst EX Di has a 4 week average price of 8.13p and a 12 week average price of 7.75p.
The 1 year high share price is 9.63p while the 1 year low share price is currently 7.75p.
There are currently 103,137,143 shares in issue and the average daily traded volume is 116,964 shares. The market capitalisation of Touchst EX Di is £8,895,578.58.
buffythebuffoon: The equivalent minimum was 22p when I read it earlier. Now I read its 23.5p. Hey, this share price appreciation stuff is easy. Looking forward to rereading the post tomorrow evening. Buffy
zengas: Columbus M/Cap £24m @ todays 4.3p (559.5m shares in issue). 11.8 mmbo P2 . Exploration Opportunities in Goudron deep & S.West Peninsula. Production target 550 bopd by end 2017 to 900 end H1 2018. Debt $1.344m end June and cash remaining £1.684m. Plan to drill 10 wells at $500k each = $5m so debt or dilution will rise in line and $750k being advanced this coming quarter from a total funding facility of $8.6m. Revenue to end June £2.46m (circa $3.2m). ============================================== Touchstone M/cap £8.9m @ todays 8.625p (103.13m shares in issue). 15.68 mmbo P2. Exploration upside in Ortorie block with 4 known oil pools. Current production broke 1500 bopd last month and on target for 2,000 bopd with 4 wells to drill by year end - then onward drilling programme of some 10-20 wells. Debt end June = $14.7m (from $15m loan) reapayable at $810k/qtr commencing Jan 2019 with principle due in 2021. Cash $9.925m. Decommissioning transparent at $16.17m over next 25 years and $738k paid into govt abandonment fund in June. Half year revenue to June $14.827m. On an equal m/cap rating then TXP should have equivalent minimum 23.25p share price never mind greater revenue, production and reserves.
mount teide: Touchstone Exploration - positive start on AIM could cause the share price to rerate - ValueTheMarkets • July 24, 2017 'Since Touchstone Exploration (LSE:TXP) debuted in London just under a month ago its share price has risen 20%. It now trades at 8.75p on the bid (last seen). Touchstone is an oil and gas company, with onshore operations located in Trinidad and Tobago. In its latest quarterly report the company announced oil production had increased to 1,335 barrels per day (“bopd”). As I recently reported, Touchstone’s £7.3million market cap values the company favourably compared to its direct peers on AIM. This implicit undervaluation is encouraging, but improving fundamentals suggest a re-rate could soon be on the cards. When Touchstone came to AIM it raised £1.45million at 7.25p. The company’s plan is to increase oil production to 2,000bopd by 2018. Its pitch was it would achieve this through development of its low cost reserves (C$7.35 per barrel of 1P reserves and C$6.00 per barrel of 2P reserves) and lean operating model. One of the attractive aspects of Touchstone’s assets in Trinidad and Tobago is they are forecast to have low decline rates, suggesting both longevity of operations and resilience to the persisting low oil price. For private investors this almost sounded too good to be true. Compared to a lot of the rubbish in the lower reaches of the oil & gas sector on AIM, here is a company presenting a credible operational plan, trading at a modest price. Better yet and the board has been talking up the prospects of dividend payments! In the words of CEO Paul Baay, “When we set up Touchstone our goal was to create a dividend paying business. We were on our way there until oil turned south a few years ago. Moving forward this is still our plan, but it will largely be a function of where the oil price is. However there are also operational improvement we can make to ensure the business is run as efficiently as possible, including reducing drilling and operating costs.” This sounds great, but how much is a cynical market likely to believe this story? Judging by Touchstone’s news flow over the course of its first month on AIM, it seems likely it won’t take long for it to win over more admirers. The company’s Q2 operational report is certainly promising. During June, Touchstone brought two wells into production on its Coora Block. Well CO-368 produced 111bopd for its first 26 days of production and Well CO-369 produced 151bopd over its first 17 days. These wells obviously had a positive effect on Touchstone’s overall production rate. In the last quarter this rose to the 1,335bopd already quoted and it rose again in the first 17 days of July to 1,455bopd. As positive as the contribution from Coora has been, Touchstone’s attention is much more focussed on developments in the WD-4 Block. According to Baay, the company “has had the most success at WD-4, which is its largest and deepest producing block. Having not drilled wells for a couple of years because of the price environment, we completed an extensive review of our assets. As a result of this we now want to look for deeper production horizons, which will bring into play new production and new reserves. This is exciting for the island and a cheap way to conduct exploration.” As the final part of this summer’s four well drill campaign, Touchstone also drilled two wells at WD-4 (PS-598 and PS-599). These have encountered approximately 637 feet of net oil pay and Baay says, “based on performance of other wells at WD-4 we are expecting the two wells to produce at a sustained rate of 100-150bopd.” When asked why the company had not already released initial flow rates Baay replied, “releasing initial flow rates is not our style. The data is extremely unreliable. Our policy is to wait until we have gained a good idea of stable flow rates, before updating the market.” Assuming PS-598 and PS-599 meet the lower end of Baay’s expectations, by the end of summer Touchstone could be producing about 1,700bopd. This is not far off the target of hitting 2,000bopd by 2018. Looking to the future Baay commented, “our operational goal is to have one rig continuously drilling on the island. This will bring more wells into production and improve the company’s cash flow generation.” This suggests the company has plans to drill more wells in the second half of the year, not least because of the importance of generating increased cash flow. Touchstone is going to need this because one area to be mindful of is its debt. On 23 November 2016, Touchstone received a $15million loan from a Canadian investment firm. The interest rate is 8% and principal payments are due from 01 January 2019. The loan matures on 23 November 2021. Touchstone explains this in more detail in its Q1 report, but Baay believes the main point to take home is “that the company’s debt is manageable. The interest rate is reasonable considering market conditions and Touchstone has built into its plan the provision to start making principal repayments in 18 months time, from internally generated cash flow.” Touchstone’s reported financial performance in the first quarter of the year supports Baay’s belief. Although Touchstone lost C$1.1million, this was down from C$3million the year before. However, Touchstone’s operating profit during the period (including general and administrative expenses) was C$1.3million. Assuming increased production has not led to a significant increase in operational expenditure, this bodes well for Touchstone’s next set of reported figures. These are due out on 11 August. If Touchstone can demonstrate continued financial improvement as we move further into 2017, expect the market to sit up and take note. The £7.3million market cap could start to look cheap, as investors buy into the business’ potential.'
carpadium: Cheers Laz. As you say, looking fractionally better with Brent currently at 37, share price climbing slowly and pound to CND a dizzy 0.535! Whether the share price would fall or rise on news of a deal withdrawal, I wouldn't like to say.
carpadium: Bad enough the oil drop effect but the weakening CDN$ doesn't help either. Bought main tranche in mid-Nov with the £1 exchange rate at $1.77, currently $1.924 which translates into a 1.4p per share price drop on currency exchange alone.
jamesiebabie: 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.
jamesiebabie: Trinidadian oil exploration hots up This time last year, we predicted Trinidad & Tobago would soon become an exciting exploration destination for Aim-traded oil and gas companies in our sector focus piece, 'Could Trinidad be the new North Sea?'. And almost right on cue, exploration activity across Trinidad has rapidly accelerated while interest from speculative investors is exploding. Aim junior Leni Gas & Oil (LGO) has seen its share price rise four-fold this year on the back of successful drilling at its mature Goudron field onshore Trinidad. Shares in rival onshore operator Range Resources (RRL), meanwhile, have doubled in value since May, as have shares in Toronto Stock Exchange-listed Touchstone Exploration (TSX: TXP). This is despite the wider Aim oil and gas sector retreating a miserable 20 per cent over the past six months. The excitement in Trinidad mainly stems from long-awaited changes to the country's onerous tax regime that were finally passed into law in June. These include cost recovery measures as well as exploration and development tax breaks designed to reward companies seeking to increase onshore oil production. Reductions in royalty rates have also been successfully negotiated on a case-by-case basis. At the same time, there has been early progress toward redeveloping major onshore oil fields previously operated by the likes of Texaco and state-owned Petrotrin. Onshore fields have largely been left alone for the past 40 years but rising oil prices, technological advances and the proposed changes to Trinidad's tax regime have caused oil executives to look at them with fresh eyes. Sunshine and pumpjacks We looked at the backdrop to oil and gas production in Trinidad & Tobago in detail last time around, but for newcomers the broker's view section at the end of this article provides some useful background information. The key issue facing Trinidad is that, just like in the UK North Sea, oil and gas production has dramatically declined over the past decade as new discoveries have failed to keep pace with depleting reserves. While it will undoubtedly take time for the new stimulus measures to take full effect, they have already spurred several Aim-traded oil juniors to ramp up drilling. As a result, hydrocarbon production on the islands should quickly increase. Below, we examine the operations of each of the four current operators in turn. Junior oil and gas companies operating in Trinidad Company name Exchange Share price Market capitalisation Current oil & gas production in Trinidad (boepd) Leni Gas & Oil Aim 3.6p £95m 575* Range Resources Aim 1.9p £88m 630 Touchstone Exploration TSX C91¢ C$76m 1,769 Trinity Exploration & Production Aim 86p £86m 3,750 Source: Investors Chronicle & Bloomberg *Investors Chronicle's rough estimate based on recent well data and historical production figures Leni Gas & Oil Despite having the lowest average oil production rate, Leni Gas & Oil is the largest Trinidad-focused oil junior by market capitalisation following a four-fold rise in its share price this year. Investorsare excited by the company's flagship Goudron field. It was originally exploited by Texaco between 1956 and 1986 and still has about 100 old, inactive or poorly producing wells on site, along with decent enough infrastructure and direct access to an export pipeline. By reactivating previously shut-in wells, completing well work-overs and using new equipment, Leni has grown production from around 40 barrels of oil per day (bopd) in 2012 to a high of 388 bopd in October 2013. Eventually, it hopes to unlock further reserves using more expensive enhanced recovery techniques such as waterflooding. In the past few months, however, Leni has focused on drilling new wells on the property under a 30-well infill development programme. The first well, GY-664, was completed on 30 May and intersected a whopping 300 feet of viable deposits in the Gros Morne sandstone reservoir, as well as a 79-foot deposit in the Lower Cruse reservoir. Initial production tests outperformed historical flow rates by up to four times, yielding an impressive 240 bopd. However, it will be interesting to see what the flow rate falls to after 30 days, as these types of reservoirs on the island have been known to deplete quite quickly. Notably, it has been nearly two months since the initial flow test was conducted, but Leni has not yet updated the market as to the well's current performance. Leni has drilled three more wells since then, all of which intersected significant deposits (but flow test data has not been released yet). The company has also agreed to acquire another small producing field on the island, for which it recently raised £7m in a placing at 3.5p a share. Range Resources Range Resources has undergone a major makeover in 2014. The company's chairman brought in a new chief executive officer, along with some new non-executive directors in January. Range quickly initiated a farm-out or sale process to rid itself of non-core licences in Texas, Guatemala, Georgia and Colombia. Then came a partial refinancing of the company by bringing in a strategic partner and getting rid of several nasty equity swap arrangements. Now, Range is focusing its efforts on Trinidad where the company is the largest private onshore acreage holder. Like Leni, its flagship Morne Diablo, South Quarry, and Beach Marcelle properties are old onshore fields that have been producing on and off since the early 1900s; their current output is a meagre 630 bopd from around 165 producing wells, mainly in the Lower, Middle or Upper Cruse formations. Field improvements on existing assets should continue to boost production incrementally, but a step-change in production will likely come from two planned activities: drilling new wells or implementing a wide-reaching waterflooding programme. Last month Range completed the first new well at South Quarry since 2007; it came online at a stabilised rate of 70 bopd - a solid result. The company has four fully operational drill rigs and plans to drill additional targets across its portfolio over the coming year, possibly subject to a capital issue. It is also tripling the size of its waterflooding pilot programme at Morne Diablo, but a much larger scheme at Beach will take longer since it requires more extensive infrastructure. Touchstone Exploration Toronto Stock Exchange-listed Touchstone Exploration is producing three times more oil than Range or Leni from its onshore licences in Trinidad - yet its market capitalisation is roughly half that of its rivals. The chief reason behind the discount is that Touchstone also owns substantially loss-making Canadian heavy oil operations, which it inherited in a merger with Petrobank Energy earlier this year. That merger gave it access to Petrobank's large cash pile, though, and as a result Touchstone now has roughly C$44m in net cash (£25m). In 2014, the company plans to spend C$28m drilling 21 wells across its Trinidad licences to achieve a production rate of between 2,300 and 2,400 bopd by the year-end. It has drilled four wells so far, intersecting substantial commercial intervals in the Lower, Middle and Upper Cruse formations. Trinity Exploration & Production (TRIN) Local exploration and production group Trinity merged with Aim's Bayfield Energy last year, raising $90m (£53m) to pay for the exploration and development of some exciting offshore oil and gas prospects. Despite also generating cash profits of $35m from its producing properties (both onshore and offshore) in 2013, the group had just $9m in its treasury by 31 December 2013 after drilling an expensive exploration well offshore Trinidad, among other things. Thankfully, the TGAL-1 well was successful, encountering 547 feet of net oil pay; management believes the field contains between 50m and 115m barrels of oil in place. It will nevertheless take a few years to develop the new field. In the meantime, though, Trinity continues to spend furiously: it just drilled an infill well at its Trintes field, which experienced some unforeseen pressure difficulties, and the group has also agreed to buy four undeveloped offshore gas assets from Centrica for $23m. FAVOURITE Touchstone's shares offer investors the greatest value, although as they're listed in Canada, they're more difficult to trade. Three-fifths of the company's current market capitalisation is backed by cash and the its lower-risk, active drilling programme should provide plenty of share price catalysts. Importantly, Touchstone has committed to suspending its Canadian operations if it can't make them profitable this year, which could result in a positive re-rating. OUTSIDER Leni Gas & Oil's Goudron field undoubtedly has potential but we believe a lot of the upside is already priced in. Leni's market capitalisation is larger than any of its rivals, but the company is loss-making and its oil output is still minimal. True, successful flow tests from the Leni's current drill programme could quickly change this. But we believe a cautious approach is warranted for now until extended flow tests have de-risked the new wells at Goudron. IC VIEW: The new fiscal incentives in Trinidad should make it more profitable to develop small oil and gas fields on the island. We expect drilling activity to continue to ramp up and the recent positive share price momentum to continue. BROKER'S VIEW The islands of Trinidad & Tobago have enjoyed over 100 years of prolific oil and gas production, being located just seven miles off the northeast coast of oil-rich Venezuela. Trinidad is much more heavily industrialised than Tobago and has significant energy infrastructure: there are 12 methanol plants, 11 ammonia plants, a 160,000 bopd refinery and five LNG plants. An active and established oil services industry is in place, contributing significantly to the economy and accounting for over 40 per cent of GDP and 80 per cent of exports. Gas production has been the focus in recent decades with a significant push made by the larger operators (led by BG and BP) to monetise gas via Atlantic LNG. However, oil production has been declining since the late 1970s, when it peaked at 230,000bopd and Trinidad is now a net importer of liquids. Relative to other mature hydrocarbon regions, there are surprisingly few independents. In 2013, 27 were active with this number flat over a 10-year period. In comparison, the number of UK independents nearly doubled during the same period from 82 to 151. As a result, we believe Trinidad is not exploiting the secondary potential of its hydrocarbons - with mature fields and nearfield discoveries passed over by larger players. Moreover, effective lobbying for capital and fiscal allowances to incentivise exploitation of marginal fields has the potential to arrest the fall in liquids production. The fiscal regime in Trinidad is burdensome but not terribly uncompetitive. We estimate that government taxes and royalties amount to 55 to 65 per cent of revenues. That includes a government royalty, an overriding royalty, a supplemental petroleum tax, a petroleum profits tax, a petroleum levy, a green fund levy, a petroleum impost and an unemployment levy. Brian Gallagher is an oil and gas equity analyst at Investec. The above is a selection of his research relating to hydrocarbon exploration and production in Trinidad and Tobago.
jamesiebabie: Off the phone to Cameron and I feel even more comfortable about holding this stock. We may just be finding some new larger buyers coming on board from the UK as a broker is about to start the rounds. :0) They want to actively get the share price up as they realize the difference between TXP and the other Trinidad players. It sounds like 2015 will be interesting as I highlighted earlier that they have several wells lined up to complete as horizontal wells as per their latest presentation. Cameron wanted to get across that all of their projections are conservative. They do not subscribe to the 'hype' that LGO are putting out, they'd rather put out the IP30 and IP90 rates. TXP have achieved similar numbers to LGO, but they realize that they drop off quite a bit. [imho you could tell that by NR's video where he said it had declined but did not say to what level.] For TXP to release a separate news release would be for a material change of c.15% increase/decrease. We may be getting a news release in the not too distant future. TXP want institutions on board, not those in for a quick in and out gain. Interesting, hence watch this space I got the feeling. I would urge others to speak to the company! As I said, I feel very comfortable with the direction TXP are going in and they also realize the LTS share price and are looking at best how to use that 'asset', in terms of when to sell their shares. A new website should be up and running within a couple of days.
jamesiebabie: OK - I'll do it for you. TXP have over 1B barrles of STOOIP. LGO have 350M barrels. TXP have roughly x3 the amount. TXP can do the same as LGO -------------------------------------------------------------------------------- Lazarus2010 16 Jun'14 - 20:13 - 13 of 22 JB...nav of $1.41 against a share price of C $0.98...either the broker or analyst is due to give another re-rating or I just don't see any value in TXP. I can see LGO has proven STOOIP of 350 mln bbls and one successful well producing more than 200bopd, second well showing promise based on the technical analysis of the logs. I don't see TXP having anywhere near the same potential. Add to this the negative returns from their THAI wells and changing their approach to oil production, I still dont see where the huge value is?
jamesiebabie: About Lightstream. ------------------------------------------------------------------------------- 3 Key Signs Lightstream Resources' Turnaround Is Working (Motley Fool Article) 3 Key Signs Lightstream Resources' Turnaround Is Working By Matt Smith - May 22, 2014 | See also: PWECPGLTSPGFPWTWCP Troubled intermediate oil producer Lightstream Resources (TSX: LTS) continues to report solid operational and financial results, indicating that its strategic turnaround program is working. This is despite the volatile outlook for the price of crude and the flood of Canadian oil and gas assets on the market as a range of players in Canada's oil patch seek to reinvent themselves and dispose of non-core assets. It was only in late 2013 when investors lost patience with Lightstream and its management, who had continued to overpromise and underdeliver. The company's share price plunged precipitously to new lows, reaching $5.43 per share, before bouncing back by 32%. But what signs show that Lightstream is making progress? 1. This key profit metric continues to grow strongly One of the most pleasing aspects of Lightstream's performance in the first quarter of 2014 was the significant growth in its operating netback per barrel of crude produced. It shot up to $56.11, a massive increase of 24% compared to the previous quarter and 13% over the equivalent period in the previous year, making it one of the best operating netbacks in the oil patch. In fact, the only Canadian oil companies delivering higher netbacks are those with access to Brent crude pricing -– which trades at a premium to West Texas Intermediate –- operating in lower cost environments like Latin America. Lightstream's netback is well above the industry average of $42 per barrel for oil companies operating in North America. It's superior to some of the most efficient operators in the patch, including Crescent Point Energy's (TSX: CPG)(NYSE: CPG) netback of $52.65 and Whitecap Resources' (TSX: WCP) of $45.80. It is also superior to several other troubled Canadian oil producers that are also engaged in their own turnaround programs. This includes Pengrowth Energy (TSX: PGF)(NYSE: PGH) and Penn West Petroleum (TSX: PWT)(NYSE: PWE), which reported netbacks of $29.71 and $36.67 respectively for the same period. Lightstream's higher operating netback can be primarily attributed to higher realized prices for both crude liquids and natural gas, which exceeded Lightstream's assumed pricing in its 2014 guidance. 2. Capital expenditures have fallen drastically One of the key reasons why investors lost confidence in Lightstream was the company's addiction to debt. Not only was it using debt to fund the majority of its capital investment, but it was leaking capital through paying a dividend it couldn't afford. But in late November 2013, the company slashed the dividend by 50%. It also cut the budget for capital expenditure in 2014 by 25% while still planning to produce amounts of oil and gas comparable to those of 2013. To date, the company's management has met this promise, with capital expenditures in the first quarter of 2014 down a healthy 34% compared to the equivalent quarter in 2013, while production output has fallen by only 10% for the same period. Even more promising is that despite the significant drop in capital expenditure, Lightstream drilled only three fewer wells compared to the same period in 2013 yet still had a higher success rate – 100% compared to 98%. Lightstream's success in reducing capital outflows while also improving drilling results shows that the smarter targeted use of capital in proven oil and gas plays is paying dividends. 3. Liquidity continues to grow An important part of Lightstream's turnaround strategy is rebuilding the shattered balance sheet; the 2014 Q1 results show this is clearly underway. The sale of non-core assets is an important element of this strategy. In the first quarter alone, Lightstream has achieved asset sales of $253 million, or 85% of the $300 million targeted for 2014. During that quarter, Lightstream was also able to increase its liquidity by reducing its credit facility from $1.4 billion to $1.3 billion and extending the maturity date by one year from June 2016 to June 2017. As a result, the company's total debt fell by 11% compared to the previous quarter, though it increased marginally year-over-year by 2%. This reduction in debt saw Lightstream's net debt fall to just under three times funds flow from operations. Despite funds flow from operations declining marginally during the first quarter, the debt reduction indicates that Lightstream's 2015 target of net debt being less than 2.5 times its funds flow from operations is achievable. Even with Lightstream's share price having bounced back by 19% for the year-to-date it still appears very attractively priced. Its enterprise value is a mere six times EBITDA and 20 times its oil reserves. This is considerably lower than Crescent Point's EV of nine times EBITDA and 32 times reserves or Whitecap's EV of 10 times EBITDA and 21 times its oil reserves. Clearly, there is some way to go before Lightstream completes its turnaround plan, but as the 2014 Q1 results indicate, the company's performance is improving. All of its goals appear achievable within the targeted time frame, and the earmarked non-core asset sales of $45 million during 2014 will go a long way towards mending the company's balance sheet. These indicators show that Lightstream stands a strong chance of successfully completing its turnaround program and unlocking value for shareholders.
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