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 Shares Traded Last Trade
  +0.00p +0.00% 15.00p 454,109 08:00:00
Bid Price Offer Price High Price Low Price Open Price
14.50p 15.50p 15.00p 15.00p 15.00p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 18.8 3.3 -0.6 - 19.34

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Date Time Title Posts
22/5/201820:02Touchstone Exploration1,464
14/3/201808:46Touchstone Exploration 23
10/10/201710:36Touchstone Exploration - 2014 - A new dawn891

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Touchst EX Di (TXP) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2018-05-22 16:15:0013.50200,00027,000.00O
2018-05-22 16:15:0013.50200,00027,000.00O
2018-05-22 16:15:0016.00704,964112,794.24O
2018-05-22 16:15:0016.00704,964112,794.24O
2018-05-22 15:30:0314.5839,9105,816.88O
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Touchst EX Di (TXP) Top Chat Posts

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 15p.
Touchst EX Di has a 4 week average price of 12.60p and a 12 week average price of 10.75p.
The 1 year high share price is 16.75p while the 1 year low share price is currently 7.75p.
There are currently 128,921,428 shares in issue and the average daily traded volume is 1,080,674 shares. The market capitalisation of Touchst EX Di is £19,338,214.20.
mr. t: Might not be a popular view on this board, but I'll be pleased if txp's share price continues to fall. I've got a good position, but would happily add at lower prices.
mr. t: I like that total operating expenses reduced from Q4 2017 - even excluding q4 2017's exceptional £954k prior year adjustment for contributions to a Petrotrin / MEEI head licence pollution and well abandonment fund. Expenses are being managed and we're seeing good operational gearing. In q4 2017, (pre exceptional) operating expenses were $21.49/bbl or $2,862k In q1 2018, operating expenses were $19.96/bbl, which I make to be $2,772k If we assume for Q2: - 1,750 bbl/d - US$75 average Brent, and similar discount of realised sales price to Brent - Royalties increasing to $23/bbl - Constant operating expenses ($2,772k = $17.60/bbl @ 1,750 bbl/day) Then I get: - Q2 revenue increases by 29% over Q1 from $10.4m to $13.4m - Q2 revenue after royalties increases by 30% over Q1 from $7.4m to $9.7m - Q2 operating netback increases by 48% over Q1 from $4.7m to $6.9m - Q2 operating netback/bbl goes from $33.53 in Q1 to $43.26 in Q2. If other costs remain the same (G&A, Finance, etc.) then there should be an extra $1.7m pre-tax profit to TXP in Q2 cf. Q1 ($2.2m extra operating profit - $484k exceptional profit in Q1 from selling seismic data). The numbers for future quarters will get better and better as production ramps up - as long as Brent doesn't decline significantly. E.g., according to my model if production goes to 2,000 bbl/day in Q3 and everything else stays the same then TXP will earn $1.5m extra pre-tax profit cf. Q2 (ie. an extra $3.2m cf. Q1). I'll be amazed in TXP's share price is not higher when that happens.
mr. t: Also topped up today.I appreciate the SPT means the oil price rise doesn't all flow through to profits. But still, the recent movement in Brent, combined with output getting towards 2k boepd, combined with TXP being highly geared - all leads to the share price moving up. And at some point, I think the sentiment to oil stocks will improve with the higher oil prices.
grannyboy: What's happened to TXP share price rise mirroring TRIN's????...The MM's arn't following the plan and need to get up to speed!!!!..;)))
rossannan: Okay, put it this way:It looks to me as if the Parex share price has maybe trebled over the period that you're talking about (unless I'm misreading the chart or have missed a corporate event).Given the massive increase in reserves that you highlight, this suggests significant share issuance over the period, issuance which presumably helped to fund that massive increase in reserves, of which the share price increase over the same period is but a pale reflection.Obviously a decent enough return for someone who bought their shares in 2010, but hardly stellar. A little more profitability and a little less dilution might have made all the difference. So I will remain focused on what TXP is making of the assets that it has. Profitable production first please.
zengas: Sorry but absolutely disagree with you. Reserves are not a lagging indicator. How much profits do you think TXP would actually generate from 18 mmbo reserves without concentrating also on increasing reserves ? which I am pleased to see they are doing (up by almost one fifth net and after 2017 production). 2 examples in point in Colombia Amerisurs P2 reserves have fallen from 32.8 mmbo in 2013 to 23.7 mmbo now. Their share price has lost 2/3rds of it's value doing circa 7k bopd (depleting by over 2mbls yr). Meanwhile Parex who used to be in Trinidad. 2010 P2 reserves 5.9 mmbo. (Production 306 bopd). 2011 P2 increased to 10.7 mmmbo (Production 11,000 bopd). 2012 P2 increased to 16.1 mmbo P2. (Production 13,500 bopd) 2013 P2 increased to 23.7 mmbo (15600 boepd). 2014 P2 increased to 58 mmbo (25,175 boepd). 2015 P2 increased to 68 mmboe (27,300 boepd. 2016 P2 increased to 82 mmboe (29,600 boepd) 2017 P2 increased to 112 mmboe (36,195 boepd) 2018 (Feb 6th) P2 increased to 162 mmboe with a reserves life of 11.4 years up from 9.9 years as of the previous year. Production 42,000 boepd. $163m cash. M/cap grown year on year and today cdn $2.8 billion = £1.533 billion. (Previously £2b+ in earlier years on a higher oil price but less reserves). Now if you were to use Parex at end of 2017 and its 112 mmboe P2/36k production and £1.5b valuation - pro-rata at a tenth of that ie say 11 mmbo P2 and 3.6k bopd you perhaps have a valuation of a fraction of their current £1.5b - you mean to say growing reserves doesn't make a significant difference in valuation growth ? Likewise if you were to ignore the small companies like IEC or Cove you would have missed out on maximum 50X and 26X return in them selling up on reserves growth in 3.5 and 3 years respectively. That contradicts your focus of "taking anything but the most long term view." Both loss making and one never producing from it's reserves. Another HOIL, sold 3 distinctive packages of reserves along the way for circa $3b combined despite for years producing sub 1k bopd . Again regardless of TXP increasing production, there is a limit to what those reserves are worth in actual profits over x number of years. However if at the same time you increase your reserves, you increase your valuation. If they say find/prove up a further 20 -40 mmbls then you can either sell those on at an in ground valuation or borrow against them or use some of your cash to develop them but ultimately they are a value driver whether you wish to agree or not. So as they break 2k bopd I wish to see a focus on building reserves in parallel to increasing production otherwise it really will be the most long term view.
rossannan: Buffy It’s hard to compare the three viable T&T independents because they all offer different growth / risk / debt profiles. CERP could grow explosively but there is already an (arguably justified) growth premium in the share price. CERP doesn’t have very much debt now. TXP looks likely to grow significantly and there certainly isn’t a growth premium in the share price. TXP does have significant debt though. TRIN will almost certainly grow steadily but while it is making good progress with its debt, it is certainly not debt free. TRIN is boring by comparison with the other two and that’s why TRIN is where I have serious money. Happy though to have a normal sized stake in one of the other two and TXP is the one that I’ve chosen for now.
che7win: rossannan, I agree. And besides that, I don't think I've ever come across such a large arbitrage opportunity as between TXP AIM share price and TXP TSX share price presenting itself here. At least not since investing in Acorn shares to get ARM exposure :-) The drilling campaign here is imminent, surprised these aren't at year highs (Canada really leading the way - maybe they know more than we do). I expect TXP to hit the ground running, they want drilling asap.
mount teide: 'Share price here becoming a bit more realistic'???? TXP down 11.7% from its recent high (17.0p offer down to 15.0p) while TRIN is down 16.8% from its recent high (20.75p offer down to 17.25p) Using your logic, TRIN's current share price would be described at becoming much more realistic by comparison! At $62 oil many would suggest TXP is better value at 15p, than it was under 10p when oil was $50. Since TXP is cash flow positive below $50 oil, the current £15m market cap is totally ridiculous considering the economics of the business. TXP annual revenue at $62 oil, after adjustment for oil sales brokerage and royalties is greater than the current market cap!
mount teide: Thanks Sleveen. Some analysis on TXP by ValueThe Markets in July 2017 - shortly after it came to AIM: Touchstone Exploration - positive start on AIM could cause the share price to rerate - ValueTheMarkets: '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.'
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