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% 18.50p 0 07:44:26
Bid Price Offer Price High Price Low Price Open Price
18.00p 19.00p - - -
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 18.85 3.28 -0.59 23.9

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Date Time Title Posts
16/8/201822:02Touchstone Exploration2,660
14/8/201810:08Touchstone Exploration (TXP) One to Watch -
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
2018-08-16 14:57:1718.156,1991,125.12O
2018-08-16 12:46:3318.3430,0005,500.50O
2018-08-16 11:48:5818.1050,0009,050.00O
2018-08-16 10:52:5119.225,171993.97O
2018-08-16 08:08:1618.305,7001,043.10O
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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 18.50p.
Touchst EX Di has a 4 week average price of 16.50p and a 12 week average price of 13.25p.
The 1 year high share price is 22p while the 1 year low share price is currently 8.13p.
There are currently 128,921,428 shares in issue and the average daily traded volume is 325,640 shares. The market capitalisation of Touchst EX Di is £23,850,464.18.
zengas: It is very conservative MT and imo could be possible for a triple figure share price with average success. TXP has around 15 mmbls P2 on 3,049 net acres after last March 2018 P2 reserves increase. They are still drilling those properties and likely to increase reserves further. From the T&T presentation in January 2018. 3 of TXPs main producing assets - Coora Blocks 1&2 combined = 1,699 net acres = 4.4 mmbo P2. WD-4 block = 700 net acres = 3.8 mmbo P2. WD-8 block = 650 net acres = 4.4 mmbo P2. Total = 12.6 mmbo P2 on 3,049 net acres out of a total 15.698 mmbo P2 including the minor properties. Then came the March 2018 P2 reserves update which increased the reserves on those properties by a further 18% net and after production. The Ortoire block is 35,785 net acres. It's got world class potential because it has at least 4 existing discoveries - has structural traps, stratigraphic traps, turbidite deposits and both shallow and deep potential and you can see the amount of reserves/acres from just some of the formations and pay attributed to Coora and WD blocks. There is over 200 mmboe recoverable reserves found on 3 sides, just outside of the block boundary in 4 accumulations that would cover only a sixth of the Ortoire block.
mr. t: In the six weeks since the agm, when the ortoire drill plan was described, Brent has been flat while txp's share price has risen 33% - comfortably outperforming other t&t oilers.Whether there's a future placing or not, the market appears to be endorsing txp's approach.Q2 results and another operating update are due in the next month, both of which I expect to be positive. Txp's a good share to hold imo, and I've bought more shares in the last couple of weeks.
mount teide: Ross - in the 12 months since the AIM IPO the share-price has increased by 147% DESPITE a significant placing at 11.5p about 6 months ago. If only all investments performed so well! As a prospective TXP 'newbie' last summer, there were a great number of factors i took into consideration when considering an investment of which the risk of a placing/s to raise further funds to accelerate production development was one, but far from the most significant. The factors with the highest investment case weightings were: Answers to questions i put to the CEO The long term, highly cyclical oil & gas market entering a new recovery stage Sector experience and previous track record of the Management Quality of the assets and terms of the operating licenses Geographical location of the operating assets and T&T's Legal system How the management plan to grow production Size of the Inventory of production development drilling locations T&T on-shore drilling costs - (hugely reduced by the 5 year sector recession) TXP Operating costs - (also hugely reduced over last 5 years to survive) High impact, low cost Exploration Upside (since upgraded to ultra high impact) To be frank, there is always a risk of a placing/s in companies regardless of size, in long term, highly cyclical industries like O&G when they enter a new recovery phase post a very long and deep recession(ask the mighty Glencore's shareholders, who experienced an 85% recession share-price drop, suspension of the dividend and then a huge placing at the market bottom - result since? nearly 400% up!). Since companies will naturally want to take advantage of the improving market conditions to accelerate their recovery by rapidly increasing production into a rising oil/industrial metal price environment. As has been shown at TXP over the last 12 months, the investment risk has been largely, if not completely insulated by the over 100% increase in the price Brent. In the Copper sector post the H1/2016 recession bottom, 4 separate material placings to accelerate development and exploration drilling has not stopped the Asia Met share-price appreciating up to 1,500% - indeed the last placing earlier this year was taken in its stride at a 1,100% premium to the recession low. Having access to that placing money has enabled Asia Met to fast track a number of work streams that have, and continue to add considerable value - underpinned by the double whammy effect of a rising copper price and strong copper market fundamentals. In long term, highly cyclical commodity markets the recovery stage(average 5-8 years with high volatility) post recession was probably best described by Warren Buffet: "A rising tide lifts all boats" ie its easy to make money when you've survived a long recession by cutting your costs to the bone and now with a largely fixed price business find the product you're selling has entered a new long term rising price environment generated by a half decade waterfall reduction in exploration drilling investment that has seen the Oil and Gas reserve replacement ratio in 2017 drop to an unprecedented 11% from a previous decade low of 50% in 2012! IMO TXP is the mirror image of ARS in the O&G sector but about a year behind in its recovery - ask the highly knowledgeable ARS investors who filled their boots at circa 1-2p in late 2015/early 2016 about the impact of the risk of placings on their investments and the answer you would get back might be ; "it did't stop me from turning £10k into £100k-£150k with plenty more upside potential as the company continues to add value and as commodity market pricing strengthens further over the years ahead, before reaching its next cycle high probably around 2023-25". AIMHO/DYOR
mount teide: ross - there are many ways to skin a fish ref: funding Ortoire. Another alternative would be that TXP could fund from cash the drilling of the best two gas prospects first. Should either prove successful - such is the potential asset value relative to the entire drilling cost of the Ortoire exploration programme, it could be used in a variety of ways to raise the finance to drill the remainder of the Ortoire prospects. This would leave the entire cash flow generated from current production to finance up to 20 wells for the 2019 production development programme. 'looking at the Ortoire story (which tends to be presented on here and even by the company as a far, far better prospect than is suggested by TXP’s current MCAP' After a year on AIM and despite the best efforts of management, TXP has probably moved from off the radar to a faint echo on the extreme edge of the largest range setting. This is largely because the market cap is probably still too small to interest the overwhelming bulk of the II community. Of far greater significance in my opinion is the appearance on the shareholders register of a specialist high conviction O&G sector II of the highest quality in North Energy - a fund run by a team of ex Norwegian Sea O&G sector professionals, who have increased their holding from 3.3% to 11.1% over the past 12 months. Following recent news of the size and number of the Ortoire prospects the company will be targeting with the exploration campaign, the share-price has broken out to a new AIM all time high - this is likely to continue over the next 5 months as we approach the commencement of the drilling campaign, aided and abetted by rapidly rising production from the seven new wells due to come into production during H2/2018. While many PI's were buying Asia Met at a 1p to 2p share-price, it failed to attract any II's - it took the share-price rising to 4.3p before the first(JPMorgan) showed their hand. Others II's waited until the share-price had risen 11 fold before taking exposure via a large placing. The reality is that the company and the potential of its assets hardly changed from the days of 1p - its just that they are now on far more radars and others can see that even at 11p the upside potential like at TXP today is huge. The collective knowledge of this board with reference to the investment case of TXP is probably, with the exception of North Energy, far greater than possibly any other II. Many PI's used a similar situation at Asia Met when the share-price was 1p to fill their boots with millions of shares, that II's were recently willing to pay more than 11 fold for when they finally got round to carrying out some research worthy of the name - but could have been picked up much, much cheaper as a result of the 2010-2016 copper sector recession if they had kept their eye on the ball. The oil sector also experienced a deep recession over a similar time period which resulted in many T&T onshore operators going to the wall and drove down the share-price of TXP to such an extent it was possible to buy for £85k the same size shareholding as the CEO who paid £1m for his nearer the peak of the market. What has changed regarding the business and assets since the CEO paid £1m for his shareholding? Operating and employment costs have been dramatically reduced Targeting the deeper plays has seen a 100% increase in production per new well Drilling costs have fallen by circa 42% A production development inventory of 208 drill locations has been identified Annual programme of 20 or so recompletions offsets annual field decline rates 5 drill prospects targeting very large reserves have been identified on Ortoire Brent has risen over 100% since the Q1/2016 recession lows. Most Multi National and National oil companies have cut O&G exploration budgets to the bone over the over the last 5 years. 2017 was yet another record low year for discovered conventional volumes globally. Less than seven billion barrels of oil equivalent was discovered. “We haven’t seen anything like this since the 1940s,” says Sonia Mladá Passos, Senior Analyst at Rystad Energy. “The discovered volumes averaged at 550 million barrels of oil equivalent per month. The most worrisome is the fact that the reserve replacement ratio in 2017 reached only 11% (for oil and gas combined) - compared to over 50% in 2012.” According to Rystad’s analysis, 2006 was the last year when reserve replacement ratio reached 100%. Not only did the total volume of discovered resources decrease – so did the resources per discovered field. An average offshore discovery in 2017 held 100 million barrels of oil equivalent, compared to 150 million boe in 2012. “Low resources per discovered field can influence its commerciality. Under our current base case price scenario, we estimate that over 1 billion boe discovered during 2017 might never be developed”, says Passos. “While there have been some notable successes this year, we have to face the fact that the low discovered volumes on a global level represent a serious threat to the supply levels down the road,” says Passos. “Global exploration expenditures have decreased year-over-year for three consecutive years now, falling by over 60% from 2014 to 2017. We need to see a turnaround in this trend if a significant supply deficit is to be avoided in the future.” As with Asia Met at a 1-2p share-price - long term cyclical markets can often at their nadir throw up some great opportunities that hindsight subsequently shows was staring you in the face - its often just having the confidence in your own research to buy when the herd and II's are still avoiding these sectors like the plague. II's usually come in once these cyclical markets have demonstrated sustained recovery by supporting placings often at large discounts - though missing out on the most spectacular gains that were there if they could have been bothered to look. I consider today's TXP price as like buying Asia Met at 2-3p before the PI herd and non specialist II community woke up and smelled the coffee(that a new recovery stage is under way in these highly cyclical long term markets). As with Asia Met, I strongly suspect the situation at TXP will probably look very different in 12 months time. AIMHO/DYOR
zengas: The CERP deal to me just shows what a bargain TXP is in terms of value. To buy (if it goes through) up to approx 6.7 mmbls reserves and 200-250 bopd production. Cost they say is $5.8m (£4.4m) through the issuance of 92.7m shares "equivalent to 12.5% of the current issued share capital". The current issued share capital is 649.2m shares. They may also have to issue a further 30m shares to Lind to convert the loan. Also a possible 33m deferred shares. To me that adds up to a potential 155.7m new shares which would be over 24% dilution in real terms. They also have to pick up the liabilities of Steeldrum including a $1.25m loan. Above adds up to just over 800m shares in real terms and a real m/cap of £40m at 4.95p Goudron did not make headway as quickly as originally envisaged and with this acquisition would give a combined 775 - 825 bopd or about 1,000 bopd less than what we were last known to be doing. There's an £18m m/cap difference and even if you were to strip £8m out for TXP when looking at both companies debt, that still gives a lower £10m m/cap difference for TXP and a 1,000 bopd greater production advantage for TXP and that's worth a further 15p on TXPs share price which brings it to within 10% lower than the broker current value target . By comparrison TXP just via normal development drilling in lifting prodution added an additional 2.8 mmbls reserves 2P along the way in 2017 while the 2018 drilling campaign was much greater and we will see by March the impact of likely additional reserves then. In my opinion we may add as much reserves via development drilling equal to what CERP have had to pay to acquire theirs.
buffythebuffoon: Sleeven, I find it astonishing that you should reduce your holding because another company has raised money at a lower price than the existing share price All that confirms is that they didn’t get the placing away at anything like their current share price. Haven’t we been saying for ages how ridiculous the valuation gap is with TRIN? We have a very experienced and stable pilot at the helm, and I am happy to support any future raises. I say this, as I have every confidence in his ability to develop our company into one of significant size in the safest manner possible. Raising money isn’t always a bad thing. To impute any negativity on the market cap of TXP because of TRINs raise is, with respect,bonkers! I actually edited my post, as I had written ‘the safest major’! Buffy
rossannan: ZENGAS Just to be clear, I am not interested in swapping personal comments with you. So keeping it TXP-related: Yes, you have always maintained that reserves are value drivers to the share price and can drive a share price exponentially. Yet when we had that discussion last time, you deployed the example of Parex and its massive, indeed exponential, increase in reserves since 2010. You omitted though to mention that the Parex share price had at best trebled over that period, suggesting significant share issuance, issuance which presumably helped to fund that massive increase in reserves, of which the share price increase over the period was therefore but a pale reflection. So my absolute focus remains on shareholder value, the value of my stake in the business rather than the value of the business or its assets as a whole. No, of course I don’t think that I am going to be diluted out of sight. I would sell up if I did. I am though very clear that any estimate of the current or future funding position of a company that you will find on a BB inevitably overestimates its firepower, so these plans, certainly more ambitious than what I recall being discussed previously, look hard to fully self fund. This is despite recent and anticipated progress. I see a potential funding gap and I don’t think it is at all unreasonable to be concerned about what might fill it.
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.
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: 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.
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