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% 20.30p 50,000 08:00:00
Bid Price Offer Price High Price Low Price Open Price
19.60p 21.00p 20.30p 20.30p 20.30p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 18.85 3.28 -0.59 26.2

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Date Time Title Posts
19/10/201819:00Touchstone Exploration3,207
23/8/201817:16Touchstone Exploration 24
14/8/201810:08Touchstone Exploration (TXP) One to Watch -
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
2018-10-19 16:22:5719.6350,0009,814.00O
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Touchst EX Di (TXP) Top Chat Posts

DateSubject
19/10/2018
09:20
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 20.30p.
Touchst EX Di has a 4 week average price of 16p and a 12 week average price of 16p.
The 1 year high share price is 22.50p while the 1 year low share price is currently 10.63p.
There are currently 128,921,428 shares in issue and the average daily traded volume is 468,835 shares. The market capitalisation of Touchst EX Di is £26,171,049.88.
19/10/2018
18:22
mr. t: TXP's recent high was on 7th August at 21.5p compared to 20.3p today - On 7th August Brent was $72.31 compared to $80 today. - On 7th August the last operational update (from 12th June) said production was 1,821 bbls/day compared to our most recent operational update saying production is 2,015 bbls/day. - On 7th August the plan was to drill 10 wells in 2018, compared to the current plan to drill 14. - Since the 7th August, the Ortoire plans have progressed nicely. So, why is TXP's share price today less today than it was in August? There's no good reason and its due to market inefficiency - which will be corrected soon enough when TXP rises to 25p then 30p imo.
02/10/2018
09:45
highly geared: TXP should be double current share price based on production/revenue across their steady state assets. Ortoire in 2019 has the potential to multi bag the share. So, risk/reward compelling at current share price and especially with current POO.
04/9/2018
23:37
spangle93: Thanks Crooky Apart from the interesting new material on Ortoire, differences to previous month (2Q) presentation are Slide 4 - one extra person in Trinidad (!) also capital diversity section now shows that each raise has been at a higher share price than the previous one, i.e. raising money through equity isn't necessarily a bad thing for shareholders if it can be used to generate value Slide 9 - now includes number of development drilling locations and exploration prospects (standing at 4) Slide 11 and slide 12 - one more WD-8 well completed Slide 13 - is actually older than the 2Q pres - only shows up to May whereas 2Q pres goes 2 months further. Probably chose one from an older slide deck (an ex-colleague used to say this, I apologise for being welded to the 1980s) Slide 24 - Re-ordered to focus on scaleable economic growth (and again, the explo prospects stated as 4 vs. 5 previously). [Ross I'm sure you'll dwell on the downgrade ;-) but just think, less capital to find for exploration = less chance of a raising]. Actually as slide 17, they aren't actually prospects in the defined sense of the word, but rather, 4 prospective areas containing several prospects. As for Ortoire, some good new insights Slide 14 - not sure if that photo is meant to be Trinidad, but beds are tilted pretty much through 90 degrees. Nonetheless, the seismic on 19 and 20 shows a really complex picture, so those old wells are lifesavers in terms of giving confidence. The other thing is that most of the prospects where volumes are quoted are all rated at around a 1 to 4 ratio of risked vs unrisked. So, by no means a slam-dunk, but certainly a better exploration bet than many, and some paradigm-shifting numbers if discoveries kick in. Imagine what 281 MMbbl or a Tcf of gas would do for the share price if is were proven with a well!! :-) Note - this is the expected size if the prospect delivers, NOT the 3P size which fixates some punters and which even with a discovery only has a 1 in 10 or 1 in 7 (depending on 3P definition). In terms of risk, my punt is that it's skewed towards risk of no trap, given the limited seismic quality compared to the complexities of the deformed Herrera, with a minor risk of reservoir sand quality - it doesn't look like they have any cores from old wells to cross match against the logs. Clearly there is an active hydrocarbon charge The well depths aren't huge at Corosan, BUT they will I'm sure need contingency against drilling challenges. I can't see any contractor wanting a turnkey contract, plus there might need to be geological sidetracks if the targets aren't in the cartesian space expected. Other prospects are down to potentially 11,500ft. Nearer the time, if they give an indicative well duration, please don't go all MATD BB and start counting the days for a rank exploration well. It'll take what it takes. Exciting times
31/8/2018
13:40
rossannan: cfc I am not sure though whether the volume was really that high (for the time of year) during the initial TRIN drift (i.e. prior to the plunge on the placing announcement). That newspaper tip did certainly create significant volume before the drift started though. Time will tell what is actually going on here - I disagree with the suggestion by MT this morning that TXP’s drift is being in any way orchestrated and, when it comes to your comments about short selling, I always find it better not to assume illegality. If a share price is not doing what you want it to, it usually just means that the market does not share your view at that particular point in time. It is as simple and innocent as that. It does not mean that you are wrong, except in the very short term, but it is sensible to try and figure out where the market is coming from. I would suggest that if the current drift it is not a prelude to a placing, it is a loss of share price momentum which mirrors the slight loss of momentum that could be seen in the recent figures. I would argue, as I have before, that the financial realities of this capital intensive industry make a placing is more likely than not by the end of this year, but I have been happy enough to continue to reload (most recently this afternoon at 17.3p) up to what is now over 70% of what I had previously (before I sold out on the back of the recent figures). I wish that I had been astute enough to sell out in anticipation of the recent figures, as some did (kudos to flyinghorse1), but there you go.
29/7/2018
16:15
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.
29/7/2018
14:03
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
28/7/2018
11:29
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
13/7/2018
12:55
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.
14/6/2018
13:43
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.
03/5/2018
08:25
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!!!!..;)))
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