Touchstone Exploration Share Discussion Threads

[bluerunner] 21/10/2020 22:13

I was one of the “unlucky”; ones regarding being underwater. I initially invested here in Q3 2018 at around 20p. I was 50% underwater at one point. I held and have added at 15p and various points up to 63p. Very pleased to continue holding and very likely to add again soon. Anyone who initially invested at the recent high should take heart. To get a hit on 3 out of 3 drills is simply fantastic for all involved. There is potentially much more to unfold here. I have to say I am highly appreciative of MT’s knowledgeable posts. I am not alone on here in owing him a few drinks.

[davidblack] 21/10/2020 21:00

Apparently if you go back to 2018 when they were introducing their exploration concept they said that there had been 73 holes drilled the block, the first in 1928. And the other observation was that “Trinidad was a place where geologist go to die,” but maybe that’s no longer quite the case post TXP? 1.82 bid 1.84 offer and 350k traded in Toronto

[spangle93] 21/10/2020 20:54

Thommie, what is now BPC, but before that was CERP, and before that was LGO, and before that was Leni (!) also used to say exactly the same thing about the deeper potential under its SW Trinidad acreage. I can't stress enough the importance in derisking TXP's approach to Ortoire of the wells that were drilled in the 1950s and 1960s. Whether such old exploration wells also exist under BPC/TXP acreage to the west of Penal/Barrackpore and Ortoire is uncertain.

[thommie] 21/10/2020 19:41

Xavier moonan 2h ago in the facebook group said, when he was asked by someone, that the same turbidity plays could exist at their west licenses as well in deeper formations they didnt drill so far.

[captainfatcat] 21/10/2020 18:17

Fwiw there was also a small percentage of production royalty attached to the previous loan. SP behaviour pretty much as expected

[davidblack] 21/10/2020 18:06

Pro the new loan is actually much better For TXP than your post implies. The old facility was C$15m which is USD$11.45m so it was a decent increase anyway. Also the Canadian loan was only tax offset-able against Canadian profits which are likely never to occur as the Company will be sold prior to that. The new loan is Trinidad based so will be offset from any production profits. It was a very elegant move and assuming the bankers are happy that “Up to $50m lending facility“ will keep the development rollout on track, although I would think the Bank will require some forward hedging as is usual.

[gopbg] 21/10/2020 17:51

As I have said before I am a hold over from THAI days .....I paid US $2.10 /share on 12/31/2012.....Thankfully my huge more than double down bet has me in the green . This is no longer a business plan of looking to fund one well , monetize it ....and do it again . We are predominately a Gas play which has much less commodity risk . As we are in that part of cycle where we will have sustainable monthly profits and very large growth in monthly revenues awareness will have much to do with future share appreciation . Much of that appreciation will come with the profits on that "Wall of Cash " that I think will come 3rd or 4th Qtr 2021. I don't see logistics of COVID and Trinidad allowing a JUNE 2021 wall of cash start date . I hope I'm wrong ,but mgt has shown an inability to hit their time schedule. Those that own today will be rewarded handsomely for their early belief. To build operations to sustain multiple drill rigs will take money. We are funded thru 2020 . The company will need my estimate of $20 Million to operate in 2021 to the pedigree that mgt success has now created. As there is beginning discussion on what resources might exits in adjacent lands ....We better get going before somebody else does.

[herschel k] 21/10/2020 17:15

"This means we can go back to them as we grow".......suggests to me that tapping the market isn't likely, as opposed to those who are suggesting it is going to happen.I could be wrong of course but PB has been true to his word (for the things he can control) to date......Also, I think it's worth noting that after Cas, TXP stated that the gas contract with NGC would be worth a billion $ and that the Ortoire block represented a 5 year development plan.......the latest comments are a $2 billion gas contract and a 10 year development plan.......Wonder what it will be after Cas deep and Royston......??Exciting times ahead.GLAH

[pro_s2009] 21/10/2020 16:37

Just a little reminder....... Which means of course.......all development costs for Coho, Chinook, Cascadura can be covered by borrowing more (and the facility is up to 50 million - currently only 20 million and only 15m of 20m borrowed) Once Coho is on line later this year......Royston in 2021 will be paid for from operating cash flow........ Read the quotes below from Paul....... !!! https://www.valuethemarkets.com/2020/08/18/touchstone-exploration-fully-funded-to-drive-forward-at-ortoire-as-chinook-drilling-begins-txp/ Paul Baay said the firm has enough financial firepower to finish drilling Chinook-1 – the hotly-anticipated, third well on its hugely prospective Ortoire exploration block that spudded earlier this week. What’s more, he said the firm will have enough funds to follow up with a fourth well called Cascadura Deep later this year. With a current cash balance of US$11 million, boosted by a recent US$2.8 million VAT repayment and US $9 million placing, Baay added that no plans are in place for Touchstone to raise money in the foreseeable future. “It makes no sense to dilute investors through an equity placing,” he said. “Not when we already have the cash to complete this work ourselves.” ................ Should Touchstone repeat the success of its first two wells at either of these opportunities, then Baay is once again highly confident that equity investors will not bear the brunt of development costs. This comes down tothe firm’s recent closure of a seven-year, US$20 million term with Republic Bank – one of the Caribbean’s leading financial institutions. Touchstone has already withdrawn US$15 million to satisfy obligations relating to its previous US$20 million credit facility with a Canadian lender from which it has now switched. But Baay sees the relationship with Republic as a much more long-term arrangement that will open up increasingly as Touchstone grows, providing headroom that other explorers can only dream of: “This is a real bank – there are no sweeteners, no warrants, no royalties, and no covenants until 2023. Republic is capable of lending up to US$50 million without syndication, so this means we can go back to them as we grow and make more discoveries on Ortoire, and they can grow with us. It’s a super simple story right now; we’re going to drill the next two exploration wells, and away we go.” The case for a material fundamental re-rate from Touchstone’s current market cap is clear.

[pro_s2009] 21/10/2020 16:17

Starting to rise upwards in Canada now

[buffythebuffoon] 21/10/2020 15:55

Luckily not many of us have ever been underwater here ODR. :^} Buffy

[ngms27] 21/10/2020 13:41

I reckon you must be trigger to my boycie

[evilblues] 21/10/2020 13:36

I'm not either. Gonna call another sell off in the coming week or so. I'm Sure I'll be wrong ;)

[mount teide] 21/10/2020 13:34

The first Casacadura RNS said: Significant Oil Discovery The Chinook RNS said: Significant Nat Gas Discovery Perhaps suggests Nat Gas/Condensate is more likely. Makes you wonder what T&T O&G industry heavyweights Shell and BP make of Touchstone being able to find very significant nat gas discoveries on onshore licenses each previously held for decades and extensively drilled, look as easy as finding hydrocarbons under a garage forecourt!

[onedayrodders] 21/10/2020 13:32

ngms2721 Oct '20 - 13:06 - 12372 of 12375 0 0 0 Well the trades over. hallelujah

[davidblack] 21/10/2020 13:27

Thanks NGMS on your condensate thoughts and congrats on getting 7% extra stock “For Free.” Now let’s see what Mr Baay has to say!

[ngms27] 21/10/2020 13:10

Not convinced but it's a strong bounce with shares hard to come by so decided to take what I could.I actually tried to trade yesterday with a 100p limit but couldn't get a fill.

[evilblues] 21/10/2020 13:06

Sounds like you're convinced it's now bottomed?

[ngms27] 21/10/2020 13:06

Well the trades over. I effectively made 9p between buying and selling which isn't as good as I hoped for but it's still been profitable and worthwhile for very little risk.

[ifthecapfits] 21/10/2020 12:55

Thanks homeb

[inthemix] 21/10/2020 12:50

NT for 25p's worth

[homebrewruss] 21/10/2020 12:49

ifthecapfits I don't think they've changed much since 2013, the neighbouring block names are also on page 14 of the latest Touchstone presentation. I think the Guayagare block to the south has changed hands having previously been owned by Range resources.

[ngms27] 21/10/2020 12:47

I'd suggest condensate / wet gas far more likely than oil at Chinook.

[ifthecapfits] 21/10/2020 12:39

Cant find an up to date onshore concession map unfortunately. Any one got one?