Touchstone Exploration Share Discussion Threads

[mount teide] 12/1/2019 12:07

The Oil Bull Market Is Back - OilPrice.com today

'Oil is officially back in a bull market as confidence grows over both the global economy and the willingness of OPEC+ to adhere to its production cut agreement.

Oil entered a bull market this week, having gained 20% since the low point reached in December. WTI rose above $52 per barrel, while Brent moved above $61. “The mood brightens, and the market realizes that the world economy and oil demand are not grinding to a halt,” Norbert Ruecker, head of macro and commodity research at Julius Baer Group Ltd. in Zurich, told Bloomberg. “Moreover, there is confidence that the petro-nations will cut supplies as promised to balance the market.” '

“The oil market looks to be broadly balanced in 2019, an improvement on 2018 which turned out oversupplied,” Morgan Stanley analysts Martijn Rats and Amy Sergeant wrote in a note. “This supports a partial oil price recovery.”

The investment bank says that the plunge in oil prices has “overshot,R21; with the selloff having been magnified in December due to the global financial turmoil.

To be sure, the fundamentals did turn negative, with weaker expectations for demand, weaker time spreads in the futures market, and higher inventories. In the short run, the ramp up of OPEC+ supply before the December decision to slash output will take time to filter through the market.

The bank says that the oil market was oversupplied by about 0.6 mb/d in 2018, but things look better this year. “With demand growth in 2019 of 1.2 mb/d and year-on-year decline in OPEC supply of 1.1 mb/d, offset by non-OPEC growth of 1.6 mb/d, we expect supply and demand to be broadly in equilibrium over the year, an improvement over 2018,” Morgan Stanley concluded.'

[lauders] 12/1/2019 04:23

Missed this one from 4th January. Nothing new but nice reminder:

Herrera sandstone reservoirs, on which Ortoire sits, are turbidite deposits – deep deposits formed by massive gravity flows that can turn into vast hydrocarbon reserves. The company expects to start drilling on the Ortoire block in the first half of 2019. The first target will be Corosan, a prospect located just north of Shell’s Carapal Ridge discovery, Trinidad’s largest onshore gas/condensate discovery in 50 years. President and CEO of Touchstone, Paul Baay is calling Corosan a ‘potentially world-class deposit’ and previously told ValuetheMarkets:

‘Corosan-1 tested about 8MMcf/d day at several different zones, but the operator didn’t drill it all the way to the base of the Herrera, so we plan to drill down to 7,000ft and investigate the full potential on offer. More practically speaking, the benefit of operating in the Corosan area is that we are only about 3km from Shell’s gas plant so we can tie in directly to the south of us. Essentially, the well will provide excellent proof of concept for the turbidite approach, the area is already proven to have hydrocarbons, we know it has some pay, and it is very close to market.’

[lauders] 11/1/2019 11:18

If we see a strong rise into the close before next week's open that would be a good omen tektonik. Perhaps the slight tick-up now is just the start ;-) Hope we have a great five-day session next week.

[tektonik] 11/1/2019 11:06

One would hope so Lauders, considering the last call was fairly recently. Oil performing well at the moment and probably got a bit more to go still.

[lauders] 11/1/2019 07:31

Some news on or before 15th January so they have plenty to discuss during the just announced presentation and Q&A session?

[ileeman] 09/1/2019 18:16

Oil surging ahead, TXP got a lot of catching up to do.

No doubt we get an update soon will wake the market up, new wells should be online.

[captainfatcat] 09/1/2019 13:52

Brent back above $60 a barrel

[captainfatcat] 09/1/2019 09:29

rossannan I'm more interested in oil prices received and m&a activity than the weather.

Icacos:
The assumption of field management of the Icacos Field and license was agreed with Primera Oil and Gas Limited following completion of the Sale and Purchase Agreement on 20 December 2018.

[captainfatcat] 09/1/2019 07:42

Some related info in Columbus update this morning.

[buffythebuffoon] 08/1/2019 22:48

Thanks for that rossannan.

MT is a respected poster, and I value his input.

Cheers.

Buffy

[gabrieloak] 08/1/2019 22:26

Hat tip on the sale price...I wondered about the TXP placing. I think the company seems to be ok. Maybe significant scaling of activity will require a placing to provide a buffer. I am not sure any of these Oil co’s in Trinidad can afford to not be active with the Fiscal regime as it is.

[buffythebuffoon] 08/1/2019 20:54

Rossannan,

Sarcasm, what the hell are you talking about?

It was not a slight on MT; it was just meant to be humorous. Those of a certain age will remember the cut and paste of yesteryear.

She? Fan of the Vampire Slayer were you?

[gabrieloak] 08/1/2019 20:04

rossannan...do you still hold here? If not, what level did you sell at (if you don't mind me asking?) Do you still think there will be a placing here having got the timing off a bit for last year?

[ileeman] 08/1/2019 17:06

Dont be such a hater rossannan xD

PS oil is charging ahead again, my GKP holding well in profit now just need TXP to follow.

[buffythebuffoon] 08/1/2019 10:37

..and not a pair of scissors or paper glue in sight.

Buffy