Touchstone Exploration Share Discussion Threads

[davidblack] 05/3/2021 09:36

Yep I choose not to be blunt, but it was two set of clear lies by omission.

Would you call it being truthful?

[spawny100] 05/3/2021 09:36

He was clearly waiting for some good news to release at the same time as advising of the delay in testing. I don't find that acceptable given they've obviously know for a long time about the delay.

[stockport loser] 05/3/2021 09:33

I closed my IG position first thing, not a massive amount, im all shares but had decided to do a SB into the test results. I covered 100% as i thought we would have them by end of March. So yes anyone like me will now close those positions given the timeframes. IG must love PB.

[herschel k] 05/3/2021 09:30

"Mislead" is disingenuous The market expects timelines.He has to give them.What I am 100% certain of is, because of Covid, what he would have wanted to say is "I can't give timelines right now because of Covid but what I would hope is.....etc etc"He has mentioned Covid delays throughout.Very harsh comment in my view DB.

[captainfatcat] 05/3/2021 09:30

It's looking like it's going to be over SIX months from Chinook discovery to flow testing of the gas intervals.

Who would have ever imagined it taking so long on an island who's number one industry is hydrocarbon production. Offshore maybe but onshore is frustrating.

[davidblack] 05/3/2021 09:17

Also Paul Baay has started to get “Economical with the truth” Re the testing.

First they said testing at Christmas, then 1st February and now it’s a muddle.

Apparently it’s now ok to mislead us? That’s a bit concerning.

[zeusfurla] 05/3/2021 09:14

Overall short-term reaction - expected this to be negative due to the short-term nature of a small number of PI's. Delays in testing are not good but of more concern was that we weren't told of this. However that is absolutely no reason for a logical holder to sell. Negatives out of the way, onto the positives.

6 zones previously identified - 3 at Casca yet to be tested and I am particularly looking forward to test results with bigger kit which could provide significant upside. At CHinook, lowest zone not viable at this location (many comments already on this), 180ft at Gr7bc I think is the oil-bearing zone, with the largest 341ft zone in Gr7a not yet tested and believed tio be gas.

Test results from Gr7bc oil zone this month. Casca 1st test results should be for 308ft of 2 previously untested zones within Gr7bc below 7000ft. Expect this later towards the end of the month. Then we have the 449ft Gr7abc larger zone previously discovered to be tested (bigger kit will certainly help here. Above this we have 558ft already tested at Casca which I assume won't be re-tested unless the larger equipment would provide a better estimate of reserves. That is a lot of gas!

Having a more powerful gas test rig may mean it stays on T&T to test post-Royston?

Overall I am as positive as I was yesterday, perhaps a bit more, but suffering from impatience. Trying to remind myself of Warren Buffett's advice of wealth transferring from the impatient to the patient. I intend to remain patient.

[captainfatcat] 05/3/2021 09:13

Davidblack "Feels like some of the people who paid up IG their 100% margin last Friday have been selling?"

Yes that's my thinking as well as anyone T-trading would be nervous about the delay news and will also be exiting.

[captainfatcat] 05/3/2021 09:04

Oil over $68 and TXP currently testing oil discovery.

From rns

"For reference, the offsetting Barrackpore oil pool has over 60 wells that have produced approximately 18.7 million barrels, averaging 300,000 barrels per well with oil ranging from 27 to 30 degrees API"


I need a better calculator the numbers are to big for mine.

Good things come to those who wait...

[pro_s2009] 05/3/2021 09:04

At a guess.

Casca-1 flow test results mid April.

Chinook Oil section production test results mid April

Chinook primary gas targets test results mid May.

Coho-1 production on line late May

Rosyton spud late April

[lord gnome] 05/3/2021 09:03

Interesting watching the price action in Canada last night. Somebody must have got wind of testing delays and so a decent rise was sold off to close a touch down. Not the first time that Canada has been a leaky ship.

[davidblack] 05/3/2021 09:03

Feels like some of the people who paid up IG their 100% margin last Friday have been selling?

It makes sense as there is not going to be much exciting news between now and 29th of March when they were going to be forced to close anyway.

So this is still being blown around in the wind from IG’s decision to block CFD trading on TXP.

And while today feels a tad flat given the response to what was good news in the end we want CFD sellers to move on.

It would appear that oil is now part of the landscape here.

They will be delighted in T&T as that mothballed refinery now may have a supply without the import transport costs.

Three rigs in late 2021! News is going to come fast and the T&T guys are going to have to sharpen up on making sure their drills have no issues. I bet PB is not the toast of the day at the local drillers office this morning?

[pro_s2009] 05/3/2021 08:58

Still in the tax year end selling zone......still in the 30 day B&B zone........still in the IG positions running down into the March rollover date were they will be closed for sure..........lots of reasons for weakness.

Just take advantage of it :)

[evilblues] 05/3/2021 08:57

Anyone brave enough to offer a rough 3 - 6 timeline here for test results etc? I'm contemplating adding significantly but need to sell other stocks to do so. TIA.

[hiddendepths] 05/3/2021 08:57

Well, I for one read it and felt a great deal of pleasure. It didn't even occur to me that it might be taken negatively. Naively, I thought that the sophistication of TXP investors would allow them to see through the water in the bonus level because of the presence of some oil in the sub-optimal location for this zone - and ignore the delays because they are both normal enough in this industry And outside the company's control. But there were SO many goodies in there that it made quite an exciting read!

[herschel k] 05/3/2021 08:57

I don't like being right The market is so illogical at times......but the word "delay" is never met with loads of people buying in O&G companies.....

[fozzie] 05/3/2021 08:52

Markets mad, everyone in risk off mode. Bought more, second largest position and very happy with investment here. A little patience required is all .

[homebrewruss] 05/3/2021 08:52

They can probably drill a well every in 30 days with the new rig so potentially 4 wells a year from their minimum 120 days per year contract plus the other rigs on top. 2022 should see a lot of drilling once the cash starts rolling in from Cascadura etc.

[onedayrodders] 05/3/2021 08:50

These sellers will be paying much higher prices to get back in pre drill news IMHO.

Mining, Drilling etc always prone to delays .. add to that Covid had to be expected.
I'm please it's just a relatively short period.

[lord gnome] 05/3/2021 08:43

Glass half empty today then?

[pro_s2009] 05/3/2021 08:43

If the new rig contract is with Savanna, then its capable down to 18,000 feet.




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Savanna’s telescopic double drilling rigs represent the perfect balance of depth, power and speed.

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[pro_s2009] 05/3/2021 08:27

Just have to wait for Paul on Wednesday 10th March at the Webinar. Think they should allocate a full hour for Q&A as there is going to be a lot of excited questions now for Paul next week :)

[homebrewruss] 05/3/2021 08:25

Pro there is not necessarily a fault between Cascadura deep and Chinook deep. From the seismic/model, I think the anticline forms a local structural high at Cascadura deep so presumably they will test there in the future