Touchstone Exploration Share Discussion Threads

[stockport loser] 10/8/2021 13:19

Why would a spud be bought into? Its widely expected and adds risk as well as reward.

[awise355] 10/8/2021 13:09

Someone has pulled the buy trigger

[herman007] 10/8/2021 13:08

With regards to the operational update on Thursday,(ref Domus1) the market seems to have no expecations. With all the significant delays and the potential of Royston, one would think that even a rumor of an imminent spud would impact the share price.

[davidblack] 10/8/2021 12:43

Apparently I may have been simply wrong on my disappointment that they only tested 200ft out of the 500ft at Cascadura Deep.

In the case of Cascadura the whole 500ft appears to be one giant homogenous zone of rock.

Given that, apparently the 200ft zone will it appear be fine for draining the whole 500ft, with the bottom 300ft expanding upwards as gas is drawn from above pushing out the gas above it, which apparently should enable very high recoveries.

So turns out they did have “A cunning plan” after all.

[1domus] 10/8/2021 11:40

Looking forward to thursday.

The Q2 report will be followed by an operational update with status at Chinook, Coho, Casca/EIA.
And we will have a Royston spud probably tomorrow wednesday.
Inspection of rig is expected today.

[11_percent] 10/8/2021 07:07

Back to sleep.....no news.....zzzzzzzzz.......

[11_percent] 09/8/2021 18:34

Yup....if it is at the inspection stage.....its ready to go....

[ballymoss18] 09/8/2021 16:17

Ready for Government inspection.

[davidblack] 09/8/2021 16:02

Rig being erected.

[davidblack] 09/8/2021 15:32

They seem to have post Chinook decided to no longer baby sit shareholders by actively managing market expectations.

That feels like a better way going forward? Painful for three months with the news drought but still the right approach.

[eyeore2] 09/8/2021 14:53

@Davidblack - I don't care if the reasons are obvious or obscure, trivial or significant, when management set an expectation via an RNS and fail to deliver, it is incumbent upon them to reset expectations appropriately and provide context. At least they then evidence 'grip' which is a foundation for confidence in a company and ultimately its share price.

Long term, it's irrelevant. Short term, I think we can all see the consequences.

[1domus] 09/8/2021 14:50

The Chinook testresults can be 2 weeks away. The pressure testing could according to Paul go on for about a month(this was on July 15th)After pulling the pressure recorders the final well test interpretation is typically performed. This process can take from 2 weeks and up to 6 months depending on complexity of reservoir and reservoir pressure response.
Looking at Casca deep, the results were released about a week after the pressure recorders were pulled.
With this in mind, it is fair to say that the Chinook results can be 2-3 weeks away.
Material or not - if the results are in line with the usual Cruse wells like 200 boe, it would not be material.
If the well surprises and flows way more, it will be material.

But hey, this is my view. I would hope for a pressrelease anyway.

[herman007] 09/8/2021 14:02

Positive test results will not move the share price? That would be disappointing. Good to know that the company thinks its material and have promised to disclose the results upon completion.

[ngms27] 09/8/2021 13:41

In the grand scheme of things it's not going to be material and thus likely to alter the share price Therefore RNS probably not required, BUT in the interests of transparency I hope they do RNS the results.

[herman007] 09/8/2021 13:31

I agree. The communication and management of local operations is not up to par.First of all, the timelines were way off even before Corona. Secondly, Corona has been here for a while: Why not consider all these difficulties when drawing up a timeline? It was March/April, April, May/June/June… Now we are in August. The current guiding for Cascadura onstream is q4. I fear that PB is not only going to have to move that to January but possibly to Feb/March or even later. I also suspect that the management already knows that the q4 target will not materialize, but that they are reluctant to admit it at this stage. Today we have had some interesting discussions on the Norwegian forum. Domus1 has suggested that the Chinook test results could be 2-3 weeks away… ok, I have no clue. Furthermore, he claims that these tests (cruse formation) is not matetial news and does not need to be communicated through an RNS. I personally disagree, and the company had told me writing what they consider matetial news and that they will publish the Chinook test results as soon as they are completed. What do you guys think?Is it not material news?

[davidblack] 09/8/2021 11:56

Talk to the T&T government who after that release issued a complete curfew for the general population.

And whilst the oil and gas industry is a special exemption case, construction and support services aren’t which kills exploration.

Hence why everything stopped for a month plus.

It is what it is! Plus T&T folks are frighted just as we were a year ago when people started to die in numbers.

[eyeore2] 09/8/2021 11:40

Regardless of the reasons, expectation management has been dire. The May 25th operational update stated: 'Royston location preparation has been delayed due to COVID-19 restrictions impacting construction, with the well anticipated to spud in June 2021.' It has zero impact on the long term investment case but the lack of any formal update on this prediction, as stated in a RNS, is very poor. They either can't plan or can't communicate and social media doesn't cut it as far as I'm concerned. Stakeholders deserve better from paid management as the share price has been taken for a ride for many months now and it looks like this will continue until they tell the market something tangible 'on the record'. >>>

[1domus] 09/8/2021 10:46

The rig does not arrive in one piece. It is 40-50 truck loads. So after rig up is finished they need to test everything before green light is given from the rig owner.
Rigging up is hampered by road conditions and curfew.

[herman007] 09/8/2021 07:46

But the rig has been on site for a considerable time. Even if they cant work the night shift, there should be a limited number of tasks left before the green light is given.

[ngms27] 09/8/2021 07:31

Far to early for Royston to spud given Covid work restrictions. Another week at least.

[lauders] 09/8/2021 07:28

Perhaps they really are going to use social media more for news such as that herman007. Another point is the T&T's morning hasn't started yet, so perhaps an RNS will appear later if they chose to share the information in London and Canada? Suppose news could come anytime today or tomorrow morning.

[herman007] 09/8/2021 07:23

Is there any reason why we should not see the spud of Royston this week? Cant think of any myself, was in fact hoping for a RNS this morning.

[davidblack] 08/8/2021 23:07

LSE “Linton free zone”