Touchstone Exploration Share Discussion Threads

[jamesiebabie] 16/7/2014 22:35

blik - I wonder how much they have been 'restricted'? :0) Interesting times.

[blik] 16/7/2014 22:29

Rereading, I agree with Spangle - btw, I am not negative, just managing my own expectations.

I especially like this:

"In the quarter a lease automatic custody transfer ("LACT") unit on our WD-8 property became operational. The LACT unit allows for greater production capacity in the field and will no longer restrict production capabilities at the wellheads. Similar upgrades to the facilities at Coora were successfully installed and are currently awaiting regulatory certification."

[jamesiebabie] 16/7/2014 22:25

I wonder if they will bring on the third rig if things are going well. I know they have an option for one.

[dosser2] 16/7/2014 22:24

What could they add to the sp? Will they cost more than they are making?

[jamesiebabie] 16/7/2014 22:23

Spangle - interesting. I hope you are correct. :0#)

And next year we get horizontals.

[spangle93] 16/7/2014 22:15

Jamesie - ref 193, the way I read it, none of the 4 wells has contributed to the production figures shown. So next quarter's production should be healthily higher

[jamesiebabie] 16/7/2014 20:25

But as DL has been saying, no need for placings, so it it must just be issue of equity for something or other. :0)

[dosser2] 16/7/2014 19:17

Guess one is a long term investment and one will need placings, issue of equity etc

[jamesiebabie] 16/7/2014 18:23

dosser - how much of LGO is hype and how much of TXP is being down played? I think there is a bit of both. Which is worth the most? I know which I believe is in a much better financial position and it's the one which is fully funded and debt free.

[blik] 16/7/2014 18:20

??

JB, I got my figure from Edison for May T&T production.

www.edisoninvestmentresearch.com/?ACT=18&ID=12092


Anyway... More details on per well bopd would be helpful.

[jamesiebabie] 16/7/2014 18:15

blik - "1,769 barrels per day in Trinidad and 506 barrels per day in Canada"

[dosser2] 16/7/2014 18:08

They must have known a lot of that news quite a while. If DL was in charge here he would have put that lot out a little at a time to see the price steadily grow. Each to there own.

[blik] 16/7/2014 18:00

I thought it was 1712bopd in May for Trinidad?

[jamesiebabie] 16/7/2014 17:51

blik - no, 1660bopd [May 20] v 1769bopd [July 16]. Not only that out of the 3.16wells, it would appear only one has been completed, the others are still awaiting testing,logging,etc. That's my take on it.

They say they 'will be completed', not that they have been.

[blik] 16/7/2014 17:30

Hmm, JB is that an increase of 57 bopd for Trinidad since May?!?!

Breakdown of bopd per well would be nice.

[carpadium] 16/7/2014 16:22

Don't we all, no contest, has to be EDG :~)

[kangaman] 16/7/2014 15:40

Can you lend me a few quid ? I know just where to invest it :-)

[jamesiebabie] 16/7/2014 15:36

Kanga - nice and steady and debt free, unlike some companies. Cash generation will continue for quite sometime and I am lead to believe that 2015 is when the party really starts; there's no hiding from it, but TXP are likely to be carrying out the first horizontal wells.

Exciting times ahead and they are on schedule to do what they want to do. :0)

[kangaman] 16/7/2014 15:30

I should say so and that's from a board that wants to release news on the cautious side of things !!

[jamesiebabie] 16/7/2014 14:36

That is a very good update!! :0)

[jamesiebabie] 16/7/2014 14:34

CALGARY, ALBERTA--(Marketwired - July 16, 2014) - Touchstone Exploration Inc. ("Touchstone" or the "Company") (TSX:TXP) is pleased to provide an operations update.

Highlights:

Achieved average field estimated production for the first 13 days of July of 2,275 barrels per day; 1,769 barrels per day in Trinidad and 506 barrels per day in Canada
Drilled and cased four (3.16 net) wells in Trinidad
Established positive operating cash flows from our Kerrobert property in June 2014
Trinidad Operations:

To date the Company has successfully drilled four (3.16 net) wells in total. Two (2.0 net) wells were drilled on the Forest Reserve WD-8 Block, one (1.0 net) well on the Grand Ravine WD-4 Block, and one (0.16 net) well on the Cory Moruga Block.

The two wells on our WD-8 property were drilled to total measured depths of approximately 4,000 feet. The first well (FR-1747) encountered 302 feet of net oil pay of which 170 feet is in the Lower Forest formation, 55 feet in the Upper Cruse, 18 feet in the Middle Cruse and 59 feet in the Lower Cruse formation. The well will initially be competed in the Lower Cruse formation. The second well (FR-1748) encountered in excess of 280 feet of net oil pay in the shallow section, of which 110 feet is in the Lower Forest, 85 feet in the Upper Cruse, and 85 feet in the Middle Cruse formation. Additional oil pay in the deeper Lower Cruse section will be quantified following cased hole logging operations.

The well on our WD-4 property (PS-579) was drilled to a total depth of 6,800 feet. The well encountered 585 feet of net oil pay of which 231 feet is in the Upper Forest formation, 313 feet in the Lower Forest formation and 41 feet in the Upper Cruse formation.

The Cory Moruga (16.2% non-operated working interest) well successfully reached its targeted total depth of approximately 6,600 feet. Testing and completion programs are currently being drafted by the contract operator for execution in the near future.

With these results, Touchstone remains on pace to complete our intended 21.3 well drilling program in 2014.

In the quarter a lease automatic custody transfer ("LACT") unit on our WD-8 property became operational. The LACT unit allows for greater production capacity in the field and will no longer restrict production capabilities at the wellheads. Similar upgrades to the facilities at Coora were successfully installed and are currently awaiting regulatory certification.

Touchstone continues to finalize both of its exploration and production licenses on our East Brighton and Ortoire properties. The Company has been informed by the government of Trinidad that the execution of both licenses will occur prior to the end of the third fiscal year quarter.

Canadian Operations:

Kerrobert, SK

During June, the Kerrobert property produced approximately 410 barrels of oil per day. The Company has undergone a cost-cutting strategy at the property to improve field netbacks. As a result, second quarter operating results for the property are expected to break even as the Company has reduced air injection costs and the associated operating expenses.

The Company is currently evaluating both conventional opportunities and thermal methods including cyclical steam stimulation ("CSS") and steam-assisted gravity drainage on additional geological reservoirs at the Kerrobert property that have previously been overlooked. Touchstone has made an application to begin a pilot steam project at Kerrobert which could commence in early 2015 using existing processing facilities.

On July 15, 2014 the Company secured 16 (8.0 net) additional sections of land in the Dodsland/Kerrobert area. This brings the Company's total Viking acreage to 18.3 (10.1 net) sections. In consideration for the mineral rights, the Company issued 1.3 million common shares plus nominal cash consideration.

Dawson, AB

In the second quarter the Company continued operations on a CSS pilot project in the Bluesky formation at Dawson with two (2.0 net) wells being placed on production in early June. These wells were switched over to oil production following six months of steam injection and are in the early stages of production. As modeled, initial recovery was predominantly water, however oil cuts have rapidly increased in both operated wells and the Company achieved a combined June 30, 2014 field estimated exit rate of approximately 110 barrels of oil per day. The Company will continue to monitor the results of this initial CSS production cycle and will continue future development planning for the Dawson property based on the results of the pilot.

[danrudd40] 16/7/2014 14:31

Looks like a positive RNS to me. What do those better informed make of it?? JB?

[jamesiebabie] 12/7/2014 17:40

This and that.

Nothing to say here or there until further news.

[lazarus2010] 12/7/2014 07:49

All very quiet on here and over at EDG. JB what's keeping you so busy?