RE: Today's newsFinally some good news from TPL, the highlights being:
- Decent flowrate from AKD05 before acidization. With acidization, TPL says this should be significantly higher, which in my mind means at least twice as high, maybe more.
- Recent drilling results in combination with further seismic interpretation have increased the likelihood of trapping being mainly stratigraphic. What this means is that the reservoirs are not dependent on faults for trapping, which leads to the possibility of larger structures AND a new trap type (more prospects). Indeed very good news!
- Production is ramping up, maybe not as quickly as we would like, but ever barrel helps to fend off dilution. Once the phase two infrastructure is completed and the new trucks have arrived, we should be looking at 3500 bbl/d, as earlier announced. Further, with the completion of the new rail road loading terminal in Q4 we should see a further increase (maybe 2x due to half the trucking distance). Hopefully we will be well into the autumn and higher SP before the next equity offering.
On the slightly negative side is no news on the Kalypso side-tracking, so we have to assume that there was nothing interesting to report there. Drilling moves on and we should have news in next month.
I was lucky to increase my position yesterday and TPL is now my largest holding (13% of portfolio)
All the best,
Darcy