Webinar links and comment Main takeaways for me :
First and foremost - emphasis on that they are fully funded. The exploration and development plan will be "changed to suit" progress and there is no need for any further fund raises.
Coho - should be on-line by September. The reserves are there, they are not going anywhere, the value is there. It has no impact on the company if Coho flows first in July, or August, or September - see the above - they are fully funded. Emphasis on the big picture now.
Personally the above was a major thing I was looking for, confirmation that plans will be changed to suit whatever is ahead and they WILL NOT be looking for any further fund raising.
New rig arriving in June and should be ready for mobilization in September. Four wells to drill in the South West to increase oil production there and then the rig moves to Ortoire end of the year to start development drilling at Cascadura and hopefully Royston and Chinook as well.
One thing that was not said but is possible is one of the 4 wells will be a "deep" well in the South West - as DB has said, XM is spending a lot of time and effort down there and its very possible to "test the rigs capabilities" and get it "tuned up" that one of those 4 wells will be an elephant hunt well, deep. And I understand Paul not talking about it, as he is into hopefully "under promise and over deliver" mode.
Chinook, as has been said by a few, especially me, this is potentially a major oil discovery that just did not flow due to well damage. Its all to play for, news should be July/August time, around the same time that Royston gets to TD. As per the slide in the presentation, they have a "Full Development" plan for Chinook and two appraisal wells updip. The market is currently discounting Cascadura 50p for the Chinook result. Imagine that 50p back plus the value of Chinook if things turn out well in 60 to 90 days time.
Rosyton, on schedule for May spud. Royston if it hits the expected 700 feet of net pay is worth more than the total current value of the company, its a big well with a very big prize.
Interesting Shell are causing issues with Coho - quite a few people suspect Shell might come in with a takeover bid in the September to December period - and of course - limiting TXP cash generation makes a purchase price cheaper. Shorts are rising in Canada again (circa +500K shorts during April I believe) and there might be an ongoing attempt to "lid" the price as much as possible. Royston is the final well in the current Ortoire license commitment period, once its done then there will be a short window where someone might make a takeover bid. Once the cash is rolling in in 2022 and a dividend is announced, the price is going to very much higher.
New presentation link :
https://www.touchstoneexploration.com/wp-content/uploads/2021/04/April-2021-Corporate-Presentation-Final.pdf Video of the Webinar (TXP were the 2nd company presenting) :
https://www.youtube.com/watch?v=Os5ks4RhEPA .
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