Touchstone Exploration Inc T.TXP

Interesting post and reply..........

[Proselenes]

Reply to che7win post as below...........

Thanks che7win, that ties in with what I have been saying and also the replies I have had from the company and that I have posted many times.

They will use debt to fund ongoing requirements until Cascadura is online, so no equity placing is going to happen.

Which leaves the 9 million share short in London a bit of a problem now and how they close it, it was easy to sell it all the way down to 90p, but now they have to buy it all back again from the market which is/was not their plan - they planned on a placing to get cheap stock to close it.

IMO, as below:

Chinook updip oil will be 2023 exploration.

2022 H1 is all out to get Cascadura done and online by end of June 22 latest. NGC build the gas pipeline but TXP has to build the oil pipeline for the liquids.

2022 H1 may also be all the admin work to get Royston online by end of 2022 (in the event of a Royston success). So a Royston license area EIA will be required.

2022 H2 will be phase 2 exploration and infill drilling. So Steelhead, Guabine and Krakken plus infill drilling at Cascadura (and maybe Royston). This waits for Cascadura to be online. TXP could be 200 or 300 mmscf/d by end of 2022. 200 with Cascadura infill wells, 300 if Royston comes in good.

Coho-1, best estimate that is going to be late December 2021 online, any earlier is a bonus.

The 4 wells in the SouthWest oilfields commencing soon with the new Canadian rig are 1 million dollars per well, cheap and quick to drill and payback is very quick at current oil prices.



che7win 13 Aug '21 - 15:08 - 21677 of 21683

I’ve followed up with the company today with some questions I had from todays update:

Without going into specifics, I asked about Coho timelines, Cascadura, Coho and funding.

Answers in quotes are verbatim.

Answers:
1. Clarification on funding - “We will get cas on with cash we have. “
They made it very clear in their reply there will be no equity funding....

2. On Coho - from reply I understand it should be producing November.

3 They will revisit Chinook at a later date “Have much better things to do for the next year. “

[Margin321]

"Coho will be on-line in November".  By the way November is not "third quarter", only the most recent promise. When a date is set back again and again for a year and a half, then  "see you in November" is just not that exciting. 

[Davidblackgreen]

Don't be silly the Minister said August!

[Margin321]

Clearly November 2021 instead of September 2021  does not matter. If you look at their web site under operations, it still says this: "Our Coho-1 well was spud on August 7, 2019 and was drilled to a total depth of 8,560 feet. Wireline logs indicated approximately 64 feet of prospective natural gas pay in the Herrera Gr7b formation.   Coho-1 is approximately three kilometres from

[Davidblackgreen]

Covid added 6 months to the timeline. The NGC playing silly buggers with Shell added 9 further months of delays. Complaining about Covid is like howling at the moon! Not so productive. Complaining about the NGC being dicks, is only likely to screw up relationships with the Ministry of Energy, the Minister, the NGC real Cascadura, Heritage re everything and lastly any new licences or adjustments

[Kadiddelhopper]

I'm thinking of that Caribbean song ... " Don't Worry, Be Happy "... ...now I've ruined everybodies afternoon!

[Margin321]

Not saying the delay was preventable. Only that it had a negative effect on share price. Though the Chinook well going from announced "world class discovery" to "Oops" had a bigger negative effect.  I don't much care. I have high conviction about the future. I love the company. I added a lot more shares during this more than 50% pullback. Think of all the good stuff