Lurk and Learns:
Sometimes we may not like how a business/energy reporter might speak of an O & G stock; however good, bad and/or indifferent it is least worth reading if only for "taking under advisement".
Reason being, sometimes generally substantive info previously unknown and/or unexpected to some, info might be thrown in for good measure.
GraceOlivia: Buyers and Sellers in a market usually have different motivations. In response to your lament, in TXP's case, an apparent overhang depressing the market manifested by the off loading by (some assume that it is North using brokerage Morgan Stanley on the TSX) while resulting in depressing PPS, should eventually abate.
However, caution based on your own level of risk aversity is still advised:
1. Firstly; until a market update is made (see below for timing) and
2. Secondly when Q3 2024 GAAP EPS is announced.
2024-11-11 19:16 ET - Market Summary
<snip>
by Stockwatch Business Reporter
Paul Baay's Trinidad-focused Touchstone Exploration Inc. (TXP), lost three cents to 62 cents on 896,700 shares. It fared better on London's AIM board, where it added 3.25 pence to 38 pence.
To the delight of European investors -- less so Canadian ones -- Touchstone boasted this morning that it has achieved "exceptionally promising" results at two new wells at its Cascadura field.
One well was a gassy gusher that flowed the equivalent of 5,000 barrels a day, while the other was remarkably oily even if it had a less impressive flow rate (1,100 barrels a day, including about 800 barrels a day of oil). The divergent results are in keeping with Cascadura's rather impish nature.
Long-time investors will recall that when Touchstone made its first discovery at the field in late 2019, it was expecting oil -- logging had indicated over 1,000 feet of oil pay -- but what came out was in fact gas.
The little oopsie was easily smoothed over by Mr. Baay, Touchstone's president and chief executive officer, who indeed called it "the best possible outcome" (a reference to gas having more favourable tax treatment in Trinidad than oil). The field's output remains mostly gas.
The oily result from one of the new wells is thus another Cascadura curveball, if a promotional softball for the chipper Mr. Baay, who delighted in reminding investors that oil is still by far the higher-revenue commodity.
Unfortunately for Touchstone -- and perhaps explaining some shareholders' lingering frowns today -- Cascadura's impishness extends to surprisingly steep decline rates. These already forced Touchstone to lower its production guidance in August.
Investors are awaiting a fresh look at Touchstone's production and a possible guidance update when it releases its third quarter financials
this Wednesday.
© 2024 Canjex Publishing Ltd. All rights reserved.
GLTAL GLAP CAVEAT EMPTOR
Cheers
Stanley