TXN - Texon Petroleum
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i am sure the following news was posted earlier as it is dated 17 Feb
But I saw it today so posting taking the benefit of doubt
February 17, 2011
Texon Petroleum Has Four Wells To Test In Coming Weeks To Drive Up Q2 Production Numbers
These are busy times for ASX-quoted Texon Petroleum, which is seeking to prove the commercial potential of its 5,000 acre lease position within the emerging Eagle Ford Shale in Texas. It cannot have escaped the attention of regular readers that the Eagle Ford is one of the hottest plays in the US, because of the oily sweet spots that ensure premium revenue streams for operators at a time when natural gas prices remain depressed – ironically, because of the natural gas supply surge as shale drilling took off around the previously gas-short country.
Texon Petroleum may be an oil junior but it is punching above its weight as a new producer in this shale hot spot, where acreage has been trading at increasingly high premiums as companies, including Statoil, CNOOC and Shell, seek to build exposure to this oily sweet spots in this promising play. Texon has one well producing from the Eagle Ford, the Tyler Ranch EFS-1H well, which came online in December with an initial production rate of 1,267 boepd (1,202 bpd of light sweet crude and...
But I saw it today so posting taking the benefit of doubt
February 17, 2011
Texon Petroleum Has Four Wells To Test In Coming Weeks To Drive Up Q2 Production Numbers
These are busy times for ASX-quoted Texon Petroleum, which is seeking to prove the commercial potential of its 5,000 acre lease position within the emerging Eagle Ford Shale in Texas. It cannot have escaped the attention of regular readers that the Eagle Ford is one of the hottest plays in the US, because of the oily sweet spots that ensure premium revenue streams for operators at a time when natural gas prices remain depressed – ironically, because of the natural gas supply surge as shale drilling took off around the previously gas-short country.
Texon Petroleum may be an oil junior but it is punching above its weight as a new producer in this shale hot spot, where acreage has been trading at increasingly high premiums as companies, including Statoil, CNOOC and Shell, seek to build exposure to this oily sweet spots in this promising play. Texon has one well producing from the Eagle Ford, the Tyler Ranch EFS-1H well, which came online in December with an initial production rate of 1,267 boepd (1,202 bpd of light sweet crude and...
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Hmmm.... I thought I would be included. Unfortunately, after speaking with CommSec and ComputerShare the "record" date is actually the "settlement" date at CommSec. I was able to determine this based on my AUT shares which were purchased on a Thursday, but settled on the following Tuesday. ComputerShare have the Tuesday as the "record" date. ComputerShare have no record of my TXN purchase (still) from Monday.Also bought in last week, can't wait to get in at some 65c Texon goodness
Why does a company bother going into a trading halt for 2-3 days if it isn't for the last day's trades to settle (and be recorded on the share registry)? TXN went into a trading halt on Tuesday (10AM), and their record date is the same day at 5PM.
I entered into a contract (offer / accept) on the Monday as a buyer and paid a premium of around 10c per share to the SPP. The seller however, has managed to sell them before the SPP is announced AND is able to buy back more at a 10c discount.
I might as well dump the shares (along with everyone else over the 3 days prior to the trading halt - which could be up to 1.4 million shares) at opening today and try to buy them back somewhere in between the last share price and the SPP price. Doh!
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we can only hope.. its not falling as rapid as i would have liked..
ready to buy under .70 today but there is a way to go yet if it gets there..
seems to have turned a little..
Hmmm.... I thought I would be included. Unfortunately, after speaking with CommSec and ComputerShare the "record" date is actually the "settlement" date at CommSec. I was able to determine this based on my AUT shares which were purchased on a Thursday, but settled on the following Tuesday. ComputerShare have the Tuesday as the "record" date. ComputerShare have no record of my TXN purchase (still) from Monday.
Why does a company bother going into a trading halt for 2-3 days if it isn't for the last day's trades to settle (and be recorded on the share registry)? TXN went into a trading halt on Tuesday (10AM), and their record date is the same day at 5PM.
I entered into a contract (offer / accept) on the Monday as a buyer and paid a premium of around 10c per share to the SPP. The seller however, has managed to sell them before the SPP is announced AND is able to buy back more at a 10c discount.
I might as well dump the shares (along with everyone else over the 3 days prior to the trading halt - which could be up to 1.4 million shares) at opening today and try to buy them back somewhere in between the last share price and the SPP price. Doh!
I can't understand it. You would think they would give holders before the Trading halt the right to participate.
Thems the brakes, thats pretty normal. Stops those who get wind of it before the THalt participating, which is fair for holders.
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I bought in on 16 Feb, should be good?
I'm not too worried about the scale back, I just wanna get as much as I can
i think the quota has been filled? i.e. no offers to us smaller investors in txn will be generated @ the 0.65 CR SP
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Does seem quite unusual - its giving people who have already sold pre-cr rights to the SPP.
It would be good to have some consistency in the markets. The bigger guys get enough breaks allready.
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Condog have you taken a long term position on this stock or short term? or will announcements alter your desicion making?
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pretty sure I heard Texon advertising on 873am Money Show (afternoons from about 530 -830), I only caught the end of the advert but I am sure it said something like get your piece of Eagleford / Texas shale oil ... Texon Petroleum ..
Suprised that they have decided this type of advertising is necessary .. bit like CCC.. not sure whether it is really that helpful..
Suprised that they have decided this type of advertising is necessary .. bit like CCC.. not sure whether it is really that helpful..
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i have been following the anadarko chesapeake and petrohawk efs wells closely for a few months now, mainly because i cant believe what i am seeing, but in the recent cheaspeake presentation that i could no post up, they elaborated with some 20 slides on how they view the rock matrix in the efs in our region
anyway, i am posting up some interesting well results that until now have been common in the past 6 months in dimmit county, where wells simply dont decline, and in many cases they increase month on month
in mcmullen county, close by to texons acreages, petrohawk have a well called lowe 2h, this one is demonstrating exactly what has been happening in dimmit county.. this steady flow of 10,000+ bopm... but month in month out.. either going up or down 1000 bopm
just demonstrating that in the region, the major operators are really getting a handle on the efs in terms of choke settings and flowing these wells steady..
this came from swift overnight also..
The test rates in the table above were all consistently measured after the Company implemented a specific reservoir management initiative that includes producing all of its horizontal wells in this core area at restricted choke settings. Initial choke settings are as low as 12/64? and are gradually increased to a setting of up to 20/64? and produced at this level for an extended period of time. This technique has resulted in higher initial pressure measurements and shallower initial production declines.
Completion efficiencies realized by a contracted fracture stimulation crew have reduced the Company's current backlog of uncompleted wells to 3 operated and one non-operated. While drilling activity is accelerated to build a sufficient inventory to maintain full utilization of this crew, the crew and equipment have been returned to the service provider (as contractually allowed) for a period of approximately one month. This will assist Swift Energy in balancing its drilling and completion activity for the rest of the year while at the same time providing a slight financial benefit to the Company.
The Company is currently drilling three operated horizontal wells in McMullen County, with two wells targeting the Eagle Ford shale and one well targeting the Olmos tight sand.
anyway, i am posting up some interesting well results that until now have been common in the past 6 months in dimmit county, where wells simply dont decline, and in many cases they increase month on month
in mcmullen county, close by to texons acreages, petrohawk have a well called lowe 2h, this one is demonstrating exactly what has been happening in dimmit county.. this steady flow of 10,000+ bopm... but month in month out.. either going up or down 1000 bopm
just demonstrating that in the region, the major operators are really getting a handle on the efs in terms of choke settings and flowing these wells steady..
this came from swift overnight also..
The test rates in the table above were all consistently measured after the Company implemented a specific reservoir management initiative that includes producing all of its horizontal wells in this core area at restricted choke settings. Initial choke settings are as low as 12/64? and are gradually increased to a setting of up to 20/64? and produced at this level for an extended period of time. This technique has resulted in higher initial pressure measurements and shallower initial production declines.
Completion efficiencies realized by a contracted fracture stimulation crew have reduced the Company's current backlog of uncompleted wells to 3 operated and one non-operated. While drilling activity is accelerated to build a sufficient inventory to maintain full utilization of this crew, the crew and equipment have been returned to the service provider (as contractually allowed) for a period of approximately one month. This will assist Swift Energy in balancing its drilling and completion activity for the rest of the year while at the same time providing a slight financial benefit to the Company.
The Company is currently drilling three operated horizontal wells in McMullen County, with two wells targeting the Eagle Ford shale and one well targeting the Olmos tight sand.
This is massive news.
Cheers pramond for this.
A 25% lift in EUR's just on the back of a new frac method is massive. It effectively now values TXN at $1, AUT at over $4, and SEA at around $1.30 if they utilise it.
Particularly relevant for AUT and TXN. Possibly for HOG, SEA and EKA.
Cheers pramond for this.
A 25% lift in EUR's just on the back of a new frac method is massive. It effectively now values TXN at $1, AUT at over $4, and SEA at around $1.30 if they utilise it.
Particularly relevant for AUT and TXN. Possibly for HOG, SEA and EKA.
condog,
agreed.
I'm mentally locked into AUT until I see the NSAI report but I could be topping up here after that. I really could not care a stuff about 9c discount. I've said pretty much the same about the last 3 raisings by AUT. Added value per share in issue is more important - getting the discount is just added glory. I bought AUT at 42c and I bought it after ADI at 86c. I bought TXN at 54c and I'd buy it at much higher post release of the AUT NSAI report. Who cares about a 9c discount? With the additional acreage and funding to production from 4 EFS laterals, as well as all the other projects programmed, that 9c discount will be a dim memory in 6 months time.
Investors holding firmly at this level and having cash available must consider why they are not buying. To my mind the only legitimate obstruction is excessive exposure to one stock, but that depends upon personal portfolios.
agreed.
I'm mentally locked into AUT until I see the NSAI report but I could be topping up here after that. I really could not care a stuff about 9c discount. I've said pretty much the same about the last 3 raisings by AUT. Added value per share in issue is more important - getting the discount is just added glory. I bought AUT at 42c and I bought it after ADI at 86c. I bought TXN at 54c and I'd buy it at much higher post release of the AUT NSAI report. Who cares about a 9c discount? With the additional acreage and funding to production from 4 EFS laterals, as well as all the other projects programmed, that 9c discount will be a dim memory in 6 months time.
Investors holding firmly at this level and having cash available must consider why they are not buying. To my mind the only legitimate obstruction is excessive exposure to one stock, but that depends upon personal portfolios.
I honestly think most the SPP recipients will be bitterly disappointed anyway as theres no doubt its going to be popular, massively oversubscribed and scaled back. Small players might find it ok, but anyone going big on these companies will find it a petty little issue hardly worth the time filling out the forms imo.
Im all for companies marketing themselves to investors, but honestly that would be a complete waste of money.
Traveling to the conferences, interacting with brokers, getting the broers interested enough to write reports of thier own backs etc. TXN only needs to ring AUT and copy thier promotion , they have done an incredible job of bringing in lots of big investors and hoards of medium sized ones.
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here is a recent report by RBS for those interested (released 23 feb 11)
http://www.texonpetroleum.com.au/Documents/Investor/Research2011/tplsar110223.pdf
they have a target price of 1.26 over 12 months..
http://www.texonpetroleum.com.au/Documents/Investor/Research2011/tplsar110223.pdf
they have a target price of 1.26 over 12 months..
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