TXN - Texon Petroleum

condog · 27 February 2011

Magic Man said:
Condog have you taken a long term position on this stock or short term? or will announcements alter your desicion making?

I only buy in once i bel;ieve we will see good multiples. So hence im in long, because of the CGT implications. However if things turn be, out i a flash, If they get lots better with no significant price reflection, then i will go in more.

RBS have a $1.16 valuation / target, which imo needs upgrading 25% to reflect the pulsated frac boost to EUR's. If it falls now imo its a buy. Target approx $1.39, with plenty of room now for regular upgrades to that figure.

condog · 27 February 2011

I suggest all holder email
texon.info@texonpetroleum.com.au

and ask firmly that the SPP be delivered in full.

Express the need for capital going forward and it is far fairer to accept all SPP capital rather then scale us back and then do another institutional CR in 3 or 6 months.

Tell them to take full advantage of the SPP and use it to accellerate or make acquisitions, if its over subscribed, rather then scale back.

If your going to do so, do so before monday morning.

Agentm · 27 February 2011

geelongfan said:
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..

nice post geelongfan.. pity about the saints last nite

there is plenty of upside in all the ops txn are engaged in, so expect many additional research notes upgrading the upside month by month.. texon are assessing the efs with a second well about to frac in the coming week, and olmos is into full expansion, all self funded, and the wilcox is interesting little oil play with some pretty startling wells within 3000 feet of the second efs well about to frac.. the olmos wells are confirming some strong wilcox charge in the drilling, so success in that field will be worth keeping an eye on

coolangatta is very much a great target for txn, they have leased it and are ready to drill.. nice upside there

plenty of efs to come in the months ahead

from rbs

Valuation and risks

Our risked valuation of TXN shares has lifted to A$1.26 with a stronger long term oil price, although offset ion part by a stronger A$/US$ exchange rate. We have also increased the valuation of the exploration acreage to allow for the drilling in 2011 of the two high-upside gas wells, and the two vertical Wilcox wells. Our target price is discounted by 10% to A$1.16/share – our previous valuation. Upside to this valuation would come with further development, and exploration success at other prospects.

Commercial production from the second Eagle Ford Shale well within Texon’s leases would add substantial value and reduce the discount currently applied to the valuation. Success in the high upside gas plays such as Coolangatta would also be expected to have a positive effect on share price. With over A$20m in cash and no debt, Texon is adequately funded for its next phase of drilling, expected to demonstrate the commerciality of the EFS and quadruple production from the Olmos reservoir. The risks relate to exploration success, prospect size, and the oil and gas prices in the US, as well as the AUD/USD exchange rate.

philly · 27 February 2011

condog said:
I suggest all holder email
texon.info@texonpetroleum.com.au

and ask firmly that the SPP be delivered in full.

Express the need for capital going forward and it is far fairer to accept all SPP capital rather then scale us back and then do another institutional CR in 3 or 6 months.

Tell them to take full advantage of the SPP and use it to accellerate or make acquisitions, if its over subscribed, rather then scale back.

If your going to do so, do so before monday morning.

Hi Condog,
email sent.
Come on all ASF TXN holders join in we may be able to change their mind.
Good luck to all holders

philly · 27 February 2011

philly said:
Hi Condog,
email sent.
Come on all ASF TXN holders join in we may be able to change their mind.
Good luck to all holders

As I said I sent the email and put a return receipt just to ensure it arrived at its destination.
I just received confirmation that my email has been read by Dave Mason.

Come on all ASF TXN holders join in we may be able to change their mind.
Good luck to all holders

condog · 27 February 2011

I ent mine yesterday, so im sure it must have been read by now.

Important to note we are not criticizing, in fact quiet the opposite, we are asking befor the prospectus is sent so they still have a chance to make it a decent sized or open ended SPP size, to keep all holders happy.

zzaaxxss3401 · 27 February 2011

philly said:
I just received confirmation that my email has been read by Dave Mason.

Or opened and immediately filed in the circular filing cabinet (bin).

I emailed them as well - even though I believe I may have missed out on the SPP cut-off date / time.

bennywizard · 28 February 2011

Email to texon.info@texonpetroleum.com.au sent, hope it helps. It would certainly be awesome if we could participate as fully as possible. I hate it when your money is tied up waiting to see how much they will return to you, mean while you could have purchased other stocks, so hope they make it clear how much we can get up front.
Good luck to all holders

condog · 28 February 2011

Reply from Texon

Thank you for your email and appreciate your thoughts. We will bear them in mind when the time comes.

AngusSmart · 28 February 2011

If you notice in the report today the spp is pending..

could this mean maybe us small timers will get a bite?

philly · 28 February 2011

zzaaxxss3401 said:
Or opened and immediately filed in the circular filing cabinet (bin).

I emailed them as well - even though I believe I may have missed out on the SPP cut-off date / time.

condog said:
Reply from Texon

Hey Condog,
I also got the same response. At least it has been read. Its up to them what they do now

bennywizard · 1 March 2011

I got the same response, it a very fast as well sent sunday evening and received a response the monday morning, lets hope we all get a good bite of the cherry

condog · 2 March 2011

I beleive the SPP prospectus was to be issued 7th march.??

ColB · 2 March 2011

Looks like we're finally away. Seller/s at .75c appears to have dissappeared. Onward and upward

bbker · 2 March 2011

I thought I paid too much for a couple of cents under that because .75 isn't worth .75 after dilution.

So I thought a retrace under .70 would've been expected but we'll see what happens

geelongfan · 2 March 2011

bbker said:
I thought I paid too much for a couple of cents under that because .75 isn't worth .75 after dilution.

So I thought a retrace under .70 would've been expected but we'll see what happens

shares get diluted.. capital gets an increase.. it kind of cancels each other out
txn also has a lot of news coming out too.. so that really helped nullify the effects of the CR

Assasin · 2 March 2011

geelongfan said:
shares get diluted.. capital gets an increase.. it kind of cancels each other out
txn also has a lot of news coming out too.. so that really helped nullify the effects of the CR

Still plenty of time for a retrace, from past AUT experience, the 2 weeks after a CR are always a bit messy as profit takers take their 5-10% earn from the CR.
Could be wrong with this one as management seemed to have timed it well.
I still think there may be a chance for another buy-up at around 70c in coming weeks.
Happy to be wrong.

breaker · 2 March 2011

Good volume today and yesterday..am in.. first day in the green

geelongfan · 2 March 2011

Assasin said:
Still plenty of time for a retrace, from past AUT experience, the 2 weeks after a CR are always a bit messy as profit takers take their 5-10% earn from the CR.
Could be wrong with this one as management seemed to have timed it well.
I still think there may be a chance for another buy-up at around 70c in coming weeks.
Happy to be wrong.

good point about the CR people taking their profit.. but i do not think we will see this stock dip back to 70c for a while.. the market depth today was extremely promising, with buyers outnumbering sellers like 4 to 1. i think the people who dipped in for the CR realize there is quite a bit of steam left in this stock.... time will tell

Agentm · 3 March 2011

geelongfan

dave told me the instos were falling over each other trying to get in, they got very very little of what they wanted.. imho 10%.. as he said, they will have to buy on market to get in now.. and i think thats what will happen.. those whom understand the upside of texon at this point will be eager to get as much as they can before the onslaught of news and reserves upgrades

texon is not a company that is pushing itself out there btw, its focus is primarily on the operations, its an efs / olmos sands operator, with brilliant success, and imho there will a wilcox story that could be a stunner coming thru,, stay tuned!!!

back to the local picture..

Murphy has put in a permit right next to the swift san
miguel 2h. i have posted a map up of the location

looks like murphy is equally concerned about drainage to the
reservoir and is matching swift

its all happening with many of the wells very close to texons
acreages all about to be fracced and put on production

TXN - Texon Petroleum

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