TXN - Texon Petroleum

Agentm · 31 March 2011

i have discussed the wilcox play in the mcmullen acreages before, and its not on many peoples radar i understand..

but regardless, i think its a worthy play for texon to follow up on if its spiking on their well logs

i am posting up a bunch of wells real real close to the mcmullen acreages

the oil and gas here represent Wilcox totals are 1120400 BO & 995 MMCF

you do the maths on what you think thats worth .. lol

Agentm · 5 April 2011

this is one of the best EFS presentations i have struck for a long time.. exceptional and very relevant to texon in terms of EFS and pearsall

enjoy

bennywizard · 5 April 2011

thanks Agent, looking forward to good times with TXN, hope we get our full allocations in this CR

Agentm · 5 April 2011

hey benny

best way to get texon to think that way is to put it all up,, and to tempt them

i know thats what i am doing

i tend to think your on the right thoughts there....

Assasin · 5 April 2011

Last thing we want is refund cheques as I can't see the sp retracing back to anything like .70 now.
We did have our chance though 2 weeks ago.
Just have to wait and see. Still grateful for any we get at a discount.

estseon · 5 April 2011

More normal trading should resume once the SPP is settled and that's about to happen. AUT's price has stalled awaiting news. The qtly report (assuming that they will continue to report quarterly) should be out within the next 3 weeks and that might give AUT investors an opportunity of releasing cash and re-investing elsewhere. Many investors will have crossed the CGT 12 month line. EKA might absorb some money but there might be some for TXN. A number of investors here have stakes in AUT as well as TXN. This could be the eye of the storm.

geelongfan · 5 April 2011

personally.. i believe txn under $1 represents a great buying opportunity.. the news will be flowing freely over the coming months and i think it is only a matter of time until the market catches on to the low risk/high reward portfolio that texon has at its disposal.. the SPP has a few people trying to be tricky.. but once that is done and dusted.. i think even 90 cents will look very cheap by the end of may. simply too much happening in the EFS.. not to mention the fantastic management of the company

Ramblin Round · 6 April 2011

I absolutely agree. With what Texon has been adn appears to be doing, they are doing it very well. Good job to the management of Texon. My only quirk (as I have stated before) is that they should be promoting themselves more in Texas.

Agentm · 7 April 2011

ASX Release
7 April 2011

TWO NEW LEIGHTON OLMOS WELLS COMBINED FLOW 550 BOEPD

Texon advises that two of its recently drilled 3 Olmos wells on its Leighton Project, (Peeler #2 and Tyler Ranch #8) have begun to flow oil and gas at the gross combined rate of 550 boepd from the Olmos reservoir (comprising 435 bopd and 689 mcf of gas per day).

The Company has an average 65% Working Interest (48.75% net revenue interest) in the wells.

The wells will be connected to oil tanks and the gas pipeline in the next 2 weeks.

The third recently drilled Olmos well (Tyler Ranch #7) has been fracced and is in the process of being tested.

The Company’s drilling success rate remains at 100% in the Leighton Olmos reservoir, including the 2 wells referred to above. There are now 9 Olmos producing wells in the field as well as 25 undrilled Olmos production well locations.

WOW

that olmos formation keeps on paying back nicely!!

condog · 7 April 2011

We should see RBS update on the back of this, although they may wait for the other result as well. Hopefully should be another good result and upgrade.

Miner · 7 April 2011

Agentm said:
ASX Release
7 April 2011

TWO NEW LEIGHTON OLMOS WELLS COMBINED FLOW 550 BOEPD

Texon advises that two of its recently drilled 3 Olmos wells on its Leighton Project, (Peeler #2 and Tyler Ranch #8) have begun to flow oil and gas at the gross combined rate of 550 boepd from the Olmos reservoir (comprising 435 bopd and 689 mcf of gas per day).

The Company has an average 65% Working Interest (48.75% net revenue interest) in the wells.

The wells will be connected to oil tanks and the gas pipeline in the next 2 weeks.

The third recently drilled Olmos well (Tyler Ranch #7) has been fracced and is in the process of being tested.

The Company’s drilling success rate remains at 100% in the Leighton Olmos reservoir, including the 2 wells referred to above. There are now 9 Olmos producing wells in the field as well as 25 undrilled Olmos production well locations.

WOW

that olmos formation keeps on paying back nicely!!

condog said:
We should see RBS update on the back of this, although they may wait for the other result as well. Hopefully should be another good result and upgrade.

Good morning Agent and Condog

You two are awesome.
I saw the report in ASX and about to upload it at ASF to discover job has already been done

Good work folks as always and helping all of us to learn and make money through your collaborative research.

TXN SP is going to reflect it in the market and thank God I utilised my SPP in full extent

Cheers

Agentm · 7 April 2011

i have been putting up data about a regional wilcox play very close to the mcmullen acreages

this from texon today confirms my previous posts accuracy

imho dont underestimate the wilcox in mcmullen..

ASX Release
7 April 2011

WILCOX OIL SHOWS

TWO WELLS PLANNED

On a number of occasions Texon has advised shareholders and potential investors about oil shows observed in Wilcox sands in several of its Leighton, Mosman, Rockingham, Sutton (“LMRS”) area wells. Analysis of electric logs and side wall cores suggests that a significant footage of Wilcox pay could be present in some parts of the Company’s LMRS leases.

The Wilcox sands have produced oil and gas from wells nearby to Leighton – the closest being in the Sofia field located 4km SW of Leighton and 2km north of Mosman Rockingham. Sofia has produced 1.5 million boe (1.3 mmbbls of oil and 1.2 bcf of gas) from two reservoirs.

The Upper Wilcox in Sofia was produced from 13 wells on 10 acre spacing with most wells being perforated over a 5-10’ interval. Average production from the upper zone was 106,000 boe per well – 87% oil. Initial production rates were up to 150 boepd. The best well produced 314,000 bbls of oil from 6 feet of perforations in a 17’ thick reservoir. The lower reservoir was produced from three of the above wells adding an average 17,000 boe of production to each of these three wells.

The Wilcox is 5,000 – 6,500 feet deep in the LMRS leases and the gross cost of a completed and connected well is estimated to be US$600-700,000.

The Company plans to investigate the productivity of the Wilcox through two wells to be drilled in the next several months – the first probably in May / June. Texon will have Working Interests of 100 and 50% respectively in these wells.

The Wilcox sands lie above the Olmos reservoir which is already producing from 10 wells drilled on the Leighton leases.

A successful outcome from these projects would indicate that Texon’s LMRS leases could hold an important Wilcox oil resource - in addition to the already producing Eagle Ford and Olmos reservoirs on these leases.

condog · 7 April 2011

Agent whats the latest on the LMRS-W abc xyz well costs per well.

condog · 7 April 2011

Got the costs of the co today

If the well is 6,000ft, it will be about US$0.6-0.7M (i.e. a Wilcox well);
If it is an Olmos well, it will be about US$1.1-1.5M;
If it is an EFS well, it will be about US$9M.

To get 550boepd off 2 of those is some pretty good economics, 25 more , i say bring em on asap. Be interesting to watch the declines though.

EFS testing this week and over week end, expect results next week id say.

Topped up nicely

Agentm · 7 April 2011

some production figures for texon,,

pretty nice numbers imho

condog · 7 April 2011

Agent i think this slide may need updating significantly.

The way i see it is there is currently EFS #1 TR 632 or there abouts
The two LMRS wells published today at 550boepd combined
The previous LMRS wells combined - whats your numbers on these combined
And then next week Teal EFS#1 lets say 500+

In any case by end of next week its possible imo to be 1700+boepd which well and would significantly exceed both TXN and RBS estimates.

Thoughts anyone. Wait and see, but certainly starting to stack some results up nicely, combine those with current premium pricing and we might se this little baby rocketing next week on Teal results.

Those LMRS-W results will be interesting as the repayment times will be low if they can sustain reasonable flows with low maintainance. Just got to watch our declines carefully, although the 60 day Tylers certainly improved over its 30day decline.

Agentm · 7 April 2011

its an average over 3 months

so how it will pan out, with projected declines is an average for the quarter

it may be a tad conservative as you suggest, but they look at a projected 54 mill turnover on the next quarters production.

man.. i am looking forward to visiting texas in a few weeks. business and pleasure i guess. will be brilliant to catch up with some very fine folk that i owe a lot to.. people that have become great friends of mine throughout.. form sugarloaf 1 to now..

rcm617 · 7 April 2011

Condog,
Have to remember that the values you're quoting are gross , wheras the values in the graphs are net to TXN.

condog · 9 April 2011

rcm617 said:
Condog,
Have to remember that the values you're quoting are gross , wheras the values in the graphs are net to TXN.

True, in any case they seem to me to be about to be, significantly outperforming TXN projections. Im thinking the Teal #1 EFS result will be published mid to end of this week and if thats anything like Tyler, then we can expect a significant jump in sp imo.

We will also hear an announcment on the SPP, which is rumoured to be considering a special meeting to take all the SPP subscription, (apparently as per usual way over subscribed) that would allow fast tracking of either a 3rd EFS well, or fast track several LMRS-W wells. The two wilcox scheduled for May Jun could be brought forward at a minimum.

Interesting week ahead. I think TXN has a few good weeks ahead of it in terms of sp. If SSP is fully accepted and plans accellerated, plus Teal a decent result, i wouldnt at all be surprised to see us bumping of 1.20 - 1.40 in the near future. Obviously some selling post SPP and post CR may make that temporarily volatile. Which in itself will provide some opportunities for the traders.

condog · 9 April 2011

EGM this week, but not sure about the rules for modifying a motion so close to the EGM. ie rules about mandatory notification time lines.

Hopefully it will go to the vote and full SPP subscription will be granted.

TXN - Texon Petroleum

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