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TXN - Texon Petroleum

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nioka said:
I guess that was part of the price paid for getting the lease etc. A normal business deal in this game as far as i can work out.
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anyone know or can work out who owns the land that is getting some or all of the 18% profit not going to txn?
 
Another drop today. Sub 60c from a high over 90c only a few months ago.

Ouch. This tiny eagle ford player is really starting to hurt.
 
Hatchy said:
Another drop today. Sub 60c from a high over 90c only a few months ago.

Ouch. This tiny eagle ford player is really starting to hurt.
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No different than EKA in % dropping from 44c down to 26c. Why should TXN be any different? Most of all these small players have dropped across the board. TXN just took a bit longer getting there.
 
PROGRESS REPORT
Production
Second quarter 2011 production is expected to average 730 boepd nett to Texon’s NRI beneficial interest, up by 20% compared with the first quarter 2011 production rate but slightly down on the second quarter forecast of 770 boepd in the Company’s May AGM Report. In recent days, the Company’s nett production has been 790 boepd (65% oil).

This looks difficult to gross up well performance as for the 2 EFS wells, one is 61.6% NRI and the other 75% NRI without the other wells.

Say 70% NRI as a rough estimate,
730 boepd nett divide 70% NRI ~ 1000 boepd gross for the quarter forecast.

But the grossed up value could be higher as some wells have smaller NRI. The smaller the NRI, the higher the gross well total will be.
 
Bit of a disappointing progress report I thought, with another downgrade of production for the quarter, after estimates going from 920 boepd in April to 770 in May and down to 730 now.
Wonder why they didnt include the 60 day production report from the second EFS well, they had the IP on the 15th April. Have been waiting for this before considering buying back in.
 
Second quarter 2011 production is expected to average 730 boepd nett to Texon’s NRI beneficial interest

In recent days, the Company’s nett production has been 790 boepd (65% oil)

Going from the above, since the nett production is higher now (790 boepd) than the expected average (730 boepd) for the quarter (which is nearly over), that would mean there were interruptions and this is why there is no 60 day production update from the 2nd EFS well, yet.

But it's hard to say what the delay offset was from the latest well in getting the average from 770 to 730.
 

There is a decline in flow from all wells and probably accounts for these figures, the decline in this case is quite good. This will soon be offset by new production coming on line soon. There may also have been interruptions or an alteration to the chokes. if they intentionally restricted flow it would be to extend the productive life of the well and maximise overall production.
 

It doesn't say that there were alterations to the chokes. In each EFS IP announcement a choke size was indicated but nothing was stated after that for the times at 30 and 60 days.

In the 1st EFS well, the initial decline was sharp but then the bell curve really flattened out between 30 and 60 days so who knows?
 
Just re-read the AGM pres 26/5/11 on Scarborough on p46 and realised I dismissed or overlooked the 28mmboe/170 bcf the first time thinking possible 10 million cfgpd IP was a typo.

That would be 10,000/6 = 1667 boepd if they can pull it off so this still has Usain Bolt legs and will get more interest in the lead up... not forgetting the other projects.

Well the reddened areas on the contoured images look pretty. Maybe the EFS could take a back seat.
 
What a disappointing day. I didn't think the announcement was too bad, certainly good to see that the gas uplift technology is working. A near 10% drop for the day, capped off with a million share trade on close. I hope that the next couple of wells come on line soon......
 

Yep the share price wasn't looking pretty short term as anticipated from the last few announcements leading into this one. But this announcement had some upside with the production tubing installed on EFS well 2 improving flow from 270 to 459 boepd over 9 days and the interruption was taken into consideration for the 60 day average. Frac wasn't perfect either.

So short term, maybe some overreaction will happen SP-wise but longer term it's ok also since EFS well 1 was good over the 6 month period.
 
Anyone have thoughts on bhp's takeover of Petrohawk[NYSE:HK]which also has leases in the Eagleford area?At its current price TXN might be a cheap target.
 
It looks like it's happening with the volume that went through today.
 
To be a devil's advocate I think the increased volume was opportune buying when TXN dropped the price,
The fact is TXN production has dived down at 70 percent of forecast value has devalued the share price
Market is nervous world wide and TXN is no exception
However on Monday probably ASX will take a positive lead from Friday DJ rise.
I personally still would like to see more opportunties from TXN before reentering. But I could be wrong so DYOR
 
["Texon Petroleum Limited (ASX:TXN) advises that Peeler #3 ("P#3") has reached its total vertical depth of 2,774 metres (9,100 feet). This is the eleventh well in the Leighton oil and gas field - all of which are successful oil and gas producers.

P#3 is the northern most well drilled to date in the Leighton field. The targeted Olmos sand in P#3 has reservoir characteristics similar to the other Olmos production wells. This positive result confirms that the Leighton Olmos reservoir extends across the northern part of the field and that it contains good quality reservoir further de-risking the 24 undrilled Olmos well locations in the field.

Production casing has been installed in the well in preparation for fracture stimulation in August. The well will then be connected for oil and gas production."]This news today should at least put a floor under the
sp.Would this tempt you Miner or will you wait for flow rates?disc I hold.Cheers Al.
 

Quite a bit happening with TXN in the coming 2 months. Considered topping up but prefer to keep some capital spare currently.
 
Good time to top up?

This share has really copped it recently. I bought in at 70c and initially things were going well.

Recent drop to 35c and current price at 47c makes me wonder whether this is a dog of a share or the market is just scared.

See what happens with announcements in the next couple of months i guess.
 
alexc2005 said:
Good time to top up?

This share has really copped it recently. .
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Dude! Europe and the US are involved in a debt crisis. Remember the last time that happened? Only this time round it's not the banks that are broke.

I believe there will be excellent buying opportunities over next few weeks. It's very hard, and pretty much a mugs game to try and pick the bottom of any stock. More so when you're dealing with what is essentially a small cap 'speccy' that can move in large increments off the back of relatively small changes in sentiment (e.g. up 10% today and no news) and very large increments when resource upgrades are announced.

I also believe that the fundamentals for TXN haven't changed aver the last 6 weeks or so, and indeed have gotten better (check out their recent announcements).

I didn't top up at 35c (isn't hindsight a wonderful thing!) but will if the SP drops to the low 40's again which could well happen if the market takes another dump (France downgrade anyone?).

My
 
boff said:
I didn't top up at 35c (isn't hindsight a wonderful thing!) but will if the SP drops to the low 40's again which could well happen if the market takes another dump (France downgrade anyone?).
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I was too chicken... But my plan's similar to yours there. If I have any capital..

Some nice gains today on Well news.
 
new reserves for texon

nice figures out today

the 3rd and 4th efs well will impact on the next reserves upgrade in about 120 days or so..

i anticipate ip's and flow rates on the 3rd efs well very soon, and also the very interesting wilcox well to spud

near by, and some 3000 feet from the wilcox well, there are wells that have flowed some 1 million barrels of oil thus far

i have the view the readings in the teal ranch efs 1h when they tested the wilcox were exceptional. if you read the reports from earlier this year you may see what i mean.

close by, they did one of the first slumberger hiway frac experiments with petrohawk (soon to be BHP) and slumberger. that well is in almost identical geology as the texon efs wells. its got some merits and worthy of consideration imho....
 
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