TXN - Texon Petroleum
- Thread starter surfingman
- Start date
-
- Tags
- texon petroleum txn
- Joined
- 2 October 2006
- Posts
- 3,043
- Reactions
- 2
texon announced a frac of its first eagleford shale well last week
ASX Release
3 December 2010
FIRST EAGLE FORD WELL -
TESTING PROGRAMME BEGINS
Fracture stimulation and testing of Texon’s first Eagle Ford lateral well (TR EFS #1H) commenced on Thursday 2 December, 2010 (Houston time). The Eagle Ford reservoir has become a premium resource play evidenced by the 657 Eagle Ford drilling permits that have been granted in the first 9 months of 2010, compared with 94 for the whole of 2009. (Source: Railroad Commission Of Texas, Developing Unconventional Gas Conference, 2010).
The overall programme of fracture stimulation of the well and recovery of the frac fluid is expected to take about two weeks and at the end of which the well will be production tested.
ASX Release
3 December 2010
FIRST EAGLE FORD WELL -
TESTING PROGRAMME BEGINS
Fracture stimulation and testing of Texon’s first Eagle Ford lateral well (TR EFS #1H) commenced on Thursday 2 December, 2010 (Houston time). The Eagle Ford reservoir has become a premium resource play evidenced by the 657 Eagle Ford drilling permits that have been granted in the first 9 months of 2010, compared with 94 for the whole of 2009. (Source: Railroad Commission Of Texas, Developing Unconventional Gas Conference, 2010).
The overall programme of fracture stimulation of the well and recovery of the frac fluid is expected to take about two weeks and at the end of which the well will be production tested.
- Joined
- 5 June 2007
- Posts
- 1,045
- Reactions
- 1
Hi folks,
TXN ..... looking for a positive time cycle to close the week,
just ahead of anticipated testing results, from their current well.
have a great weekend
paul
=====
- Joined
- 2 October 2006
- Posts
- 3,043
- Reactions
- 2
hey paul
the 2 weeks are coming to a close, so the timing is pretty much spot on. its 11 days in and it was expected to take no more than 14 days
the well frac operation should be in it final moments, so i expect the production testing to be fairly soon.
good luck to all holders
the 2 weeks are coming to a close, so the timing is pretty much spot on. its 11 days in and it was expected to take no more than 14 days
the well frac operation should be in it final moments, so i expect the production testing to be fairly soon.
good luck to all holders
- Joined
- 2 May 2007
- Posts
- 4,698
- Reactions
- 2,908
Hi folks,
TXN ..... looking for a positive time cycle to close the week,
just ahead of anticipated testing results, from their current well.
have a great weekend
paul
=====
Good morning
Today is 16th dec surpassing the 14 day waiting. should we expect an announcement by friday close of business
I am keenly following the stars on the sky and gas from the sea
- Joined
- 2 May 2007
- Posts
- 4,698
- Reactions
- 2,908
Good morning
Today is 16th dec surpassing the 14 day waiting. should we expect an announcement by friday close of business
I am keenly following the stars on the sky and gas from the sea
Hmm
It looks like stars are shining and gas has started flowing today.
TXN is already 5.4% up.
Let us hope the gas flow is continued and there is no cloud on the sky on Friday night tomorrow and thereafter for seeing the shiny stars
- Joined
- 2 May 2007
- Posts
- 4,698
- Reactions
- 2,908
Am I getting too excited ?
The report published in ASX is interesting but not unusual if we see in companies like BHP and likes to have similar policy.
What makes me excited the time of announcement of this report just before an announcemnt scheduled to be made. The TXN has now gone up by more than 7 % but the volume remains average.
Is the management guessing something having leaked in the market ?
Should I speculate 2+2 =5 and something being hatched which making the board to publish such information on ASX ?
Time will only tell us.
The report published in ASX is interesting but not unusual if we see in companies like BHP and likes to have similar policy.
What makes me excited the time of announcement of this report just before an announcemnt scheduled to be made. The TXN has now gone up by more than 7 % but the volume remains average.
Is the management guessing something having leaked in the market ?
Should I speculate 2+2 =5 and something being hatched which making the board to publish such information on ASX ?
Time will only tell us.
- Joined
- 2 October 2006
- Posts
- 3,043
- Reactions
- 2
would be nice to get an update on the well they are drilling and progress on the frac at tyler ranch 1H
The Company has a 82% Working Interest (61.6% Net Revenue Interest) in the TR EFS #1H well
long ago i was in adi which held about 10% NRI.. so 6 wells for ADI back then is equivalent to 1 Texon well into the EFS
the second EFS has texon with a 100% Working Interest (75% Net Revenue Interest). its called the MR EFS #1H but on the RRC website you can track it by looking for the Teal Ranch EFS 1H
its going to be any day now imho before the results will surface fro the texon holders. will be real nice to have them prior to christmas
good luck to all holders and that includes the astrological trader paul!!
The Company has a 82% Working Interest (61.6% Net Revenue Interest) in the TR EFS #1H well
long ago i was in adi which held about 10% NRI.. so 6 wells for ADI back then is equivalent to 1 Texon well into the EFS
the second EFS has texon with a 100% Working Interest (75% Net Revenue Interest). its called the MR EFS #1H but on the RRC website you can track it by looking for the Teal Ranch EFS 1H
its going to be any day now imho before the results will surface fro the texon holders. will be real nice to have them prior to christmas
good luck to all holders and that includes the astrological trader paul!!
- Joined
- 2 May 2007
- Posts
- 4,698
- Reactions
- 2,908
Agentm
Thanks for your very thoughtful analysis as always
There are three solid elements in this thread:
1. TXN itself with great future
2. Your ADI success story and excellent technical analysis
3. Trader Paul's starry analysis over vodka considering good pre Christmas sale is going on
I am waiting on side line to get the low hanging fruit as Christmas bonus
- Joined
- 2 October 2006
- Posts
- 3,043
- Reactions
- 2
swift energy last month disclosed on a press release spending
November 10, 2010: PRESS RELEASE. Swift Energy announced a preliminary 2011 capital budget of $430 million to $450 million to cover an accelerated drilling program with a production growth goal of 25% to 30% and a reserves growth goal of 15% to 20%. Approximately 75% to 80% of the capital budget will be spent in our South Texas core area, much of it on drilling oil and condensate development wells on acreage proved up in 2010 in the Eagle Ford shale and Olmos sands. The remainder will be directed towards oil production in our Southeast Louisiana core area and high-rate Austin Chalk oil and natural gas development wells in our Central Louisiana/East Texas core area. This program will be partially funded by proceeds from a public offering of 3 million shares of the companys common stock also announced on November 10.
the swift presentation released a few days ago is very comprehensive
worth a review and it covers the activities in mcmullen county
demonstrates swift is serious about the almos sands as well as the eagleford shale in mcmullen county
which is right next door to texons acreages
texon acreages is on the 5th slide
November 10, 2010: PRESS RELEASE. Swift Energy announced a preliminary 2011 capital budget of $430 million to $450 million to cover an accelerated drilling program with a production growth goal of 25% to 30% and a reserves growth goal of 15% to 20%. Approximately 75% to 80% of the capital budget will be spent in our South Texas core area, much of it on drilling oil and condensate development wells on acreage proved up in 2010 in the Eagle Ford shale and Olmos sands. The remainder will be directed towards oil production in our Southeast Louisiana core area and high-rate Austin Chalk oil and natural gas development wells in our Central Louisiana/East Texas core area. This program will be partially funded by proceeds from a public offering of 3 million shares of the companys common stock also announced on November 10.
the swift presentation released a few days ago is very comprehensive
worth a review and it covers the activities in mcmullen county
demonstrates swift is serious about the almos sands as well as the eagleford shale in mcmullen county
which is right next door to texons acreages
texon acreages is on the 5th slide
We are now well overdue in relation to news from both the EFS wells. There have not been any ASX announcements since 3/12/10. At that time we were told that fraccing of the TR EFS well would be completed within 14 days. If there had been a problem then I would have expected an announcement. Hopefully we will get good news this week and there will be a run on the SP leading to the Christmas break I am a holder.
I am a holder.
- Joined
- 2 May 2007
- Posts
- 4,698
- Reactions
- 2,908
We are now well overdue in relation to news from both the EFS wells. There have not been any ASX announcements since 3/12/10. At that time we were told that fraccing of the TR EFS well would be completed within 14 days. If there had been a problem then I would have expected an announcement. Hopefully we will get good news this week and there will be a run on the SP leading to the Christmas break
Philly
I would say patience is a virtue and no news is good news.
Considering most of the people are bit tipsy during the weekends, Fridays attending lunches, dinners prior to Christmas.
So I will not call names to TXN directors for delaying one or two days so long they are not unfolding unreasonable coverups for the delays
DYOR and me too is a holder
- Joined
- 2 May 2007
- Posts
- 4,698
- Reactions
- 2,908
for a moment I thought to have seen a posting from Agentm about this TXN announcement,
But could not find Agentm's posting - may be under editing
Any way announcement as it came in ASX.
Good work Agentm and Trader Paul for bringing out the prediction of Christmas gift.
Starrs have signed and gas (fluid I meant) flown
Thanks folks
http://asx.com.au/asx/statistics/announcements.do?by=asxCode&asxCode=TXN&timeframe=D&period=W
Could not attach the document due to new system is slightly unknown to me to allow attachments - Joe - please look into this and if you can post some brief guidelines on the changes for computer illiterates like me in the Mark III thread as well
But could not find Agentm's posting - may be under editing
Any way announcement as it came in ASX.
Good work Agentm and Trader Paul for bringing out the prediction of Christmas gift.
Starrs have signed and gas (fluid I meant) flown
Thanks folks
http://asx.com.au/asx/statistics/announcements.do?by=asxCode&asxCode=TXN&timeframe=D&period=W
Could not attach the document due to new system is slightly unknown to me to allow attachments - Joe - please look into this and if you can post some brief guidelines on the changes for computer illiterates like me in the Mark III thread as well
- Joined
- 2 October 2006
- Posts
- 3,043
- Reactions
- 2
stunning success in the first well imho
FIRST EAGLE FORD WELL
1,200 BOPD
Texon advises that its first Eagle Ford well, Tyler Ranch EFS #1H, has flowed 1,267 boepd(1) representing 1,202 bpd of light sweet crude oil and 782 mcfpd of gas with a flowing tubing pressure of 2610 psi through a 16/64” choke. Some of the frac fluid is also still being recovered.
The gas has a high heating value of approximately 1,250 mmbtu per thousand cubic feet(2) so at a Henry Hub gas price of US$4.00/mmbtu, the Company would receive US$6.40/mcf.
Texon’s working interest in the well is 82%. Texon’s beneficial interest (NRI) in the production is 61.6% or some 780 boepd of the above production.
The Company’s share of oil and gas being produced from the well is now part of Texon’s revenue stream.
Texon has a 92% working interest in approximately 5,000 gross acres in the Leighton, Mosman, Rockingham and Sutton leases (“LMRS”) which surround or are nearby to Texon’s first Eagle Ford well. The Eagle Ford reservoir is expected to be present throughout these leases.
Texon’s nett Eagle Ford acreage holding is 4,550 acres which could represent a resource potential of some 30-34 mmboe as to the Company’s working interest or 23–26 mmboe as to Texon’s net revenue interest in these leases.
Texon already has 8 producing Olmos wells on its LMRS leases as well as existing oil and gas production facilities. The facilities include oil and gas separation equipment, oil tanks, measurement systems and connections to gas pipelines.
These facilities have enabled the immediate tie-in to sales of the oil and gas being produced from the first Eagle Ford well.
David Mason said “this is a very good outcome for the Company and the result significantly enhances the value of Texon’s overall Eagle Ford, Olmos and facilities holdings in its 5,000 acres of Leighton, Mosman, Rokingham and Sutton leases”.
FIRST EAGLE FORD WELL
1,200 BOPD
Texon advises that its first Eagle Ford well, Tyler Ranch EFS #1H, has flowed 1,267 boepd(1) representing 1,202 bpd of light sweet crude oil and 782 mcfpd of gas with a flowing tubing pressure of 2610 psi through a 16/64” choke. Some of the frac fluid is also still being recovered.
The gas has a high heating value of approximately 1,250 mmbtu per thousand cubic feet(2) so at a Henry Hub gas price of US$4.00/mmbtu, the Company would receive US$6.40/mcf.
Texon’s working interest in the well is 82%. Texon’s beneficial interest (NRI) in the production is 61.6% or some 780 boepd of the above production.
The Company’s share of oil and gas being produced from the well is now part of Texon’s revenue stream.
Texon has a 92% working interest in approximately 5,000 gross acres in the Leighton, Mosman, Rockingham and Sutton leases (“LMRS”) which surround or are nearby to Texon’s first Eagle Ford well. The Eagle Ford reservoir is expected to be present throughout these leases.
Texon’s nett Eagle Ford acreage holding is 4,550 acres which could represent a resource potential of some 30-34 mmboe as to the Company’s working interest or 23–26 mmboe as to Texon’s net revenue interest in these leases.
Texon already has 8 producing Olmos wells on its LMRS leases as well as existing oil and gas production facilities. The facilities include oil and gas separation equipment, oil tanks, measurement systems and connections to gas pipelines.
These facilities have enabled the immediate tie-in to sales of the oil and gas being produced from the first Eagle Ford well.
David Mason said “this is a very good outcome for the Company and the result significantly enhances the value of Texon’s overall Eagle Ford, Olmos and facilities holdings in its 5,000 acres of Leighton, Mosman, Rokingham and Sutton leases”.
- Joined
- 2 October 2006
- Posts
- 3,043
- Reactions
- 2
from another thread - http://www.hotcopper.com.au/post_threadview.asp?fid=1&tid=1338726&msgno=6104127#6104127
Just sent from RBS analyst Chris Brown: with the subject "TXN - Above "expectations", closer to "hopes""
Texon Petroleum (TXN)
Market Cap: A$716m
Share price: A$0.62
Price target: A$0.70 (to be revised upwards to Fair Value)
Up/(down) to target: 69%
Fair value: A$1.05
Subject: Eagle Ford Shale production test
Key points:
* Point 1 - Texon has a working interest of 82% and a Net Revenue Interest of 61.6% in the first horizontal well to test of the Eagle Ford Shale - Tyler Ranch EFS #H1 - in the Leighton leases.
* Point 2 - Production testing reported a flow rate of 1,267boepd - made up of 1,202bbls of sweet light crude oil per day and 782mcfpd of gas. the gas has a high calorific value of 1,250mmbtu, worth US$6.40/mcf at a US$4.00 Henry Hub gas price.
* Point 3 - This is at the top end of expectations, with fraccing fluid still being recovered.
* Point 4 - This test confirms that the EFS is liquids rich in the Leighton leases.
Investment view - The test of the second EFS well will take place in February. A positive result would be taken to confirm that the 4,924 acres in which TXN has an interest are in the liquids rich window, and add to our valuation and target price.
Just sent from RBS analyst Chris Brown: with the subject "TXN - Above "expectations", closer to "hopes""
Texon Petroleum (TXN)
Market Cap: A$716m
Share price: A$0.62
Price target: A$0.70 (to be revised upwards to Fair Value)
Up/(down) to target: 69%
Fair value: A$1.05
Subject: Eagle Ford Shale production test
Key points:
* Point 1 - Texon has a working interest of 82% and a Net Revenue Interest of 61.6% in the first horizontal well to test of the Eagle Ford Shale - Tyler Ranch EFS #H1 - in the Leighton leases.
* Point 2 - Production testing reported a flow rate of 1,267boepd - made up of 1,202bbls of sweet light crude oil per day and 782mcfpd of gas. the gas has a high calorific value of 1,250mmbtu, worth US$6.40/mcf at a US$4.00 Henry Hub gas price.
* Point 3 - This is at the top end of expectations, with fraccing fluid still being recovered.
* Point 4 - This test confirms that the EFS is liquids rich in the Leighton leases.
Investment view - The test of the second EFS well will take place in February. A positive result would be taken to confirm that the 4,924 acres in which TXN has an interest are in the liquids rich window, and add to our valuation and target price.
Well I am very happy with this announcement Worth the wait!
I'll try to put the TXN result in some sort of context I note that AUT also announced some production results from their EFS leases today as follows:
LUNA - 931 boepd, KOWALIK - 735 boepd & URRUTIA - 954 boepd
The TR EFS well flowed at just over 1200 boepd so it is a killer at this stage.
Lets hope that the results from the MR EFS well in the new year are as good.
Merry Christmas and a Happy New Year to all holders.
Worth the wait!I'll try to put the TXN result in some sort of context I note that AUT also announced some production results from their EFS leases today as follows:
LUNA - 931 boepd, KOWALIK - 735 boepd & URRUTIA - 954 boepd
The TR EFS well flowed at just over 1200 boepd so it is a killer at this stage.
Lets hope that the results from the MR EFS well in the new year are as good.
Merry Christmas and a Happy New Year to all holders
.
- Joined
- 2 October 2006
- Posts
- 3,043
- Reactions
- 2
totally agree philly
i think no one understands how good that first well of texon really is
good value in the share right now imho
i think no one understands how good that first well of texon really is
good value in the share right now imho
- Joined
- 2 October 2006
- Posts
- 3,043
- Reactions
- 2
i saw a research note from patersons which puts TXN at $1.05
that note will no doubt hit the new texon website in the coming days, but its out in the hands of their client base for the time being
some heavy buying today..
imho the upside of texon is far better than anything seen today, i see our astrological guru ducked out today on a quick run. and i have no doubt he has many followers
good on him and his astrology was spot on
holding and accumulating..
with the major shareholder running the show.. i am keeping my cash with dave mason
he is proving, week in week out that they are delivering and they have the right plans in place
best of luck to all holders
- Joined
- 5 January 2010
- Posts
- 129
- Reactions
- 0
Wow we have just witnessed a VERY nice jump today for Texon today.
Similar threads
