Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: pstad60 who wrote (24702)	8/14/2024 12:08:35 PM
From: pstad60	Read Replies (1) \| Respond to of 24738

Re: Touchstone Exploration. Commentary from Stockwatch's Aug 13 Energy Summary stockwatch.comMKTOIL-3587505&symbol=MKTOIL®ion=C .......... "Further afield, a different suitor is facing much rougher sailing in attempting to close a takeover. Paul Baay's Trinidad-focused Touchstone Exploration Ltd. (TXP) added two cents to 57 cents on 80,000 shares, as it released its latest quarterly financials, which included a rundown of the continuing Trinity Exploration saga. Trinity is a small local producer that accepted a $30.1-million all-share takeover offer from Touchstone in May. A rival bidder is continuing to try to scupper the deal. As discussed previously, the rival is a local private company called Lease Operators, which on July 18 offered $47-million for Trinity in all cash. Trinity immediately said it wanted to consider this offer, and subsequently said on Aug. 2 that it prefers this offer and wants to break things off with Touchstone. Trinity's shareholders, however, already approved Touchstone's offer on June 24, which triggered binding contracts in respect of nearly two-fifths of Trinity's shares -- enough to fend off Lease Operators. The contracts are irrevocable unless Touchstone bows out. It can do so without consequence on Aug. 22, but has not said whether that is its intention. Today's financials rehashed much of the above (although only in the lengthy and tortured legalese that Touchstone seems to find mandatory whenever it so much as whispers the name Trinity). More usefully, the financials also included a long-awaited update to Touchstone's production guidance. The company previously said it would aim for a full-year average of 9,400 barrels a day and end the year producing 14,500 barrels a day. Four months ago, however, investors were dismayed to learn that reservoir woes at the core Cascadura field were dragging production down significantly. (Total output averaged just 5,400 barrels a day in the second quarter.) Citing early success in a recompletion program, Touchstone has now revised its full-year guidance to 8,000 barrels a day and the year-end target to 13,500 barrels a day. While these cuts are not as steep as some had feared, the new targets are highly dependent on the results of new wells that Touchstone hopes to bring on-line next month ........"