Intertrade Shipping AS med Øyvin Anders Brøymer i førersetet fortsetter å øke sin posisjon og er nå oppe i 2 160 000 aksjer. Med dette så suser han inn på en foreløpig 9 plass.
I går ble det kjent at Ocean Infinity kjøper Reach Subsea sin svenske partner MMT Sweden AB. Reach og MMT har over mange år hatt ett svært tett samarbeid. Noe som de vil fortsette å ha. Men kan det tenkes at Ocean Infinity også kan være intressert i Reach?
Reach har beviselig snudd skuta og drar nå inn penger fra både olje og vind. Utbytte ble annonsert 23.02.2021. High growth in renewables segment during 4Q2020 with 57%(15% in 4Q2019) of revenue generated from non-oil & gas clients, driven by major survey projects in the offshore wind sector.
Eller så venter vi i spenning på nyheter fra TXP. Der skjer det såpass mye at man burde neste ha skrevet en lite artikkel om selskapet.
Alt dette så handles NORTH for knappe 3 kroner, men 40 øre utbytte i april 
For å ikke gjøre det så altfor enkelt så kan de som er intressert sjekke NAV opp mot børsverdi 
Beklager at det ikke er fair priset ennå, men må uansett gratulere. (det er kanskje ikke den helt ville avkastningen ennå, men grunnlaget ligger der)
Selv ble jeg en sviker som hoppet fra north og økte heller på en god del i Reach. (hvis jeg regner riktig så er EV/EBITDA på 1.08, har litt over 70øre cash pr aksje, knapt gjeld, og en EBIT som kjøper gjør reach istand til betale seg selv ned på 3år, underpriset sa du?)
Ble skikkelig bull når Q4 (drittkvartalet hvert år) ga en EPS på 10øre. Det bekrefter for meg at selskapet er i vill vekst.
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Når man har hoder som Brøymer som er betydelig klokere enn meg er det lett å øke posisjonen på dette nivået. Aksjen vil prises mer korrekt før eller siden. Med tanke på fee float i disse to selskapene så skal det ikke mye til før det drar seg til når noen andre enn oss tullinger oppdager de. For å være helt ærlig så er det rart at ikke andre som jakter denne type case har vert på banen. Her får man jo det beste fra to verdener. Olje/gass + fornybar. Burde være en kandidat for positiv omtale i diverse andre fora enn her på TI skulle jeg tro.
Oppkjøpet av MMT satte fort noen tanker i spinn. Reach har gjort mye riktig og har en svært sunn økonomi i forhold til mye annet ESG tull ball.
Det var jo ikke gullgraverene i klondyke som ble rike. Det var de som solgte varer til alle gullgraverene Litt som med Reach og offshore vind.
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Er det @Sjakk som angrer og vil inn i varmen igjen? Er er det noen andre som har byttet batterier på kalkulatoren?
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CB i North er en stund siden <3
Kan være det er tyskerne som kommer og henter deg hjem (clearstream banking) Interessant å følge med selv om jeg ikke tjener på det selv pdd. NAV ligger på ca 425Mnok etter selskapsskatt på txp
(det er da med txp 15% ned fra high, i en liten korreksjon, reach ufortjent lavt priset, og opsjoner som iox og den wind greia til 0 kr)
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TOUCHSTONE ANNOUNCES 2020 YEAR-END RESERVES AND PROVIDES OPERATIONAL UPDATE
CALGARY, ALBERTA (March 5, 2021) – Touchstone Exploration Inc. (“Touchstone”, “we”, “our”, “us” or the “Company”) (TSX, LSE: TXP) announces a summary of its 2020 year-end reserves and provides an operational update.
Our independent reserves evaluation was prepared by GLJ Ltd. (“GLJ”) with an effective date of December 31, 2020 (the “Reserves Report”). Highlights of our total proved (“1P”), total proved plus probable (“2P”) and total proved plus probable plus possible (“3P”) reserves from the Reserves Report are provided below. All finding and development (“F&D”) costs below include changes in future development capital (“FDC”). Unless otherwise stated, all financial amounts referenced herein are stated in United States dollars. Financial information contained herein is based on the Company’s unaudited results for the year ended December 31, 2020 and is subject to change. Readers are further cautioned to read the applicable advisories contained herein.
2020 Year-end Reserves Report Highlights
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Increased 3P net reserves by 236% to 100,150 Mboe, increased 2P net reserves by 194% to 64,947 Mboe and increased 1P net reserves by 189% to 34,238 Mboe from the prior year.
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In comparison to 2019, 10% discounted net present value of future net revenues (“NPV10”) on a before tax 3P basis increased by 90% to $1,002.8 million and after tax 3P NPV10 increased by 108% to $419.4 million.
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Achieved a before tax 2P NPV10 of $683.1 million, representing an increase of 72% from $397.9 million reported in 2019 and realized an annual after tax 2P NPV10 increase of 88% to $289.2 million.
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Realized before tax 1P NPV10 of $362.9 million, representing an increase of $160.7 million or 79% from the prior year and increased after tax 1P NPV10 by 95% from year-end 2019 to $163.0 million.
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Realized 1P F&D costs of $1.26 per boe, resulting in a recycle ratio 11.3 times using our unaudited annual estimated 2020 operating netback of $14.29 per boe. Touchstone’s low F&D costs are primarily attributed to our meaningful 2020 reserves growth from our Cascadura-1ST1 well discovery.
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Recognized 2P F&D costs of $0.71 per boe, resulting in a 2P recycle ratio of 20.3 times, demonstrating Touchstone’s capital efficient operations in the Ortoire block.
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FDC associated with only a portion of our internally identified drilling location inventory and low-risk recompletion projects totaled $55.9 million for 1P reserves and $83.9 million for both 2P and 3P reserves.
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The Cascadura assessment area was assigned gross working interest 1P reserves of 23,622 Mboe and gross working interest 2P reserves of 45,030 Mboe with an estimated before tax 2P NPV10 of $411.8 million.
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The Reserves Report excluded any potential reserves from the Company’s Chinook-1 and Cascadura Deep-1 wells drilled in the fourth quarter of 2020.
Paul Baay, President and Chief Executive Officer, commented:
“Our year-end 2020 reserves evaluation provides further independent confirmation of the significant opportunities that the Company has in place from our Trinidad assets. Our 1P reserves are now significantly higher than our 3P reserves at the same time last year, providing greater operational and financial certainty for investors, and exclude any potential reserves from the recently drilled Chinook-1 well or Cascadura Deep-1 wells. We have a lot to be excited about as we focus on converting our world class reserves to production during 2021 as well as expanding opportunities through additional drilling at Ortoire.”
Operational Highlights
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Tested two identified pay zones in the Chinook-1 well, with both zones encountering potential upside in the form of light sweet crude oil. One pay zone is currently being configured for an extended production test.
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Equipment has arrived in Trinidad to enable testing of the main gas bearing zones in the Cascadura Deep-1 well, where significant hydrocarbon accumulations were reported in December based on drilling and wireline logging data.
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Testing of the potential gas bearing sands in the Chinook-1 well will commence following the extended crude oil test.
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We continue to target the second quarter of 2021 for initial Ortoire gas commercialization, with final regulatory approvals for the tie-in of our Coho-1 well received and construction underway.
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Working with the National Gas Company of Trinidad and Tobago to commence regulatory applications to tie-in Cascadura and any potential Chinook production volumes, with the objective of achieving initial production prior to the end of 2021
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The primary access road to the Royston-1 well location has been cleared, and we have commenced road resurfacing and lease building operations.
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Initiated line clearing for the 21-kilometre 2D seismic program in the Royston area.
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Expected to enter into a minimum three-year drilling services contract from a Canadian based private company to supply an ultra-heavy telescopic drilling rig to Trinidad in late 2021, which will enable us access to three drilling rigs in Trinidad capable of drilling to depths of 10,000 feet or more.
Operational Update
Well Testing
Touchstone has yet to test the targeted gas bearing zones in the Chinook-1 and Cascadura Deep-1 exploration wells due to unavoidable delays associated with third-party equipment including the natural gas testing unit. However, we are pleased to report that all required equipment has now been cleared through the various levels of government organizations in Trinidad and is expected to be on location within the next ten days.
Touchstone has tested two low resistivity zones in the Chinook-1 well. The first test interval was in the lower sub-thrust sheet, which was a previously unknown thrust-sheet where we identified 68 net feet of potential pay based on wireline logging data. During this test, the well recovered trace amounts of 41 degrees API sweet oil along with significant high pressure and high temperature water, which was indicative of encountering a fracture at the base of the formation. With the high volume of water, the zone is considered uneconomic; however, indications of light oil prove the concept of hydrocarbons in the sub-thrust sheet. Based on 3D seismic data, future development locations are anticipated to be positioned structurally up-dip by as much as 1,000 feet from the Chinook-1 well to evaluate the sub-thrust sheet in an optimal structural position. The Company has permanently abandoned this lowermost zone and completed a second zone in the Herrera formation which encountered 35 degrees API sweet oil and is currently being configured for an extended oil production test. We anticipate conducting the first natural gas test at the Cascadura Deep-1 well while the Chinook-1 well is on the extended oil production test.
James Shipka, Chief Operating Officer, commenting on the Chinook-1 well tests, said:
"This is an encouraging start to the production testing program as it confirms the presence of hydrocarbons in the sub-thrust sheet and will allow for further up-dip drilling targets based on available 3D seismic data. The sub-thrust sheet was not one of the original Chinook-1 well targets, so the confirmation of hydrocarbons in the deep section is very positive. Although the lower zone was considered uneconomic given the high water cuts, the reservoir displayed potential as fluid flowed to surface at over 2,200 bbls/d. Future targets structurally up-dip from Chinook-1 hold tremendous potential.
The second production test is also very exciting and could result in numerous development locations. The presence of oil in the intermediate section reaffirms that the hydrocarbon system in the Herrera is extensive and variable. Our extended production test will determine if this zone is commercial in Chinook-1 before we move up in the wellbore to our next test which we anticipate being a natural gas zone immediately above the oil. It is unfortunate that due to third-party issues beyond our control we have had to wait on the gas test equipment; nevertheless, valuable data has been collected in the interim period.
The multi-target project at Ortoire is still in the early stages. The oil discovery at Chinook-1 adds another layer of opportunity that we have not previously forecasted. For reference, the offsetting Barrackpore oil pool has over 60 wells that have produced approximately 18.7 million barrels, averaging 300,000 barrels per well with oil ranging from 27 to 30 degrees API."
Coho-1 Tie-in
On January 22, 2021, the Company received approval to proceed with the construction of the Coho-1 tie-in project. Subsequent to the required initial notification period, construction operations have commenced. Touchtone is targeting initial gas production from Coho-1 in the second quarter of 2021. In conjunction with the project, we have also been working with the Natural Gas Company of Trinidad and Tobago to survey and commence regulatory applications to tie-in Cascadura and any potential Chinook production volumes, with a goal to achieve initial production prior to the end of 2021. The Company is concurrently applying for two additional surface locations at both Cascadura and Chinook which will allow for up to 16 development locations.
Royston Drilling Preparations
Touchstone is pleased to report that we have cleared the primary access road to the Royston-1 drilling location and are currently surfacing the road and performing lease preparations. The Royston well will be drilled using Well Services Rig #60 targeting a total depth of approximately 11,500 feet. The drilling rig is scheduled to move onto location early in the second quarter of 2021.
Drilling Rig Contract
Given our exploration success, the Company expects to execute a contract with a Canadian based private company to provide state of the art drilling equipment commencing in late 2021. The contractor will deploy a North American based drilling rig equipped for us to evaluate the deep targets at Royston, Cascadura and Chinook along with drilling on our legacy crude oil development properties. Pursuant to the current terms of the drilling contract, Touchstone must utilize the rig for a minimum of 120 days per year over an initial three-year term and is obligated to pay for rig mobilization costs, which are currently estimated to be approximately $1 million. This arrangement, in combination with our current drilling services provider, will give the Company access to three drilling rigs capable of drilling to depths of 10,000 feet or more on the Ortoire block as well as the Company’s legacy oil development properties.
Seismic Program
Touchstone has initiated surveying and line clearing for our 21-kilometre 2D seismic program. The seismic information will be used for further delineation of the structure to be drilled at Royston and adjacent prospects in the Mid Miocene Herrera formation and is expected to optimize future drilling into the previously identified Cretaceous exploration target. The program is scheduled to be completed prior to July 2021.
2020 Year-end Reserves Report Summary
Touchstone’s 2020 capital program focused on exploration activities on our Ortoire property, where we drilled two gross (1.6 net) exploration wells. Similar to 2019, we conducted minimal capital development activity on our development properties, mainly performing wellbore recompletions and workover operations to arrest production declines. The Reserves Report includes those reserves associated with our legacy development properties and our Coho natural gas discovery in 2019, as well as new reserves associated with our Cascadura discovery in 2020. The Reserves Report does not include any reserves associated with our Chinook-1 and Cascadura Deep-1 wells drilled in 2020, as production testing operations were not completed prior to the effective date of the Reserves Report.
Touchstone’s year-end crude oil and natural gas reserves in Trinidad were evaluated by independent reserves evaluator, GLJ, in accordance with definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook and National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (“NI 51-101”). Additional reserves information as required under NI 51-101 will be included in the Company’s Annual Information Form, which will be filed on SEDAR on or before March 31, 2021. The reserve estimates set forth below are based upon GLJ’s Reserves Report dated March 4, 2021 with an effective date of December 31, 2020. All values in this news release are based on GLJ’s forecast prices and estimates of future operating and capital costs as at December 31, 2020. In certain tables set forth below, the columns may not add due to rounding.
DET var investor relations’en sin det. Nesten for mye informasjon, føles rart og trigger litt paranoia, (les: her er det en scam), når de fleste selskaper er svært sparsommelige med sine (konkrete) ord i forhold.
Skulle vært så godt i det at en liten inspeksjonstur til trinidad i gulfstreamen hadde vært noe som var mulig ;D
Hehe, de har heldigvis en historie for lange og gode oppdateringer. Hadde det ikke vært for det så kunne jeg vert tilbøyelig å vært enig med deg.
Men jeg tenker at avtalen som ble inngått med det Nasjonale gass selskapet i Trinidad og Tobago ikke hadde vert fult så lett å få på plass om det var rusk i maskineriet. Når det er sagt så antar jeg at TXP skal ha litt cash til å få fart på aktivitetene sine så det kan nok tenkes at de henter penger i markedet snart. Noe som igjen kan være årsaken til at Richard Sneller og Edale Capital LLP solgte seg litt ned i Januar.
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Water, commercial, uncommercial…ble det plutselig litt svai i ryggen her ? Noen ble nervøse i egen vurdering av TXP som safe haven nærmest uten nedside.
Ser ut sim at Brøymer aldri får nok NORTH aksjer. Oppe på 7 plass nå 
North Energy ASA - Board approves Annual Accounts for 2020
North Energy ASA - Annual Report and Accounts 2020
North Energy ASA - Notice of Annual General Meeting 2021
CALGARY, ALBERTA (March 31, 2021) - Touchstone Exploration Inc. (“Touchstone”, “we”, “our”, “us” or the “Company”) (TSX, LSE: TXP) provides an update regarding exploration operations on the Ortoire block, onshore Trinidad and Tobago (Touchstone 80% working interest operator, Heritage Petroleum Company Limited 20% working interest).
Highlights
Completed and tested the third interval at Chinook-1 encountering 35 degree API gravity crude oil; further evaluation is required to determine commerciality.
All three Herrera thrust sheets in Chinook-1 encountered light oil indicating the structure is predominantly oil charged.
Chinook-1 will be placed on pump for an extended production test to evaluate the reservoir and guide future development.
The service rig is on location at Cascadura Deep-1 to complete the lowermost gas zone in the Herrera overthrust sheet, which is scheduled to be perforated within a few days.
Chinook-1 Production Testing
Touchstone is currently evaluating the third formation test at Chinook-1, having completed the overthrust Herrera sheet in the well on March 25, 2021, perforating 115 feet of the formation at depths between 8,320 and 8,435 feet. The well accumulated pressure to 2,100 psi at surface immediately after being completed, and flow back testing commenced on March 27, 2021. The well recovered load fluid with minor amounts of 35 degree API gravity oil and formation water. Low flow back rates indicate that an artificial lift is required to determine the wells’ production potential. By putting the well on pump, the Company can evaluate the deliverability of the zone and assess possible formation damage that may have occurred during drilling. Touchstone will commence installation of the pumping assembly when the service rig has completed current operations at Cascadura Deep-1.
Testing to date indicates the Chinook-1 well is in an oil window of the Herrera fairway. Over the course of the next few months, the Company will form a development plan for the oil encountered in the exploration well with the focus on identifying locations in the intermediate and overthrust Herrera sand sheets. Oil production from the Herrera thrust sheets is common in Trinidad along the Herrera fairway. The Penal-Barrackpore Herrera oil pools have cumulative production of over 80 million barrels since their discovery in the 1960s.
Following the extended oil test, the Company may complete an uphole shallow gas interval in the Cruse formation or test a Karamat shale gas prospect that was encountered while drilling.
Paul Baay, President and Chief Executive Officer, commented:
“This light oil discovery on the Ortoire property provides another level of opportunity for the Company and is in line with our original Chinook exploration model which indicated the target was oil charged. While some shareholders may be disappointed with oil findings, it is worth highlighting that our view towards gas only evolved following our prolific gas discovery at Cascadura, which is 1.5 kilometres to the north and in a separate geological structure. The test results at Chinook are a reminder that while these are independent exploration targets, the Herrera sands have the potential for gas, light oil, or a combination of hydrocarbons. We don’t believe these results have any correlation to the upcoming Royston well given the target is a separate structure and in a different geological position.”
Cascadura Deep-1 Production Testing
The Company is currently preparing to perforate the lowermost section of the shallow overthrust Herrera sand in Cascadura Deep-1. After the interval has been perforated, the Company expects to perform a three-day flow back test followed by a minimum two-week built-up test. Well test results will be disclosed upon completion.
The Company completed testing a low resistivity zone in the intermediate thrust sheet that showed elevated gas readings during drilling. While indications of hydrocarbons were apparent while drilling through this secondary interval, wireline logs indicated low resistivity prompting the Company to test the interval to gain a further understanding of reservoir characteristics. The primary purpose of the test was to correlate reservoir salinities with wireline log responses to define pay intervals during potential development of the Cascadura Deep-1 structure. As expected, based upon the low resistivity readings, the tested interval yielded predominantly water with minor amounts of hydrocarbon emulsion and was subsequently abandoned.
James Shipka, Chief Operating Officer, commented:
“While we have waited for the required testing equipment to come available, we took advantage of our time with the two exploration wells to test a number of different concepts and have added to our understanding of the Ortoire block. The information gained over the last three months will be invaluable for progressing our understanding of potential future locations. In the near term, we remain focused on our gas test at Cascadura Deep and bringing our first two wells, Coho-1 and Cascadura-1ST1, onto production. Further testing at Chinook will continue as necessary to evaluate the well and determine the best path forward while construction at Royston continues to move towards a spud date in the middle of the second quarter.”
Touchstone Exploration Inc’s (LON:TXP, TSX:TXP) Paul Baay talks to Proactive London about the update on the exploration at the Ortoire block, onshore Trinidad and Tobago.
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CALGARY, ALBERTA (April 12, 2021) - Touchstone Exploration Inc. (“Touchstone”, “we”, “our”, “us” or the “Company”) (TSX, LSE: TXP) announces the completion of flowback testing of the Cascadura Deep-1 well, confirming a liquids rich natural gas discovery. Touchstone has an 80 percent operating working interest in the well, which is located on the Ortoire block onshore Trinidad and Tobago (Heritage Petroleum Company Limited (“Heritage”) holds the remaining 20 percent working interest).
Highlights
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Touchstone perforated the top 199 feet of the 449 feet identified as potential pay in sheet four of the overthrust Herrera formation on April 8, 2021.
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The average flowback rate during the extended 24-hour test period was approximately 4,262 boe/d, including 22.9 MMcf/d of natural gas and 449 bbls/d of NGLs.
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Peak flowback rate of approximately 4,567 boe/d was observed, comprised of 24.5 MMcf/d of natural gas and 477 bbls/d of NGLs.
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Approximately 48.8 MMcf of natural gas (8,138 boe) and 1,081 barrels of NGLs were produced during the testing period.
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Field analysis indicated liquids rich gas with no hydrogen sulfide and no produced water.
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The well is currently shut-in for a minimum four-week pressure build-up test.
Paul Baay, President and Chief Executive Officer, commented:
“The positive test results from Cascadura Deep-1 further expands the opportunity on the Ortoire block as we now expect to have two distinct and separate sheets producing from two wells in the Cascadura structure. We will accelerate operations required to bring the two Cascadura wells onto production as the test results allow us to properly size surface facilities for reservoir management. We are also moving forward with the required applications to establish a second Cascadura surface location, designed for up to four development wells. The test results demonstrate the clear future production opportunities for the Company.”
Cascadura Deep-1 Testing
Cascadura Deep-1 well production testing commenced on April 8, 2021, with flow tests spanning a total of 58 hours, comprised of an initial clean-up flow period, followed by an initial shut-in period and a five-step rate test, including a 24-hour extended flow test. Well testing was conducted by an international well testing and measurement company.
During the extended flow test period, the well achieved a peak production rate of approximately 4,567 boe/d (90% natural gas). This production rate included approximately 24.5 MMcf/d of natural gas and 477 bbls/d of NGLs flowing at 1,917 psi. During the 24-hour extended portion of the flow test, the well averaged a production rate of approximately 4,262 boe/d (89% natural gas), including 22.9 MMcf/d of natural gas and an estimated 449 bbls/d of NGLs. The flowing pressure of the well during this stage of testing averaged 1,856 psi through a 50/64-inch choke. Approximately 48.8 MMcf of natural gas (8,138 boe) was produced during testing, with 1,081 barrels of NGLs and 27 barrels of water which were less than the load fluid used in the well.
During testing, Cascadura Deep-1 yielded 59.5-degree API gravity NGLs at an average ratio of approximately 22 barrels of NGLs per MMcf of natural gas produced. Field analysis of the produced gas indicated liquids rich natural gas with no hydrogen sulfide content. Additional testing of fluid samples will be conducted to accurately assess the gas and associated liquids composition.
The well is currently shut-in for an extended pressure build-up survey for a minimum of four weeks to identify possible formation boundaries. Touchstone will not conduct further testing of the well and intends producing the well concurrently with Cascadura-1ST1.
James Shipka, Chief Operating Officer, commented:
“The exceptional performance noted during Cascadura Deep-1 well testing reinforces the geological concept of multiple stacked, independent hydrocarbon charged horizons in the Herrera turbidite fairway. We will not be conducting any up-hole testing in the well as we do not want to interrupt this interval at the risk of damaging the reservoir with water-based fluids. The data collected in this flow test indicates that sheet four is separate from sheet three, where production is expected from the Cascadura-1ST1 well. There remains an additional 558 feet of potential pay above the tested zone in sheet three which can be evaluated in future development wells.”
Extension of Lease Operatorship Agreements
Touchstone has further extended the term of its Lease Operatorship Agreements (“LOAs”) with Heritage for its Coora-1, Coora-2, WD-4 and WD-8 blocks to April 30, 2021. The LOAs were originally set to expire on December 31, 2020 and were previously extended to March 31, 2021. The LOAs remain under existing terms and conditions while Heritage progresses on regulatory approvals regarding new ten-year LOAs for each property.
Touchstone Exploration Inc.
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