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TXN, TEXON PETROLEUM LTD
lgrif
post Posted: Oct 25 2012, 05:41 PM
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In Reply To: Ooops's post @ Aug 9 2012, 11:02 AM

Up sharply today. leaking leaking. Looks like E.F. sale firming up.

 
Ooops
post Posted: Aug 9 2012, 11:02 AM
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In Reply To: agentm's post @ May 15 2011, 10:13 AM

TXN has broken out of it's downtrend. Volume has been picking up over the last few days too.

I just thought I would mention it.


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agentm
post Posted: May 15 2011, 10:13 AM
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In Reply To: pillman's post @ Mar 31 2011, 04:35 PM

pretty low key forum on texon

soaking up the cheap shares atm.. i see the wilcox wells coming up as really low risk. cooolangatta sits a few miles from some spectacular oil producing wells owned by exxon and conocophillips

dave told me they have a very high regard for that target

scarborough will add $2 to texon if that target is a success.. and i have been researching that region a lot recently and like the play there

best of luck to those whom didnt sell and still hold

 
pillman
post Posted: Mar 31 2011, 04:35 PM
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In Reply To: veeone's post @ Mar 31 2011, 07:34 AM

I just took up my spp after sitting on my small parcel from 65c days last year . . all up, this is a tidy investment so far

 
veeone
post Posted: Mar 31 2011, 07:34 AM
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Texon gets some coverage in this weeks Oilbarrel.com newsletter. V1
March 28, 2011
Texon Petroleum Starts A Second Horizontal Well In The Eagle Ford Shale in Texas
ASX-Listed junior Texon Petroleum has started the fracture stimulation and testing of a second Eagle Ford Shale Horizontal well (Teal EFS -1H) following the successful sinking of a first well and an increase in the company's holdings in what has become one of the hottest hydrocarbon situations in the US.
The company has boosted its assets to 5,900 net acres, which is a 30 per cent increase from the previous holding of 4500 net Eagle Ford acres. Texon is a small company but it feels this stake puts it at the heart of this exciting play where acreage has been trading at increasingly high premiums as companies including Statoil, CNOOC and Shell seek to join what you might call the "Great Shale Rush".
Just four years ago, when gas prices in the US were hitting more than US$10 a thousand cubic feet, geologists were suffering from a long-term bafflement as to how to access the tightly held gas and oil in these shale structures. But new techniques like fracture stimulation and horizontal drilling have revolutionised exploitation of shale gas and oil and transformed the energy mix in the US. Ironically, because of the natural gas supply surge as shale drilling has taken off, gas prices became depressed.
It is not just in the US where some believe there are enough shale gas and oil reserves to meet the country's needs for many decades. There is now vibrant shale activity in Australia and a fledgling industry in Europe, notably in Poland. The tentative first steps have also been taken in the UK with drilling offshore the Lancashire coast in north-west England near the seaside resort of Blackpool.
Texon's first well from the Eagle Shale, the Tyler Ranch EFS-1H well came online in December with an initial production rate of 1,267 boepd (1202 bpd of light crude and 782,000 cubic feet of gas per day) exceeding expectations (the nearest EFS well is Swift Energy's San Miguel- 1H which lies immediately to the south and had a IP of 775 bpd and 1.1 million cf/d). The well has now been producing for three months at rates of between 548 boepd and 650 boepd.
Gas prices in the US are beginning to recover from their lows of recent years but one of the attractions here is the premium nature of the production stream: while Henry Hub gas is trading around US$4.16 a million BTU, Texon is receiving US$6.80 per mcf due to the high heating value of the Eagle Ford gas and the presence of natural gas liquids. On top there is the revenue from the oil. Texon is currently receiving US$102.35 a barrel. Texon has a working interest in the well of 82 per cent and a net revenue interest of 61.6 per cent.
The Teal EFS -1H is in the same vicinity as Tyler Ranch. Operations here started on March 22 and the overall programme of fracture stimulation and recovery of the frac fluid is expected to take about two weeks at the end of which the well will be production tested. A gas pipeline has been laid so the well could go into production quickly. Texon has a100 per cent working interest and a 75 per cent NRI in this well.
Texon is not just a shale play. The company is also producing from the conventional shallower Olmos reservoir; this gives the company a chance to build a parallel production stream without the total reliance on the expensive and often hard-to-source horizontal drilling and fraccing technologies. These vertical wells are cheap to drill and can very profitable and the company plans three more of them in the immediate future. Texon has been achieving US$7.10 mcf for Olmos gas. Together with Eagle Shale Olmos accounts for 65 per cent of all Texon's gas production.
This work, plus the second Eagle Ford well, should add another 600 boepd to the company's production tally in Q2, which in January was running at 1,200 boepd gross or 600 boepd on a NRI basis.

 
bermuda
post Posted: Mar 4 2011, 07:42 PM
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In Reply To: bermuda's post @ May 15 2010, 05:53 PM

Met up again with David after the O&G conference in Sydney. The guy owns 15m shares and the story is just getting better. Good luck guys. The Eagleford is hot.

 

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OZGAZ
post Posted: Mar 4 2011, 10:06 AM
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In Reply To: kosy's post @ Mar 4 2011, 09:52 AM

I have always liked these guys - quiet achievers. Did hold but not at present but high on the watchlist

Cheers

Ozgaz





--------------------
Smile while TRADING it's only money... :)
 
kosy
post Posted: Mar 4 2011, 09:52 AM
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In Reply To: veeone's post @ Mar 3 2011, 06:28 AM

Sellers drying up, great sign given the SPP.

Cheers,

Kosy

 
veeone
post Posted: Mar 3 2011, 06:28 AM
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Texon Petroleum Has Four Wells To Test In Coming Weeks To Drive Up Q2 Production Numbers
These are busy times for ASX-quoted Texon Petroleum, which is seeking to prove the commercial potential of its 5,000 acre lease position within the emerging Eagle Ford Shale in Texas. It cannot have escaped the attention of regular readers that the Eagle Ford is one of the hottest plays in the US, because of the oily sweet spots that ensure premium revenue streams for operators at a time when natural gas prices remain depressed – ironically, because of the natural gas supply surge as shale drilling took off around the previously gas-short country.
Texon Petroleum may be an oil junior but it is punching above its weight as a new producer in this shale hot spot, where acreage has been trading at increasingly high premiums as companies, including Statoil, CNOOC and Shell, seek to build exposure to this oily sweet spots in this promising play. Texon has one well producing from the Eagle Ford, the Tyler Ranch EFS-1H well, which came online in December with an initial production rate of 1,267 boepd (1,202 bpd of light sweet crude and 782,000 cubic feet of gas per day), exceeding expectations (the nearest EFS well is Swift Energy's San Miguel-1H, which lies immediately to the south and had an IP of 775 bpd and 1.1 million cf/d).
Analysts at Australian stockbrokers Patersons said the IP of Texon's first EFS well confirmed "the project area is located in a productive area of the volatile gas/oil window of the shale…and that the fraccing was well executed which should have positive implications for longer term production performance".
One of the main attractions here is the premium nature of the production stream: while Henry Hub gas is trading around US$4 per million Btu, Texon is receiving US$6.80 per mcf due to the high heating value of the Eagle Ford gas and the presence of natural gas liquids. On top, there is the revenue from the oil. Texon has a working interest in the well of 82 per cent and a net revenue interest of 61.6 per cent.
Now production data is in for the first two months. The Tyler Ranch well has produced about 632 barrels of oil equivalent per day over the last 60 days, although over the second 30 day period, production was lower, averaging 548 boepd. The ASX-quoted company attributes this decline to a couple of weeks of below freezing temperatures and a five-day shut-down of the gas pipeline inlet compressor. With temperatures up and the compressor now functioning properly, production is reported to be back up to 650 boepd. However, investors will be watching the production performance keenly as steep decline rates would be a red flag.
A second Eagle Ford well will be fracced and tested in the first week of March. A gas pipeline has been laid so the well can go into production immediately. Texon has a 100 per cent working interest and 75 per cent NRI in this well.
Texon isn't just a shale play. The company is also producing from the conventional shallower Olmos reservoir; this gives the company a chance to build up the production numbers without reliance on the expensive and often hard-to-source horizontal drilling and fraccing technologies. These vertical wells are cheap to drill, about US$1 each, and can be very profitable. Texon expects to frac three Olmos wells in the coming weeks. This work, plus the second Eagle Ford well, should add another 600 boepd to the company's production tally in Q2, which in January was running at 1,200 boepd gross or 600 boepd on an NRI basis. Oilbarrel.com.


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kosy
post Posted: Feb 28 2011, 04:22 PM
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In Reply To: pillman's post @ Jan 18 2011, 11:44 PM

In today all be it a little late given the CR etc. Good feeling about this one and the rumour mill is starting to turn.

GLA.

cheers,

Kosy

 
 


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