<<TEX... building production profile>>

[Crypto Crude]

Just got some TEX at 17.5cents...
IMO it looks 50% undervalued...
I will provide more details in a short while...
[8D]
.^sc

[Crypto Crude]

Target has 68million shares and is 11.9 million in market cap (undiluted)....
end of first quarter had 6.8million in cash....
listed 27-11-06 at 20cents...

has permits in America- Louisiana, and texas....
acerage is in proven areas, productive areas and infrastructure in place which means that Discoverys can go into production between 1-4months...
The drills are low risk, high return... although the targets arent amazingly large, the benfits of quick tie ins and high probability of success make this a good strategy...
TEX have an 8 drill program fully funded from cash reserves and have completed 3 wells since IPO, which two have been successful and will be producing in a short time...

Thoroughbred 1...
Gas discovery, commence production soon. 450thousand subic feet of gas per day...
currently waiting for hookup to pipeline..
two gas zones...

Snapper-a-1...
Four seperate zones of hydrocarbon pay...
completed as a producer...
-4.3m of gas pay..
-5.2m of oil and gas pay...
-1.8m of gas pay...
Cypress have drilled 11 wells in this permit, 8 being producers...3 dry...

This is a spec stock... DYOR...
a little ripper if you ask me...
[8D]
.^sc

[Serpie]

Any idea who the major shareholders are Shrewdy?
Had a quick look at their website but can't find it.

[Mick100]

Hi shrewd
Havn't looked at this one yet
I have held shares in several (four actually) cos drilling for gas onshore in the US. They have all been huge dissapointments to me. Small multi layered targets deep-deep down, often requiring fraccing and, gennerally, no end of problems.

I'v come to the conclusions that there just isn't much gas to be found onshore in the US - even offshore targets are small relative to Australia. Even the cos that are successful finding gas seem to spend all the profits trying to maintain reserves. PSA is an exception - an extremely well managed company IMO - they are managing to increase reserves significantly each year.
.

[Crypto Crude]

quote:Serpie
Any idea who the major shareholders are Shrewdy?

ME....:D...haha... narh,

at the IPO the main sharehoders were
1- Petroe exploration services Pty ltd, 5million shares ... 7.353%
2- Hosier Investments, 4 million shares 5.882%
3- Pirie street nominees pty 3.425million shares 5%

top 20shareholders made up 45% of company...
never heard of them serp...

Mick100...
I love PSA, a stock which is also 50% undervalued :D.... I've seen the broker recommendation and I rate that company...

TEX have potential reserves of 4.2million barrels of oil... 341billion cubic feet of gas...
1 million barrels of oil would easily double triple this company up...
You refer to drills which are deep deep down... TEX is drilling in shallow reserviours and therefore are cost effective drills and only taking 20days or less to reach target depth...

snapper1-TEX has a 25% stake...has recoverable reserves of 4.2 BCF gas and 450,000 barrels... the oil alone will net TEX above 10million in cash revenues...

Throughbred-1, encountered hydrocarbons from just over 1200m....
[8D]
.^sc

[Serpie]

I like the shallow drills Shrewdy. Means they can complete quickly, and should increase their oil plays.
All cashed up, and below IPO SP - got to love that.

[bermuda]

Yes will have a look at this one but have to agree with Mick100 that others e.g. NEO have been huge disappointments.
Nothing like getting in below listing value before the action. I just love Arrow Energy and when they listed Pure Energy it was available for a while at 16 cents ...below the 20 cents they listed at.
Have gone through the roof lately ...80 cents. what a name PURE ENERGY.

[Serpie]

Agreed Mick / Bermuda,
Have held AZZ for some time, and although I've done well, they are hugely frustrating company's to hold with regard to their operations.
I'm hoping for better things from BUR and TEX.

[Crypto Crude]

TEX announcement out, Drilling of garwood commenced...
1 week to hit total depth...shallow drill...

multiple announcements due... can tick garwood drill off the list...

TEX is rather similar to my last pick where there is little downside and big upside...NWE had no downside, TEX has a little downside,(minimal)...
downside is protected by 2 projects going into production, 5 wells to be drilled in a short space of time reflects the upside along with re-rating from production...
currently an out of favour stock...

TEX is illiquid... Ive never been a fan of illiquidity, but It can work in your favour when theres a big positive ann, and only a few sellers which can cause SP to rocket...
[8D]
.^sc

[JBmurc]

Certainly worth a look SC bumping on its lows currently 17c very weak on depth bids side could reach new lows,hard to believe their's not alot more support looks very promising for what little I know about them

[Crypto Crude]

Here is the up and coming drilling program...

Garwood already spudded..25% stake.... 3 billion cubic feet of recoverable gas potential..

Snapper A-2...25% stake,Mid June drill on the cards...(could be late) potential 1.49million barrels, .9billion cubic feet of gas... discovery would take 2 months to put it into production...lead on drill after discovery at snapper-a-1....

Bayou Berary 15%... 1.8million barrels of oil, .72 billion cubic feet of gas.
will be drilled after snapper-A-2

Parks North...10% stake.... 3 targets, Hackberry A5,A4,A3 total unrisked are 25.7 BCF and 150,000 barrels of oil... Would be 4 months until production...
Drilling schedule has this as mid July drill...

Berwyn....10% 3rd Quarter... 305 BCF gas recoverable... could be bought onstream in 2 months....
[8D]
.^sc

[Crypto Crude]

company announces garwood drill... sp falls...
amazing...
[8D]
.^sc

[Crypto Crude]

TEX options TEXO up 15.7% today...
[8D]
.^sc

[Crypto Crude]

AA...
2 years market cap of 50mill,...
this one could be 50million much before the end of this year...
with 4 drills to be completed within the next 3months (easily off what target have told us)... Berwyn possibly a few months later....
with these 1-4month tie ins then its a possibility that the 200% returns you talk of could be present well before the end of this year...
drilling success rates are high and we will have a few more discoverys this drilling program
[8D]
.^sc

[Crypto Crude]

AA.. If there was ever a company to fit the criteria you asked on X club thread... about a 10million cap with options, shares under 400m etc... well this one fits the criteria the best with the given potential, assets, production, cash at bank, strategy...makes it the top pick.... although does have high administrative cash burn....1mill per year...
currently cash at bank makes up half the value of the company...

TEX's strategy off presentation...
Target identified proven, productive areas in the USA with substantial infrastructure...
In these areas, target then selected proven, experience operators with good track record (eg Pogo a 2.7billion company)....
from operators prospect inventorys, target then selected best prospects, all mapped on 3d seismic
substantial infrastructure will fast track production to deliever early cashflow...
and select permits where drills are within 12months...
[8D]
.^sc

[Crypto Crude]

quote:yogi-in-oz
Hi folks,
TEX ... expecting a very negative day today, 08062007
... would like to see TEX test support, around 15 cents.

Not much joy ahead, until a new positive cycle comes
into play, around 22-25062007 ..... :)

August 2007 should be a positive month for TEX and
12-18 October 2007 should see TEX booming ..... :)


Here you go fellas, the man himself reckons a negative day today....
I'll be watching closely...
booming in October Yogi says, Personally Im looking for more action before then...
[8D]
.^sc

[JBmurc]

Thats it Shrewd I better get some;) can't have you making all this money by your self -
-I shout ya beer if it rockets

[Crypto Crude]

ann hot off the press...:)....


ASX ANNOUNCEMENT
8 June 2007
Target Energy commences production in Texas
Target Energy Limited (“Target”) (ASX Code: TEX) is pleased to advise that gas production has now
commenced at its Thoroughbred Gas Field in Texas, USA.
Thoroughbred is located approximately 112 kilometres west south west of Houston in Colorado County,
Texas. The field was discovered in March 2007 when the Thoroughbred-1 exploration well encountered gascharged
sands at a depth of approximately 1,300m.
The well was flow tested and completed for production in April 2007. Operations to tie the well into the local
gathering system were completed on 5 June 2007. The well then commenced production to sales at a rate of
355 thousand cubic feet of gas per day.
Target Energy’s Managing Director Laurence Roe said the commencement of production was another
milestone for the company.
“In just over six months from our listing on the ASX, we are now producing gas and generating income from
our first discovery,” Mr. Roe said.
“We are also progressing towards production from our second discovery. In Louisiana, the large amount of
rain the area has been receiving has made it impossible to move a completion rig on site to commence flowtesting
and completion operations at our Snapper A-1 discovery. We have three different rig companies that
we can use for completion but need 5 to 6 days of clear weather so that our site can dry up enough to move
the heavy equipment on location. We anticipate that we can have Snapper A-1 on production within a few
months after the well is completed.”
Target Energy Limited has a 25% Working Interest in both the Thoroughbred field and the Snapper A-1 well.
For further information please contact:
Shareholder Enquiries Media Enquiries
Laurence Roe Tony Dawe
Tel: (08) 9476 9000 Tel: 041 3322 110
Email: admin@targetenergy.com.au
NOTE: In accordance with ASX Listing Rules, any hydrocarbon reserves and/or drilling update information in this report has been
reviewed and signed off by Mr Laurence Roe, B Sc, Managing Director of Target Energy, who is a member of the Society of Exploration
Geophysicists and has at least 5 years experience in the sector. He consents to that information in the form and context in which it
appears.
[8D]
.^sc

[JBmurc]

for good news TEX seems to be against a tide of sellers atm negative market tax-loss selling prob not helping

got my 16.5 order in- common sellers you know you want it.;)

[Crypto Crude]

savy tex holders and fellow interested followers...
Im just working through some calculations to try and work out MCF in revenue terms...
so I'm just going to put my figures out there in the hope that someone will correct them if I've done wrong/hopefully someone in the know will confirm my figures either way...
and/or show me their way of doing the gas calcs...

1000CF =$8US
AUS/US exchange rate of .85

356k MCF/d times by 365=129,940,000MCF/year
129,940,000/1000=129940
129940*8=$1,039,520 revenue per year...
1,039,520/.85=1.23million
25% stake.......1.23m*.25=$306k per year...

total resource is estimated to be 1.3BCF...
so...1,300,000,000/356000=3651days of production...
3651/365=10years of production...
10*306k=3.06million which makes up 25% of the company in revenues only...

previous production estimates were at 450k per day so ramping up production could come soon...

Snapper-a-1 gas resource which was a discovery is 2.2 times larger than Throughbred...
and the revenues alone from the oil will net 10million cash to Target...
should be an announcement here shortly...

DYOR and dont take my figures as correct...
although you can take my previous arguements for target as being correct, which they are...

Target has now been targeted...
[8D]
.^sc

[Crypto Crude]

I have been told that success at Garwood is between 70-80%...... greater than 50% it would seem...final drill announcement out mon or tueday....
with one-two more discoverys then Target will be self sufficient on cash reserves for the long term....
The larger potential revenues from some of these other drills would give TEX a much more expansive route of growth, through the larger cash reserves will result in further farmins
with other JV partners who have drilling programs within 12 months..

Target also made the option placement which took place during this quarter...you can add 340k to cash at bank as this new cashflow was not accounted for in the last cashflow quarterly...

Tex is like no other ASX oiler that have drilled gas in America...

I was alittle surprised at the way SP reacted to Garwood drill ann...
I was alittle surprised at the way SP rose after throughbred production ann...
Ive now held for 5 trading days... what a start this has been...
looking for above 30cents after this drilling program and more production looming...
[8D]
.^sc

[Crypto Crude]

quote:ScrappyO
I had a look into this one at the beginning of the year but no spare cash, which was good. Sort of "Forgot about it" , Until you mentioned it on here a couple of weeks ago. Had another look thought it was worth it so got in at .17c .
Does seem odd that the sp hasn't moved up much.
Everthing seems to be coming together with the drilling. Maybe someone knows something we don't.

hey scraps...
Im not posting on that other lamo TEX thread again... this threads way better :D....
"until you mentioned it here a couple of weeks ago"
I mentioned it here on monday this week...
"maybe someone knows something we dont"....
Markets can be slow to react... especially with oilers....
weather the market fully prices the new ann into the value of the company on that day or the stock over shoots, or the stock slowly rises to its true value... it always gets there and sometimes we have to be abit patient...
out of favour stocks take the longest time to re-rate...
success at Garwood could be enough to turn this one around...
and could see the mid 20's if they plan to develop and we have snaller1-b drilling....
we can now tick Throughbred production off the list...
as I said earlier, still pending multiple announcements here over the next few weeks/months.....
[8D]
.^sc

[Crypto Crude]

Target has now been listed for 6 full months...
Name me any other ASX oiler that had drilled, developed and produced gas quicker...
I would be surprised if there was one that went through the stages in less time.....?
[8D]
.^sc

[ASXIOU]

quote:Originally posted by Shrewd Crude

savy tex holders and fellow interested followers...
Im just working through some calculations to try and work out MCF in revenue terms...
so I'm just going to put my figures out there in the hope that someone will correct them if I've done wrong/hopefully someone in the know will confirm my figures either way...
and/or show me their way of doing the gas calcs...

1000CF =$8US
AUS/US exchange rate of .85

356k MCF/d times by 365=129,940,000MCF/year
129,940,000/1000=129940
129940*8=$1,039,520 revenue per year...
1,039,520/.85=1.23million
25% stake.......1.23m*.25=$306k per year...

total resource is estimated to be 1.3BCF...
so...1,300,000,000/356000=3651days of production...
3651/365=10years of production...
10*306k=3.06million which makes up 25% of the company in revenues only...

previous production estimates were at 450k per day so ramping up production could come soon...



Hey SC,

A couple of quick points....
Doubt that the well will be in production for 365 days a year?? Downtime for routine pipeline and well maintenance could see this reduced by a fair amount. Also natural well decline will usually start to set in after first few months and could potentially reduce the flowrate quite considerably especially when producing from multiple sands. What gas price are they receiveing?? Regional prices can differ alot from the quoted NYMEX Henry Hub price.

cheers,

[Crypto Crude]

quote:ASXIOU
1...Doubt that the well will be in production for 365 days a year??
Downtime for routine pipeline and well maintenance could see this reduced by a fair amount. Also natural well decline will usually start to set in after first few months and could potentially reduce the flowrate quite considerably especially when producing from multiple sands.
2...What gas price are they receiveing?? Regional prices can differ alot from the quoted NYMEX Henry Hub price.

1.... yes you are correct...
2.... I cant confirm the sales price, I have recently sent an email to the company to ask them... I used 8bucks which I just quoted off Bloomberg as a starting point to complete the example....I probably should have been more conservative on my figures...

Yes I should have been more conservative by allowing for declining flow rates and shut downs etc, I just used the full figures to show the full value...
Expected flow rates were to be 450k MCF/d ... with only 356K MCF/d, flow rates are down and could rise over the next while to offset the fact that flow rates will not be going full tilt for 365days which is totally correct...It is possible that production is going to be built up slowly...
[8D]
.^sc

[Crypto Crude]

Asxiou...
I can find no evidence what so ever of dramatic decrease in flow rates after a few months...

Throughbred is capable of flowing gas at significantly higher rates, but for optimal production, flow rates are constrained...

AA...
have alook at Pantheon resources on the london stock exchange, PANR... pantheon is a good reference for target and are real similar in market cap.. they are identical stocks ... Pantheon has the exact same strategy as TEX, drilling same wells in same region...
was JV partner with Target in the Kant well.. currently has small production...
has overlapping drills with Target in the Wharton project...
pantheon has success ranges from drilling put at 50-80%...
Garwood is 70-80%...
[8D]
.^sc

[Crypto Crude]

AA...
Big day tomorrow with what should be final announcement for garwood...
willnot see the 15cents that Yogi talked about regardless of weather of not the Drilling rig blows up in a ball of fire...:D...
[8D]
.^sc

[Crypto Crude]

Garwood gas discovery in 3 seperate zones...
will be completed as a producer...
target now has a 3 out of 4 success rate...
[8D]
.^sc

[Crypto Crude]

quote:absolut-advance-Looking forward to it..... that big day that is...... not the drilling rig blowing up lol... shame on you

AA...
Just saying that theres no way in h*ll of getting to 15cents...
it was rather crude mentioning the fire ball though..[:p]..
[8D]
.^sc

[Crypto Crude]

I did say a few posts back that Garwood could be enough to turn this one around...
texo up 30%..
tex up 20%..
[8D]
.^aa,sc

[Crypto Crude]

quote:A fourth zone (1078.4 – 1079.0 metres) recovered gas and water from a test at 1078.7 metres. Additional potential pay has also been identified elsewhere in the well.


from ann today there is added upside...
SP fell off in the afternoon and now at 19cents...
with dual production to start with Garwood and snapper a-1 over the next few months and Snapper a-2 drill and the other 3 then this one has really only begun...
looking to retest the 22cent range again at some point...

I have got in touch with the director and will update throughbred revenues in a short while...
[8D]
.^sc

[Crypto Crude]

New presentation out today with TEX presenting at the Gold Coast Resources Showcase...
some interesting new info...

cash backing per share (april)= 9.8cents per share
Asset backing throughbred and Snapper a-1=14cents per share
23.8cents per share...

add in Garwood discovery, and other drills coming up and then bang...

check out the valuations of $2.57 unrisked value, and $1.42 risked value....
Sitting pretty... SP exploded the other day, then to have fallen and close only .5cents above open...its a sniff...
[8D]
.^sc

[Crypto Crude]

Its been rather frustrating over the last few days as In the past two weeks I have seen multiple great company announcements... and SP shot up and fell off....
Todays makes me feel alittle better... How can markets be so wrong sometimes!...arhhh...
got in touch with the Director and TEX is getting 7bucks per 1000 CF.... price depends on Supply and demand...
[8D]
.^sc

[bermuda]

Shrewdy,
Got me some Tex today at 17.5. Has a lot more going for it than Neo.
The Directors backgrounds are ok but not as good as BOW. Management seem on the ball.
Could be a good one. Hope you got some BOW

[Crypto Crude]

AA
3rd quarter activitys report had snapper a-2 for mid July...
latest presentation has it 3rd quarter...
It will come through In july...
Bayou Berard drill is straight after snapper a-2...

Snapper a-1 production coming soon... could be up to a month ... has been held up with bad weather....
Discovered in April and its suppost to take 2-4months until first production...
Snapper Production is much larger in revenue terms than throughbred...
parks north drill is 3rd quarter...
pretty soon we will get a run of market announcements , will have to be patient...

this is the only stock Im holding not preforming... will continue to hold until after 8 drill program is complete and all discoverys are producing...

Hey Bermuda, didnt get any BOW, but bought a swaga of WCP today...
sold all my NWE and im having a stab at the URO IPO listing tomorrow... with alot on the line...
[8D]
.^sc

[shasta]

Keep us informed Shrewd

I might ditch the rest of my FNT for a quick play.

TEX could be a go, after all i did tip you off about it! :D

[ScrappyO]

IMO the sp looks like staying around the high teens for a while. Once Snapper A2 is drilled hopefully will start to move. Looking forward to Berwyn being drilled late 3rd Quarter especially since thats 3/4 of their drilling program.
This maybe why there has been hardly any major moves in sp.

Staying in to the end:)

[Crypto Crude]

shasta,
technically it is true that you tipped me off, but I discarded it straight away ...:D:D...and never even looked into it....
I forgot all about it and stumbled across it while doing an ASX listed companys reserch by random... not having even realised you had previously put me on it..:D... I was stoked to have found it until I realised it was yours...
still, thanks anyway...

scarppy0, you could be quite right...
snapper a-1 production is valued at 11 cents per share... in a month or two once this gets going then this will consolidate above 20cents...
until then we have to be content with 1 project producing small revenues... 2 projects developing into near term production...
and 4 drills in the 3rd quarter, of which we will at least have another discovery, possibly 3......
5 producing projects would tip this one to 30cents without a doubt...

I had to be patient with NZO, NWE, CUE-along time ago and this one is no different...
The only stock I ever held where patience wasnot an issue was with AED... but thats another story...
[8D]
.^sc

[Crypto Crude]

To have someone of Bermudas status investing in Target really does say something...
A man with more years experience in this industry than years that I have lived...
thats a tip to buy in itself...:D...
BUR's had a great run lately and Target is a real similar stock, by this I mean drilling onshore gas in Texas...

Throughbred production rerating has been ignored...
snapper a-1 production willnot be ignored...
snapper a-1 will produce oil aswell as gas...
and is valued at 11cents per share from last presentation...

patience is required over the next month/2...
and from then im expecting TEX to never look back...

hidden upside could unfold...
change in sentiment towards TEX could add 5 cents alone...
[8D]
.^sc

[leonchai]

I'm in....

Seems like a big margin of safety with current cash plus assets already worth about 14 to 17cps...

Can't wait for the snapper 2 drilling to begin!

[Crypto Crude]

welcome aboard leonchai...
as I've said before 'got to be very patient here'...
when this turns it will do a Burleson...
4-6 month play here...
a bagger to be made...
catchyah...
[8D]
.^sc

[Serpie]

To "do a Burleson" - a new market phrase.
Thanks for the tip of the hat Shrewdy. You're a gentleman.

[bermuda]

Shrewdy,
Having met you and summed you up I decided that I should take your advice and get some TEX.100k
I know this will be a great little company.

Having done that I suddenly became quite euphoric because this is the first share that I have bought on some one's else recommendation for just ages....and now I have realised that if it should go wrong then I have someone to blame!!!

I have told so many people about NZOG that I know the feeling well.
I think we will smile together!!

[shasta]

quote:Originally posted by bermuda

Shrewdy,
Having met you and summed you up I decided that I should take your advice and get some TEX.100k
I know this will be a great little company.

Having done that I suddenly became quite euphoric because this is the first share that I have bought on some one's else recommendation for just ages....and now I have realised that if it should go wrong then I have someone to blame!!!

I have told so many people about NZOG that I know the feeling well.
I think we will smile together!!


Bermuda

Shrewd's got a knack for little Aussie oilers, he put me onto NWE at 18c, & i got out at 30c in a relatively short time.[8D]

Am also looking again at TEX after first running the ruler over them back in April.

Might have to wait til i've got some TAP though...;)

[Crypto Crude]

quote:bermuda-.and now I have realised that if it should go wrong then I have someone to blame!!!

bermuda,
If it goes all wrong then you can blame me...
but.....if it goes all good, then give me a cut...:D:D...
1% fee...:D:D

have you looked at NWE yet?...
puffin production weeks away....
re-rating due on production....
cobra drill possibilty on the cards for Sept... $1 plus potential....
bow smow... norwest best...
[:p]
.^sc

[cloggs]

Things are happening with TEX. Flicked up to 19.

[Crypto Crude]

targets done pretty well so far today, currently up 15%...
panic buying pushed this one to 19cents...
seen it do this 2 times before to then retrace...
will this time be different?
[8D]
.^sc

[Crypto Crude]

oh hey cloggs, just seen your post...
whats up?....
are you in?
[8D]
.^sc

[cloggs]

Got in last week at 17.5. They seem to have plenty going on, and your posts are also quite persuasive. I've noticed that I keep bumping into the same names in oil/gas companies like AED, NWE, NZO, PPP, so I though I may as well follow you all into this one.

[shasta]

quote:Originally posted by Shrewd Crude

oh hey cloggs, just seen your post...
whats up?....
are you in?
[8D]
.^sc


It's high time Shasta joined the TEX party - FNT can go!

[pedro.nz]

Bought some last week at 17.5.
Be interseting to know how many other ST members are on board.
Often wonder how many follow particular stocks.

Thanks SC for the regular details on this one.

(I was bumped out of AOE last week as well, after a stellar run up from around 70cents.:D:D:D
Keeping an eye on it at the moment for re-entry)

[bermuda]

Good on you Shasta!!
I was a little worried about Texas being declared a major disaster area and Louisiana having 17 straight days of rain but I dont think it will be a problem.
Thuis little company has quite a bit going for it. The Management are not procrastinators so there will be plenty of action coming up shortly.

[JBmurc]

got a small parcel of the opts 5.5c;)

[shasta]

quote:Originally posted by bermuda

Good on you Shasta!!
I was a little worried about Texas being declared a major disaster area and Louisiana having 17 straight days of rain but I dont think it will be a problem.
Thuis little company has quite a bit going for it. The Management are not procrastinators so there will be plenty of action coming up shortly.


Was looking to sneak in at 17/17.5c & the seller is asking 18.5c!

Will see if my order goes through tomorrow.;)

Am looking to include a few more Oilers into the mix.

TEX fits the bill as does STX, both have great drilling programmes between now & year end.;)

I especially like the recent TEX presentation (June 07)- showing the potential cps upside using an ultra conservative $US40bbl @ AUS/US 0.80.

Even @ $US50bbl thats 25% further upside :D

[Crypto Crude]

well I had TEX picked for the X-club at 17cents...
and the X-club returned 17.5% on average last month...
aarrhhh ummm....tex is my only pick holding my performance back now... and I cant see it being like that for much longer...

cloggs, I dont mean to be persuasive... oh wait, yeah I do...:D...
the facts really speak for themselves, I just pass on exactly what is in the company reports/annoucements in a nice easy way to understand...im sick of other posters that try and complicate an issue to make themselves look smarter...
at 12 million market cap and 6 million cash at bank...
values TEX's assets at 6million dollars...
which is absolute rubbish...
throughbred will have total revenues of 1.5-2million dollars over more than a few years...
Snapper a-1 has oil and gas... (larger revenues, I will get in contact with Director ask what he reckons flow rates will be)
Garwood was triple gas discovery...
theres even value in an up and coming drilling program like this... how many spec oilers with abit of cash would be prepared to have 4 up and coming drills?...
with all this on offer, no wonder why we get panic buying and SP booms up 15% on small trading volume...
people out there are starting to see this one, but it will take time until we have abit of forward momentum through either one of Snapper a-1, or garwood producing... and or/drilling with a high chance of success...
hey pedro.nz .... my guess is that we have 6 posters who have come and and said they are in...
and a bunch of watchers in too...
here are the six posters...
[8D][8D][8D][8D][8D][8D]

[ScrappyO]

Bit Of upward movement on light volume. Must be coming up for some ann this month to do with Snapper A2 . Going to be an exciting couple of months.

[georgeofthejungle]

Just recently got on board this one too.

IMO a great little company with some exciting prospects. The company presentation/announcements suggests a potentially huge upside from here. I must thank SC for bringing it to my attention

[shasta]

I'm onboard @ 17.5c & was pleased to see the 2c increase today, offsetting a sea of red in my other shares!

[Crypto Crude]

Hey GOTJ...
boy it must be abit of a B***H having to type that user in name all the time...:D...
its nice to be sitting on a small profit, BUT, it dont really matter... you see, wheather it gets there now or later, its still going to get there...
punters are jostling for position and we are ready to fly at some stage... I cant confirm it, but snapper a-2 drill must be getting mighty close... a few weeks away perhaps...
Buyers are sitting at 17.5cents... sellers are rather stupid at times.. This one is undervalued as is nwe... when NWE ran it was quick and this one will quite possibly run quickly aswell...
this is now the fourth time since ive held TEX that it has risen strongly to have come right back down...
Im not getting too excited just yet...

illiquidity is our advantage....
[8D]
.^sc

[JBmurc]

the TEXO will be the go if the SP does rocket
if Target hits a easy target of 50c TEXO be up
%300+

[Crypto Crude]

JBM... if TEX hits 50cents.. i have TEXO 400% up, minimum on current prices..

I have snapper a-1 gas and oil valued at 17million in revenues to TEX.. 5 million for gas...12million for oil... (real conservative)
thats 150k barrels * 80=12m
560MCF/1000 * 9 (after exchange rate)= 5million

revenues from this one project are currently 30% larger than Market value of Target...
[8D]
.^sc

[Crypto Crude]

NEW ANNOUNCEMENT OUT NOW&gt;&gt;&gt;
LETS READ IT FIRST
:D
.^sc

[bermuda]

Shrewdy,
I cant open it but the sp has lifted.
If you could post the main points twoud be appreciated.ta

[Crypto Crude]

Hey Bermuda...
announcemt summary...

Snapper a-1 successfully completed for production,
flow tested awaiting hook up to a sales line...
2.1MCF per day... 16 BOPD...
"well expected to be online in about 1 month"
[8D]
.^sc

[bermuda]

Thanks mate.Looking forward to catching up with you at the next sharetrader meeting.

[JBmurc]

quote:Originally posted by Shrewd Crude

JBM... if TEX hits 50cents.. i have TEXO 400% up, minimum on current prices..

I have snapper a-1 gas and oil valued at 17million in revenues to TEX.. 5 million for gas...12million for oil... (real conservative)
thats 150k barrels * 80=12m
560MCF/1000 * 9 (after exchange rate)= 5million

revenues from this one project are currently 30% larger than Market value of Target...
[8D]
.^sc




sounds good to me;)SC %300-%400 = 30-40k profit
-my rough cal- TEXO ex 25c paid 6c av if TEX reachs 50c TEXO should be at least 25c ( 12c %100 18c %200 24c %300)

[shasta]

quote:Originally posted by Shrewd Crude

Hey Bermuda...
announcemt summary...

Snapper a-1 successfully completed for production,
flow tested awaiting hook up to a sales line...
2.1MCF per day... 16 BOPD...
"well expected to be online in about 1 month"
[8D]
.^sc


Ann nice & even nicer timing into TEX :D

[cloggs]

Into the twenties now. Lets go to TEXas, Yiiihaaa!

[georgeofthejungle]

quote:Originally posted by Shrewd Crude

Hey GOTJ...
boy it must be abit of a B***H having to type that user in name all the time...:D...


Lucky for this lazy sod that my browser fills it in for me! :D


quote:
its nice to be sitting on a small profit, BUT, it dont really matter... you see, wheather it gets there now or later, its still going to get there...
punters are jostling for position and we are ready to fly at some stage... I cant confirm it, but snapper a-2 drill must be getting mighty close... a few weeks away perhaps...
Buyers are sitting at 17.5cents... sellers are rather stupid at times.. This one is undervalued as is nwe... when NWE ran it was quick and this one will quite possibly run quickly aswell...
this is now the fourth time since ive held TEX that it has risen strongly to have come right back down...
Im not getting too excited just yet...

illiquidity is our advantage....
[8D]
.^sc


Another good announcement out today - onwards and upwards from here hopefully! Though, as you mentioned, the illiquid nature of the beast may cause it to come back again. I'm tempted to top up if this happens

I do like the 16 barrels of oil per day - enough for a road to the site and fill the worker's cars? If they scrape the barrel (no pun intended) then maybe even enough to heat their houses! [:o)]

More seriously though, I suppose their 25% share of the oil gives them about 100K over a year if POO remains at $70. A $10m company with another 100K they didn't have before.

[JBmurc]

Go TEX all right=- holding 210k texo-- 6.1av

-will be sending SC a bottle of his choice if the opts rocket to 25c;)

[Crypto Crude]

GOTJ... (not even going to type it out in full}
illiquidity works both ways...
On an announcement like todays it just rocketed...
now 4 days in a row of SP rises...
Everything has unfolded perfectly since I've holded...
I really dont think things could have been much better...
hold above 20cents tomorrow and I'll be happy...

SP weakness days are almost over for us...
we now have an expected announcement at the end of the month to do with snapper a-1 production... and an announcement any time to do with snapper a-2 drill...

I made this statement on page one, I will say it again...
drilling success rates are high and we will have a few more discoverys this drilling program

Snapper a-2 looks very likely to be a producer IMO...
[8D]
.^sc

[Crypto Crude]

quote: SC-Everything has unfolded perfectly since I've holded...
I really dont think things could have been much better

everything apart from SP huh...
you lucky cats who are not already in... I got in at 17.5cents...
I've had throughbred production, garwood drill, and then discovery, and now snapper a-1 flow rates with production confirmed later this month... had a wonderful GCRC presentation... and it is only 3 cents higher than my buy in price... you lucky cats, yourve missed nothing...
3 cents for all that, feel like im getting alittle ripped off...
although I will take 14% grudgingly
:D
.^sc

[shasta]

quote:Originally posted by Shrewd Crude


quote: SC-Everything has unfolded perfectly since I've holded...
I really dont think things could have been much better

everything apart from SP huh...
you lucky cats who are not already in... I got in at 17.5cents...
I've had throughbred production, garwood drill, and then discovery, and now snapper a-1 flow rates with production confirmed later this month... had a wonderful GCRC presentation... and it is only 3 cents higher than my buy in price... you lucky cats, yourve missed nothing...
3 cents for all that, feel like im getting alittle ripped off...
although I will take 14% grudgingly
:D
.^sc


17.5 &gt; 20c in 2 days, not bad :D

[axion]

Through whom are you lot buying options? I did a quick google and couldn't find anyone in NZ offering it.

[JBmurc]

the ASX -ticker code-TEXO

Try-E*TRADE can be reached from ANZ website aswell

[Crypto Crude]

5 days of SP rises in a row now...

I have been emailing the Directors Of Target and Laurence Roe replyed this time and said


"The weather out in Texas has been atrocious - it was not quite as bad in Louisiana, but still pretty wet. At this time we have had no indication from the Operator of any potential delays to the hooking up of the well." ..... in refernece to snapper a-1

and flow rates will start off slowly to prevent formation damage...

once again, all looking good here...end of the month....
[8D]
.^sc

[Crypto Crude]

Target has now broken out of a trading pattern that went back to May...
here are the returns for last week and how much Share price went up on each day...
2-7 3.03%
3-7 2.94%
4-7 11.43%
5-7 2.56%
6-7 5%

SP hit 22/22.5cents on two days and closed the week at 21cents on the back of flow testing and confirmed snapper a-1 production at the end of this month...
trading volumes are up...
[8D]
.^sc

[shasta]

quote:Originally posted by Shrewd Crude

Target has now broken out of a trading pattern that went back to May...
here are the returns for last week and how much Share price went up on each day...
2-7 3.03%
3-7 2.94% - &lt;&lt;&lt;&lt;&lt;&lt;&lt;&lt;&lt;&lt;Shasta's entry :D
4-7 11.43%
5-7 2.56%
6-7 5%

SP hit 22/22.5cents on two days and closed the week at 21cents on the back of flow testing and confirmed snapper a-1 production at the end of this month...
trading volumes are up...
[8D]
.^sc


Must be due a wee retreat though, before the next leg up to around 25/26c;)

[Crypto Crude]

quote:shasta
Must be due a wee retreat though, before the next leg up to around 25/26c

Im not so sure about that shasta, its not as if SP rose on no news...
TEX was already way undervalued before the new ANN, and still is after... More people are picking up on target, even over at SS there are already heaps more posters looking at this one, and telling their mates... If SP falls im sure there will be other willing investors to get in on the cheap...
[8D]
.^sc

[shasta]

Yeah but more people entering the stock & the traders will jump in & cap it for the 10% play.

For me TEX is up 20% in a week & it won't carry on like this forever (wish it would though).

A breather & retreat to find support is healthy

[Crypto Crude]

quote:shasta
A breather & retreat to find support is healthy


no its not...haha[:p]....
healthy would be to see this one valued properly...
[8D]
.^sc

[ScrappyO]

I hope to pick up some more this week.
Still looks cheap to me.

[JBmurc]

Looks like buying those TEXO (Up 23%) last week was a smart move-;)

[Crypto Crude]

New Target energy announcement out...
It reads both positive and negative, more positive than negative IMO...
Two new prospects to be drilling in October
Bandito 42.4BCFE
Teche 22.4 BCFE
these are big targets... 10% stake... these drills are riskier than the previous drills so far...

JV partner Aspect has 61% success rate over 318 wells between 1998-2006.

Tex will also be participate in Snapper a-3 drill

Berwyn drill deferred because of cost overruns due to increased drilling rig prices...

Snapper a-2 drill held back until August due to bad weather...
....
6 drills to come before the end of this year looks pretty good to me... we have snapper a-1 production late this month early next, and garwood production coming up aswell...

This company is going places and has great JV partners, has multiple wells, 3 seperate projects will all be in production with in a few months, one already... what more could you expect from a 13mill approx market cap... and cash at bank near 6mill...
[8D]
.^sc

[bermuda]

Shrewdy.
Your synopsis is the same as mine.These guys have very good contacts and the opportunity to join Aspect could be a winner especially with their success rate.
I think they are a bit optimistic thinking that rig costs are going to come down.
This is just the sort of company that can make a mark in a very short time.Plenty to look forward to.

[Taijon]

No indication in the announcement of how much they are spending to gain the respective % interests in the 2 new fields. I'm wary of companies that don't provide such information. In a very short while they may well need to make a placement to get more cash - or will the cash generated from the production coming on stream be sufficient? If the latter, then this company could do well as you have suggested SC.

[Crypto Crude]

taijon,
Target is self sufficient with cash reserves on this whole drilling program...
TEX's stake on the two new drills is 10% and 15% respectively...
this is because the drills are riskier than the previous 50-80% chance wells...
by my calculations TEX's revenues from snapper a-1 and throughbred will be over 3million dollars in revenues per year...(not including Garwood)... this has allowed the company to be more expansive in picking up these new prospects...
cash reserves arenot a problem...
[8D]
.^sc

[georgeofthejungle]

My take on the recent announcement is the risk involved in owning TEX has slightly increased. It is still difficult to tell how much the increased rig costs will impact overall profitablility (naturally a lot depends on actual discoveries). I'm sure if the majority of their prospects find viable reserves then the extra drilling costs will be insignificant

I'm still happy to be a holder and this game does require some patience. Some of the traders looking to make a quick buck may have exited today but for me the recent news means that I will have to wait a bit longer.

[shasta]

Shrewd

I read that ann as mildy positive, but the market didn't?

Who has read it wrong, me or them?

[JBmurc]

TEX down 10% TEXO up 8.5%
More postive than negative IMHO
-Aspect Energy- there past record speaks volumes (61% success rate) is a major postive farm-in for TEX
The Berwyn drill being postponed is a major pain still if they can keep up a decent success rate in ongoing drilling program which I'm personal confident they will.
-My Minor negative is in the detail in the Ann like- How much extra cost for the Berwyn drill
Can't see it getting any cheaper especially with the hurricane season on its way may well be put off for alot longer if your not in line.
Still overall TEX is a 10M Mrktcap jnr oiler with massive leverage espec-Berwyn Buy them while there cheap

[ScrappyO]

It's a plus that they are adding more drills to their Program.Theirs not many drilling companies that don't have set backs.
Happy to Hold

[Crypto Crude]

quote:shasta-Shrewd
I read that ann as mildy positive, but the market didn't?

Who has read it wrong, me or them?


The market has read it wrong not you...
I also saw the announcement as more positive than negative...
we now have extra drills that we previously didnt have...
I guess market didnt like the ann so much because now snappera-2 drill is behind further...
its a patience game and markets want these sorts of activitys sooner rather than later...
snapper a-1 production will see sp above 20cents.... easy 10% return to be made for a quick short term trade...
[8D]
.^sc

[Crypto Crude]

TEX wont fall to much further... A prolific poster over at SS said he will be an aggressive buyer at 17.5cents... I just emailed laurence Roe earlier on today to ask what Target had to pay for the two prospects... I've never not had a reply... we will see what happens tomorrow...
Im expecting big things from TEX... I will continue to wait patiently... this ones more undervalued now than when I first got in a 1month and 12 days ago...
lata all...
[8D]
.^sc

[Crypto Crude]

TEX gaining back most of the losses suffered yesterday...
this is the most volatile stock ive ever held...
its now risen up above 20cents 5 times I reckon, and come back down over the following days... It doesnt seem to matter how good the announcements are...

announcements since Ive held....
Throughbred production
garwood drill
garwood discovery
snapper a-1 flow tested, and ready for production
increased projects with new drill targets

price rise since ive held 17.5 to 19.5... 11.4% ATM
Im alittle bit gutted really...
I thought this one would sail quicker than that, and after all the good news its a shock...
[8D]
.^sc

[ScrappyO]

I know what you mean Shrewd.
If I were to sell it would probably rocket up.
Still to much good news to come i reckon, just a little bit later in year then first thought.

[Huang Chung]

Hey Shrewd,

Frustrating when you can see potential, and no one else seems to recognise it, but I guess its a battle we all fight at the more speculative end of the market.

Correct me if I'm wrong Shrewd, but most of TEX's prospects are relatively small scale...i.e. whilst its going to have a number of cash flow producing wells coming on line this year, there's nothing 'big' out there that might capture the punter's imagination, if you know what I mean. Could this have something to do with its share price languishing? I haven't followed TEX much, so if I'm talking out of my posterior, let me know.

Out of interest, did you read the announcement today from Mosaic Oil about the Hurricane 2 well that Santos, Beach and Mosaic have been drilling? I think it had the potential for 40-50 mmbl of recoverable oil, but the announcement stated that:

'elevated mud gas readings up to 80% hydrocarbon fluorescence with moderately fast streaming cut and thick residue have been observed over the reservoir interval'

....all Chinese to me I'm afraid, but if I was to have a stab in the dark, it sounded kind of encouraging for maybe a gas discovery????? Share price of Mosaic, which probably has the greatest leverage to the well ended steady for the day, which seems to say that the announcement didn't mean too much. Any thoughts Shrewdy?

[shasta]

Shrewd

We are just getting too used to other stocks flying straight away.

Keep the patienta (thanks Catdog!);)

[JBmurc]

I Agreee with Shasta & HC patience will pay off here market can take time to see value with alot of the hype round big target jnr's smaller target growth can be overlooked

[shasta]

JBM

You know as well as i do, big targets are less likely to come off, i'm referring to "STX"!

If TEX can get a few smaller projects going & tick over some meaningful cashflow, then its all good.

[JBmurc]

for sure shasta still don't write off STX's latest drill at duncan or ADI's SL

-Berwyn- is the company marker for TEX I'm sure the market would like to see it in the pipeline.
(30BCF nett to TEX is massive 100mill+)

[ScrappyO]

Should see A1 in Production next week.
Looking at the presentation from june the SP is about right for no risk. IMO end of August sp should start to move up more Sharply if of course they get the discovery from A2. If not price Should stay about the same. Little risk at the moment at this price.

Also i noted they are a good 6mnths behind with there drilling. The prospectus had them all drilled by Q3.Could be a good reason for stalling sp.(not quick enough for some i suppose).

[shasta]

JBM

Am still looking at a Q3 07 re-entry for STX, & hoping Duncan isnt a gusher meantime, so the price is the same as i bought in earlier!

Berwyn isn't til Q4 from memory though is it?

[Crypto Crude]

quote:Huang Chung-Hey Shrewd,
1....Correct me if I'm wrong Shrewd, but most of TEX's prospects are relatively small scale...i.e. whilst its going to have a number of cash flow producing wells coming on line this year, there's nothing 'big' out there that might capture the punter's imagination,
2....Could this have something to do with its share price languishing?

3....Out of interest, did you read the announcement today from Mosaic Oil about the Hurricane 2 well that Santos, Beach and Mosaic have been drilling? I think it had the potential for 40-50 mmbl of recoverable oil, but the announcement stated that:

'elevated mud gas readings up to 80% hydrocarbon fluorescence with moderately fast streaming cut and thick residue have been observed over the reservoir interval'

all Chinese to me I'm afraid, but if I was to have a stab in the dark, it sounded kind of encouraging for maybe a gas discovery????? Share price of Mosaic, which probably has the greatest leverage to the well ended steady for the day, which seems to say that the announcement didn't mean too much. Any thoughts Shrewdy?

1... Yes targets operations are small in scale, but they are in proportion to the size of the company.... The 3 discoverys and two developments pose little downside to the stock...
If we have the whole drilling program from here turning up dusters then there will be downside, But it is well in our favour as there wont be 6 dusters...

2... Not necessarily at all... its spec in nature and small cash revenues gives company a big discount... this will all change over the near term...
4 or 5 discoverys tied into production over this coming program will result in substantial returns to be made... thats 2 successes from the next 6 wells... the next 6 wells have bigger targets than the previous 4...

3... No I didnot but ive since had alook into it...first of all, to name a project hurricane is murderous... who on earth names a project after the most feared natural disaster that could happen to the industry...:D... its a sell on that alone...:D.... no need to wait for the final announcement...:D.... ok jokes.... but for-real what a name....
its a guessing game as to what is to happen with the drill, we willnot know anything further until wireline logging operations are complete... markets arenot sure either, flat day on SP.... LMP recently had elevated gas readings on one of their drills and it came up dry.... I wouldnot get to excited just because MOS have said its 220million barrels in total recoverable....
The MOS share chart over the last 10years is an absolute shocker... its traded between 10-20cents for the most part of a decade... they are drilling with the big boys, and they have a JV with one of my favourite companys...
[8D]
.^sc

[bermuda]

As Matt Simmons says

Dont bother with the majors

Find some small companies with good management, tight capital and good leases.

The rest will look after itself.

Go Bow,and Arrow, Look for the Target,

ps plus NZO of course.

[shasta]

quote:Originally posted by bermuda

As Matt Simmons says

Dont bother with the majors

Find some small companies with good management, tight capital and good leases.

The rest will look after itself.

Go Bow,and Arrow, Look for the Target,

ps plus NZO of course.


Bow & Arrow = :)

TEX & NZO = :D

Bermuda - lets not be forgetting NWE? ;)

[Crypto Crude]

quote:bermuda-Go Bow,and Arrow, Look for the Target,


and then everything will be on CUE....

in a few months you cats will be telling me that tex is better than sex....:D....
[8D]
.^sc-no comment...

[JBmurc]

quote:Originally posted by shasta

JBM

Am still looking at a Q3 07 re-entry for STX, & hoping Duncan isnt a gusher meantime, so the price is the same as i bought in earlier!

Berwyn isn't til Q4 from memory though is it?


-Currently there is no date for-Berwyn-because of the higher drill rig costs the major JVP(TEX 10%) have put it off so TBA later Q1 08 hopefully;)

[shasta]

New presentation out approx 7:30 NZ time...

Slight changes in the SP upside - $1.38 risked & $2.71 unrisked potential (based on 68m shares, $US40/bbl, & $US4 Gas/mcf & $AUS/$US FX rate 0.80.)

6 more drills scheduled & by far the best opportunities lay ahead of us, still to be drilled this year!

Cash at 30 June of $6.2m, = cash backing of 9.1cps

Nice steady presentation, i like it! :D

[ScrappyO]

Noted they have downgraded their potential net value (unrisked) for thoroughbred ,SnapperA1 ,Garwood discoveries from 17cps to 14cps.

Good Cash Backing Thou.

[shasta]

ScrappyO

That implies the SP should be 23c, without factoring in any further discoveries, yet we can't seem to breach 20c & hold it!

If those 3 discoveries are only 14c - then we have $1.24 per share potential upside worth of drilling left this year.

Take say 10% chance of the total potential to come & you get a target price (excuse the pun) of around 35c.

There success ratio is fantastic at 3 outta 4.

With 6 more drills to come, say 2 commercial finds would make it 5 out of 10 & would be a great first year for TEX.

Berwyn lurks as a potential biggy for early 08.

[Crypto Crude]

that was a very interesting report with colour pictures, the report was similar to the last one with added updates.... but this one may capture more investors and we will see if buyers come under pressure to up their bids tomorrow... as always an interesting day on the markets expected...
everyday we inch closer to snapper a-1 production... everyday is one day closer for the potential of this stock to be realsied... I willnot sell until it is realised, no matter what...
[8D]
.^sc

[bermuda]

You are spot on Shrewdy.A very good presentation with no hyperbole.

[Crypto Crude]

If Yogi new anything about this company at all then news in October relating to finance is not going to happen... TEX have a fully funded drilling program, this was also said in the last presentation out yesterday... it will have 3million revenues a year from snapper a-1 and throughbred... it has 6million cash in bank and cannot burn that much cash to be left with finance related problems in October...
ignore that post, it means nothing... it is full of contradictory positive and negitive outcomes...


quote:yogi-in-oz-
Hi folks,

TEX ... despite good company communications today and
more expected around 27-30072007, the really positive
time cycles and news is not expected, until next month:

August 2007:

09082007 ... positive spotligh on TEX ... :)

13082007 ... more positive news expected here

28082007 ... some significant and negative news expected.

September 2007:

Conflicting cycles here will likely bring alternating
periods of flat trading and volatility, with th first
half of the month biased towards negative cycles ...

... be wary, on 3rd and 10th September 2007, for
underlying negativity.

Alert for more positive news on 17-18th September 2007.

October 2007:

09-10102007 ... minor and positive light, should
trigger a BIG rally in TEX, through
to 18102007(???)

16102007 ... looking for some a BIG move here.

26-29102007 ... party is over, as a negative cycle comes
into play ... finance-related ???

happy days

paul

[8D]
.^sc

[Crypto Crude]

HC,
Latest MOS announcement out on hurricane",(the well named after a natual disaster) doesnot look like anything wonderful has been hit, and is likely to be a duster from here on in (IMO)....
[8D]
.^sc

[shasta]

quote:Originally posted by Shrewd Crude

If Yogi new anything about this company at all then news in October relating to finance is not going to happen... TEX have a fully funded drilling program, this was also said in the last presentation out yesterday... it will have 3million revenues a year from snapper a-1 and throughbred... it has 6million cash in bank and cannot burn that much cash to be left with finance related problems in October...
ignore that post, it means nothing... it is full of contradictory positive and negitive outcomes...


quote:yogi-in-oz-
Hi folks,

TEX ... despite good company communications today and
more expected around 27-30072007, the really positive
time cycles and news is not expected, until next month:

August 2007:

09082007 ... positive spotligh on TEX ... :)

13082007 ... more positive news expected here

28082007 ... some significant and negative news expected.

September 2007:

Conflicting cycles here will likely bring alternating
periods of flat trading and volatility, with th first
half of the month biased towards negative cycles ...

... be wary, on 3rd and 10th September 2007, for
underlying negativity.

Alert for more positive news on 17-18th September 2007.

October 2007:

09-10102007 ... minor and positive light, should
trigger a BIG rally in TEX, through
to 18102007(???)

16102007 ... looking for some a BIG move here.

26-29102007 ... party is over, as a negative cycle comes
into play ... finance-related ???

happy days

paul

[8D]
.^sc


Yogis right TEX will have finance problems in October...

What to do with all its money making projects coming online!:D

[bermuda]

Your onto it Yogi.
I also think TEX is going to be a superstar.

[JBmurc]

Hows the market going to react to TEX pulling out of there biggest drill hopefully not to bad;)


Nigel Wilson | July 23, 2007
Louisiana well costs run deep

TARGET Energy, a Perth-based petroleum explorer dedicated to exploring targets in the US, has learned an early lesson.
Laurence Roe in Targets Perth office
The company, which listed in November last year, has decided against taking up an option to be part of drilling a Louisiana well that sounds highly attractive but is also outside the company's cost profile.
Managing director Laurence Roe, a 25-year veteran of the oil and gas industry, makes no bones about the decision.
"The Berwyn prospect is definitely a company maker and from that position it was tempting to take up our 10 per cent now," he said. "But the costs have expanded and the well just grew too much for us to cover."

[Crypto Crude]

Huang Chung,
I have been watching the Hurricane drill and yes it did come in as a discovery but and uneconomical to produce...
I refer you to my recent post...
SP down 8%, ann on 19th didnt read well, with target depth being hit and ongoing evaluation....
[8D]
.^sc

[JBmurc]

Yeah certainly looks like the market likes the dropping of Berwyn as for STX not coming through on the big drills currently Duncan is looking like a good discovery prob not the 500bcf still if 250bcf 22% STX 50Bcf+ =value to STX at least 100mill- the current STX Mrktcap of 78mill -50c soon

[Huang Chung]

Hey Shrewdy

Yeah, I started reading the MOS announcement and though it was looking good until I got to the 'uneconomic' bit at least. I hope some trader didn't hit the buy botton as soon as he/she read the title of the release Hurricane 2 - a new field oil and gas discovery. D'oh!

PS As this is the TEX thread, I'll ask a question of you in a Mosaic Oil thread.

[georgeofthejungle]

Nice move up today - hopefully we will see some support around the 21 - 22c mark this time.

Looking forward to the results from Snapper A-2

[ScrappyO]

Should be ann on a1 production soon...maybe thursday in their report.

[geezy]

TEX looking good, and looking to enter around 20-21 as SP jumped too 22.5!

Wish me luck :D and all the best to u all! I do think this one is a bagger

Disc hold NZO

[Crypto Crude]

for shezzy geezy,
where were you at the beginning of the day when SP was 20cents...

eye eye scrappyo,

GOTJ,
yes I am looking forward to the results of snapper a-1, and a-2, and a-3...

solid rise today making moves to more realistic valuations of the company...
[8D]
.^sc

[Crypto Crude]

Target update....
Snapper a-1 production is imminent, in our last public announcment we were told 1st production was at months end...
then we have 3 weeks until TEX spits out 4 drills in quick sucession (all will be complete within 2 months) starting in about 3 weeks time... and garwood first production at some stage also...
big times are ahead, and TEX looks cheap...(sorry to go on about it)...
[8D]
.^sc

[shasta]

SC

One of my old TEX sells was struck last week before i could remove it, so half my holding gone, though with a 25% profit.

Will retain the remaining shares & see where it goes.

[geezy]

Currently trading at 20c and 21c havent gone in yet, low on cash and looking for the best hit, so tempted to reenter into NZO!

Choices!! :(

Should i should i not! Dont have time to make thorough reading yet. Whens production again?

Very low volumes tho. many people holding on to the stock?

[shasta]

quote:Originally posted by geezy

Currently trading at 20c and 21c havent gone in yet, low on cash and looking for the best hit, so tempted to reenter into NZO!

Choices!! :(

Should i should i not! Dont have time to make thorough reading yet. Whens production again?

Very low volumes tho. many people holding on to the stock?


Geezy

Have a squiz over Shrewd Crudes last few posts, he has the good oil on TEX(not too mention Oilers in general!).

Imminent drilling campaign, Snapper-1 coming into production & generally a very busy 2nd half of 2007.

Worth a spec punt - i hold

[Kropotkin]

Not having had any exposure to oil previously, I've recently taken a little punt on NZOOD with some nice interim results.

What are the forums thoughts on a TEXO vs TEX holding?

[bermuda]

Thanks Shrewdy,
one of the few oilers in positive territory today.Cheers

[Crypto Crude]

Bermuda,
I remember the day after the IEA medium term oil report was released and every single oiler was rising... and tex was the only one I could see that fell....
now its reversed...
Lets hope the market keeps falling...
:D
.^sc

[shasta]

TEX was my sole stock in the green today.

I love market corrections, when they totally ignore company fundamentals & near term producers!

Come on Snapper-1!;)

[Oiler]

Shrewdie fellow Amigo

You have won the battle over wether to buy TEX or not. After seeing todays market I have taken the plunge and bought.

This puppy is ready to run......... and hopefully the other Amigo has a postion

:D

Roll on National Convention Christchurch

[shasta]

He won't commit, apparently he doesnt like big drilling campaigns on junior oilers with tonnes of upside & successful drills already!

Did someone say, already producing & receiving cashflows, nah Serpie wouldnt like that either?

Told him to sell DYL when i did & its now 45c!

Oiler - check out my SRZ thread, a wee gem for you (& yes it has interests in O&G!)

Serp - Having ya on, c'mon join us...

[Kropotkin]

can someone confirm whether the op conversion is $0.20?

[Hoags]

Think its 0.25. In here somewhere I think....
http://www.afrsmartinvestor.com.au/tools/tables/Terms_of_exercise.pdf

[Kropotkin]

ta very much.

[ScrappyO]

Still nothing out on A1 Production....Maybe this Week....Held up very well last week must be already undervalued?..Hoping for a big month out of TEX....More so towards the end.

[Crypto Crude]

snapper a-1 started production a few days ago, and is flowing 50% less than what the company announced earlier in the month (Flow rate ann 5th, 6th July?)...
it is expected to take 2 months to build up flow rates to 2MCF/D...
it has been dissapointing what the markets have done to stocks and in particular some spec stocks... TEX pulled back from 21-22cents to go as low as 19cents and has only made back some of that with the flow rates from snapper included... so we should be looking at 23cents, and I was expecting 25cents with the full flow rates... buyers are few and far between, sellers have been sitting at 21.5cents for the last few days, with some trading going on around 20cents... bidders have increased their buying price to 20.5cents... lets hope sellers hold because its no fun waiting in a cue when we have expected announcements due such as Garwood, flow rates ann, and production coming shortly... and drilling program... TEX will complete 6 wells this year for a mini cap...
if all wells are dry then we have downside...
I find it hard to believe that we wont have a more discoverys and snapper a-2 drill which is next up looks good to me... 3 discoverys from 4 drills.. current discovery success rates would have TEX one of the best around at 75% discovery...
with up and coming drilling, TEX has multiple bagger potential, and we wont have to wait years to find out what will happen...

[shasta]

snapper a-1 started production a few days ago, and is flowing 50% less than what the company announced earlier in the month (Flow rate ann 5th, 6th July?)...
it is expected to take 2 months to build up flow rates to 2MCF/D...
it has been dissapointing what the markets have done to stocks and in particular some spec stocks... TEX pulled back from 21-22cents to go as low as 19cents and has only made back some of that with the flow rates from snapper included... so we should be looking at 23cents, and I was expecting 25cents with the full flow rates... buyers are few and far between, sellers have been sitting at 21.5cents for the last few days, with some trading going on around 20cents... bidders have increased their buying price to 20.5cents... lets hope sellers hold because its no fun waiting in a cue when we have expected announcements due such as Garwood, flow rates ann, and production coming shortly... and drilling program... TEX will complete 6 wells this year for a mini cap...
if all wells are dry then we have downside...
I find it hard to believe that we wont have a more discoverys and snapper a-2 drill which is next up looks good to me... 3 discoverys from 4 drills.. current discovery success rates would have TEX one of the best around at 75% discovery...
with up and coming drilling, TEX has multiple bagger potential, and we wont have to wait years to find out what will happen...

I hope you are right Shrewd, if TEX announces anything good & the SP spikes i could be kicked outta TEX altogether, although my sell isnt near current prices!

GDM & URA in my portfolio are wanting top ups at these levels & i'm half way thru changing my mind again on oilers, just not sure...:confused:

[shane_m]

TEXO not that liquid, few upcoming drills for TEXO, I am in for a small play.

[FRED]

They cancelled a drill because of the cost. Offered out on this news.

F

[shane_m]

FRED: can you direct me to that ann. from the info I read suggest six upcoming drills.

Thanks

[ScrappyO]

FRED: can you direct me to that ann. from the info I read suggest six upcoming drills.

Thanks

Just go to their website and its under news....To me its good that management dont want to over do it with the amount of drills they have to do....If all goes well they will probably take it on next year,

A2 drilling should have commenced weather was looking ok. Hopefully we will have an ann sometime next week.

Disc Hold

[Crypto Crude]

Tex holders...
Target is a great company... it has exploration, development, and production... it is oh so cheap for the market cap.... 6 drills coming...large cash reserves,great jv partners, a solid strategy, infrastructure in place, mainly shallow wells with low risk, high success....
and an announcement is oh so close with spudding of snapper a-2...
....
But, it has been rather dissapointing to see snapper a-1 flow at 50%, and throughbred did the same sort of thing... revenues have been cut in half from what we were previously told, (while we wait for them to build up)....
snapper a-1 is expected to take 2 months to build up...
....
.....
this company has a shot at 40-50cps plus by year end... and a major flop over the next 6 drills could see tex around 14cents or slightly lower... its oh so favourable risk return... and it is very very unlikely that 6 dry wells will come... so far TEX has a 3-4 success rate of economical discovery....
.... this comes down to management, and experience is what this company has...
I have said before that a patient investor is required...
im in no doubt that target would be around 23cents now without the market craap.... it has been sad to see a company with so much to offer getting dumped like so many other stocks...
I would love to take this company over if I could afford it...
:cool:
.^sc

[JBmurc]

You still holding TEX SC I sold half my TEXO holding at 65c-70c was the only stock that wasn't getting hammered at the time so I decided to take some profits happy I did now

[Crypto Crude]

JBM,
I sold all my tex at a profit and bought back my money to NZ dollars when exchange rates dropped massively... Im looking at coming back in a few weeks perhaps... CUE is on the door steps of a big re-rate... TEX is still one of my favourite companys... I have explained myself and why I sold on the 'What is shrewd crude thinking and doing', thread....
:cool:
.^sc

[FRED]

End of Quarterly ..if I recall

F

[srowe]

Hi guys
Im a bit new to this whole scene. Could someone please enlighten me on whether releaseing a bunch of shares from escrow will devalue the shares in general?
Cheers

[bermuda]

H there Shrewdy.
Tex up to 22.5 today.

You know how to pick them! Schnapper baby.

I'm hoping BOW will do the same shortly.

[ScrappyO]

Still no announcement on A2 Drilling or the production at Garwood. They seem to have a brillant timetable and colourful presentations but have a problem keeping with the timetable...... maybe the weathers been crap......It did look fine thou.

[Crypto Crude]

Target is the same company as it was a month ago...
nothing has changed apart from time...
It has been said here many times that patience is required...
in this industry nothing it is a given, when time is in the forefront of decision making then you can be lead astray...
I have much confidence in Target, I'd put everything on the line with target and stand by this one.... crunching time is about to begin...
The Next snapper drill will most likely be a discovery and success is above 50%.... ( I have been told 50-80% chance of success) as per the first snapper drill which turned a profitable discovery...
Target is backed by 50% cash, and assets including three seperate profitable projects, of which two are currently in production...
Target will be hit by announcements left right and centre and 6 drills to finish off the year is a strong proposition to have...
....
Companies such as Petsec have been hit hard in the Gulf of Mexico with large increases in insurance costs due to natural disasters...at times targets projects have been held back by extreme weather conditions which has caused delays...
Management in the past have been very open to me and answered all my questions, but when I started asking tough questions around costs then they went quiet... im not sure what that means...
....
Yes you are right Scrappyo, if Target can be faulted for one particular thing, then it is time...
...max up- well above $1...
max down- 9 CPS in cash.... revenue earning assets...
6 forthcoming drills with low end risk, and up and coming garwood 1st production...
I will be following this stock in many months to come...
The question is, do you have the time to stick around and wait?
:cool:
.^sc

[ScrappyO]

The question is, do you have the time to stick around and wait?
:cool:
.^sc

I will be around for a while to much going on with this one.

Scraps

[ScrappyO]

Garwood in Production....roll on Snapper A2.

[Crypto Crude]

This was taken from a poster over at HC.... the last bit about all the wells probability of 50-80% chance of success maybe alittle inaccurate...
certainly the first well snapper a-2 is....


using the production figures stated in the announcements (270mcf/d for garwood, 355mcf/d for thoroughbred and 2mmcf/d for snapper a1) and assuming a conservative netback of US$4/mcf as stated in the presentation, target's profit from the wells after costs should be around AU$1.1m p.a.
this is already pretty impressive since their market cap is only about $10m and they have $5m in cash.
the rest of the year should be pretty interesting as they are targeting about 6 times as much gas/oil in the remaining drills this year as they have so far, and also, all 6 of the remaining wells to be drilled have probabilities of success ranging from 50 to about 80%, so it seems pretty likely that at least 2 or 3 will be successful.
:cool:
.^sc

[pedro.nz]

Snapper A-2 should now be spudding in. Can anyone advise as to how long this phase is expected to take?

Extract from website...

Indicated reserve potential for the reservoir sandstones has been calculated as follows: the sandstones of the shallowest horizon – the 3rd Marg Tex, have a closure of 30 acres and a volumetric potential of 225,000 barrels of oil plus 140 million cubic feet of gas; the slightly deeper Hackberry A-1 sandstones offer 10 acres of potential closure with a volume of 140 million cubic feet of gas plus 225,000 barrels of oil; the Hackberry A-4 sandstones have a calculated area of 30 acres and potential for 1,125,000 barrels of oil plus 698 million cubic feet of gas. The deepest sandstone, the Hackberry A-6, has a calculated area of 10 acres of closure and a potential volume of 200,000 barrels of oil and 124 million cubic feet of gas.
Snapper A-2 therefore targets an aggregate 1.775 million barrels of oil and 1.10 BCF of gas.

[ScrappyO]

[QUOTE=pedro.nz;168731]Snapper A-2 should now be spudding in. Can anyone advise as to how long this phase is expected to take?

About a week if all goes well...Should be an ann on monday if they have started, so the following monday should be an operations update to tell us if it's all go or to be abandoned.

[Crypto Crude]

pedro,
Snapper a-2 is expected to take approx 35days in total including running wirelogs 10k feet well very similar to that of snapper a-1... its a 50-80% chance of success... Ive been informed closer to 80%... targeting more oil than in s a-1 but less gas... 6 pay zones...
Last presentation said spud on 13th of OCT, so likely ann monday or during first part of week....
before completion of well, company should announce spud of next well, and possibly 3 overlapping at one time...
4 more wells to come this year...
:cool:
.^sc

[bermuda]

Shrewdy,

Nice lift today and that's before the announcement.

Your lectures may have finished but leave the celebrations until after the exams.

This little baby could double by Christmas

[bermuda]

Tex up a little in a falling market.

Augers well for a good announcement this week.

[ScrappyO]

Good to see that .22 broken.....seemed to have trouble breaking it the last 6months....A good ann should see it hit .30....maybe

[Tok3n]

Interesting...24c

Is some broker covering it today?

[ScrappyO]

Another solid start today.....Ann got to be close.
About time Tex left the station.

[seaosh]

Damn, should never have sold this one. . .

[bermuda]

Apparently Credit Suisse gave this little well managed oiler a good wrap up yesterday.GOT MYSELF A GOOD PARCEL AT 17C and I aint selling.

[ScrappyO]

Holy @#$^ up 25% today.....Wasn't expecting that.

[bermuda]

As Matt Simmons says dont follow the majors. Get into well managed small oilers who are doing workovers in old but not worn out fields in a political stable climate. Or get into the oil servicing companies.
These guys have got brains...not ego.

[JBmurc]

Damn, should never have sold this one. . .

Yeah tell me about it my TEXO would be looking real good ATM

[ScrappyO]

Broker review
http://www.gtp.com.au/targetenergy/inewsfiles/Target%20ASX%20241007%20Intersuisse%20Morning%20No tes.pdf

[ScrappyO]

Tex still looking solid....no news yet either.

[ScrappyO]

Who would have thought tex would have ended the week at .345 up 47%...Cheers Intersuisse...I hope all those who participate in this thread are still holding....

[geezy]

I did hold, pity my holdings are way to small compared to others for a significant impact!!

Highest performer in my portfolio so far.

Where to from here? and wheres the announcement?

[ScrappyO]

Where to from here? and wheres the announcement?

I think the rise was due to a correction and speculative buy signal by intersuisse..Still got that elusive ann to come on A2 Snapper....6 drills to come by the end of the year my bet is they wont do it maybe by march next year they will have them all done..hopefully im wrong.

If they get a hit on A2 Snapper we may well see the sp head north again or it has already been priced in....

Still heaps to look forward too....They just need to speed up their drilling program.

[pedro.nz]

DRILLING UPDATE
DRILLING COMMENCES AT SNAPPER A-2
Target Energy Limited ("Target") (ASX Code: TEX) has been informed by the Operator that drilling commenced at the St Martin Land #A-2 (Snapper) well in Louisiana USA on 28 October 2007.
Operated by Cypress Productions of Azle, Texas, the Snapper A-2 well is located on the north-eastern flank of the Section 28 salt-dome, approximately 25 km east of Lafayette.
The bottom-hole location of the well is programmed to be approximately 450 metres east-north-east of the Snapper A-1 discovery, targeting an adjacent fault compartment. Snapper A-2 will test six potential pay zones, including updip attic oil from the 3rd Marg Tex and Hackberry A-1 sands as well as possible gas and oil in the Marg Howie, 1st Camerina, 1st Marg Tex and Hackberry A-4 sands. The high quality Hackberry sands can be prolific producers of oil and/or gas.
The well will test a potential of up to 1 MMBO and 1.46 BCF of gas (unrisked, recoverable).
Managing director Laurence Roe said, "Based on our success at the Snapper A-1 well, we are excited about Snapper A-2. Not only is it a good prospect, but as we will be drilling from the same surface location as the Snapper A-1 well, we already have the necessary pipeline infrastructure available to us. In the event of a discovery, we would expect to be on production in about 30 days."
Snapper A-2 will take approximately four weeks to drill to it’s programmed Total Depth of 3,090 metres (10,140 ft).
Target Energy will earn a 25% Working Interest in the well (subject to completion of earning phase).

[ScrappyO]

Snapper A2 Drilling should be finished next week....Sp holding up nicely might get that next step up soon..Teche Drill is due to spud in the next couple of weeks.Things are Looking Good for Christmas.
Still no full production at Snapper A1 yet.

[bermuda]

Snapper A2 Drilling should be finished next week....Sp holding up nicely might get that next step up soon..Teche Drill is due to spud in the next couple of weeks.Things are Looking Good for Christmas.
Still no full production at Snapper A1 yet.

Yes still holding this baby.Could go very well, great management and success. Always a good sign to see a stock go up on a down day. Somethings up.

Strange how they publish nothing until the total drill is finished.

[ScrappyO]

Another Discovery for TEX..Onwards and upwards.

[bermuda]

Another Discovery for TEX..Onwards and upwards.

All good things come to those that are patient. This is a great little puppy.

[ScrappyO]

All good things come to those that are patient. This is a great little puppy.

They should finish drilling the teche prospect on or just before christmas Eve..:)

Just need those flow rates from Snapper A2 now ...sp bounced around today.

Hoping they will start the Bayou drill as quickly as possible..they did say they were going to do Snapper A2 and Bayou back to back. (so no need to go and find a rig)

[ScrappyO]

Snapper A2 Discovery
The Initial analysis has indicated 7 potential oil and gas pay zones...Yet they were only searching for 6...1 extra:)

[bermuda]

Snapper A2 Discovery
The Initial analysis has indicated 7 potential oil and gas pay zones...Yet they were only searching for 6...1 extra:)

Didnt notice that cos I am on dial up in Wanaka and cant open the file.Thanks.

This company has very capable Management and I am hoping for 40 cents by Christmas. Good, good result today

[ScrappyO]

Hoping they will start the Bayou drill as quickly as possible..they did say they were going to do Snapper A2 and Bayou back to back. (so no need to go and find a rig)

Good to see in that ann that they are starting bayou straight away..
Its all Good..

40c at least Bermuda :)

[ScrappyO]

Article
http://www.gtp.com.au/targetenergy/inewsfiles/The%20Australian%20031207.pdf

[ScrappyO]

Article
http://www.gtp.com.au/targetenergy/inewsfiles/The%20Australian%2027%20Nov%2007.pdf

[ScrappyO]

Article
http://www.gtp.com.au/targetenergy/inewsfiles/JRM%20Summer%202007-08%20November.pdf

[ADB]

TEX mentioned in The Australian, based on the Intersuisse valuation linked above.
http://www.theaustralian.news.com.au/story/0,25197,22895914-5005200,00.html

"Target Energy (TEX)
Intersuisse
Buy recommendation
Potential price target of $1.63
Last traded at 27c

TARGET Energy's vital signs are healthy after negotiating what is normally a tricky period for junior energy stocks - the 12 month period after listing.

Intersuisse notes that since November 2006, Target has been a participant in the drilling of five wells in the US petroleum states of Texas and Louisiana, four of which have been successful.

The three wells in production are yielding 1.8 billion cubic feet of gas a day and 5 barrels of condensate.

"This equates to monthly cash flow of around $70,000 to the company, based on its 25 per cent interests," Intersuisse recently said in a note to clients.

The trick for Target now is to get the same success in five wells soon to be drilled in Louisiana that it has economic interests in.

Three of those wells are within the same geological model of Snapper A2, where Target has a 25 per cent interest and wireline logging intersected 28.7m of net oil and gas pay in seven sands.

"All up, the six wells, including Snapper A2, are targeting up to 3.65 million barrels of oil and condensate and 97 billion cubic feet of gas," Intersuisse notes.

All up, success at the upper level of potential would "represent net value per Target Energy share of $1.63". "

[ScrappyO]

Trading Halt...any ideas...

[bermuda]

Trading Halt...any ideas...

I have 300k of this well managed company who are dealing with guys who really know their stuff.

This is another company that is going places.

The Inter Suisse report says it all.

[ScrappyO]

Looking at past notes they might have aquired some large drills maybe Berwyn again ( Trading Halt seems strange Thou) ...Acquisition seems the most likely

or Snapper A2 is larger then expected:)..Hopefully it's something good.

[georgeofthejungle]

Still no announcement. The suspense!! I hope that after this wait its not just a capital raising. With the cash levels that the company that possibility seems lees likely!

[bermuda]

Yes I think it will be a capital raising.

Every Drill requires funding and even if successful, the income comes later. Still , I dont mind drilling successful wells which is what TEX are good at.

These guys are senior professionals.

[Crypto Crude]

you lot have got the reason for trading halt all twisted...
The ASIC is currently doing a through investigation of the company because drilling success rates are too high, little TEX is re-setting industry standards and The ASIC is also concerned that Target is becoming a 'target'...:D

haha... anyway, most likely explaination for the trading halt is either,
1....placement...
2....snapper a-2 related
or 3....takeover....

all IMO only...
...
:cool:
.^sc

[bermuda]

Shrewdy,
You gave us 3 reasons. How about narrowing it down to one.
Cheers mate.

[Crypto Crude]

OK,
snapper a-2
something to do with flow rates...
:cool:
.^sc

[bermuda]

OK,
snapper a-2
something to do with flow rates...
:cool:
.^sc
I am changing my mind . It doesnt take this long to publish a capital raising.

I am hoping it is a very good comprenensive report on Snapper-2

[georgeofthejungle]

Well that was disappointing. I thought at least a placement price could have been somewhere between 28 and 32c

A blot on management who have been excellent up to this point.

Still doesn't change the potential this company offers, IMO

[ScrappyO]

Coming to the end of two drills maybe next week..Bayou and Teche. Looks promising for Bayou in last drill report. Snapper A2 flow rates must be close.
All goes well should see another burst in SP.

[ScrappyO]

Coming to the end of two drills maybe next week..Bayou and Teche. Looks promising for Bayou in last drill report. Snapper A2 flow rates must be close.
All goes well should see another burst in SP.

Sp went the wrong way

Another review
http://www.gtp.com.au/targetenergy/inewsfiles/Aegis%20Junior%20Resources%20140108.pdf

[Hoags]

TEX Q4 07 Report Released. No major revelations that I can see.....

http://www.gtp.com.au/targetenergy/inewsfiles/Target%20ASX%20290108%20Quarterly%20Report%2031%20 December%202007.pdf

[bermuda]

TEX Q4 07 Report Released. No major revelations that I can see.....

http://www.gtp.com.au/targetenergy/inewsfiles/Target%20ASX%20290108%20Quarterly%20Report%2031%20 December%202007.pdf

A good report from a company with excellent experienced Management and only 65 million shares on issue. I wont be selling.

[Hoags]

I agree, but I am only in the options ATM.

[ScrappyO]

http://www.gtp.com.au/targetenergy/inewsfiles/Petroleum%20April%2008.pdf

Article on TEX

[geezy]

seems like TEX is not making enough money to justify its current share price. Earnings are still in negative but still massive potential with its hit rate and well value..

[pietrade]

http://www.gtp.com.au/targetenergy/inewsfiles/Petroleum%20April%2008.pdf

Article on TEX

Many thanks Scrappyo for the link. Very interesting indeed.

[srowe]

Anyone have any theories why poor ole tex is lagging?

[ScrappyO]

Anyone have any theories why poor ole tex is lagging?

General market....The Volumes have been small and the issues with the Teche Drill might have made some traders pull out at any price. Also no real set dates on the next drills...They are not the best at keeping to their timetable....Quartley should look good..Due the 28th. Roll on Catapult Drill it will be good to drill something big and its already been paid for.

Still hold... down by 34%(Didnt have a stop loss on this, in for the long haul)

:)

[Dr_Who]

Target presentation out. Five wells in production!

[ScrappyO]

http://www.gtp.com.au/targetenergy/inewsfiles/Target%20ASX%20300508%20%20Drilling%20Commences%20 at%20Bandito.pdf

Bandito drill has spudded...and with the chalkey drill to start very shortly i'll be hoping for some movement up and hopefully this time the gains will hold. ;)

[ScrappyO]

This was their latest presentation for anyone who has not read it/
http://www.gtp.com.au/targetenergy/inewsfiles/Target%20Energy%20Excellence%20Oil%20Gas%202008%20 Hardcopy.pdf

[Dr_Who]

Fantastic ! :)

Tex seems to have very success rate even thou most of the wells are small. The more they report the more I am liking this company. :)

Would like shasta and Bermuda's view on these drillings.


disc: TEX holder

[shasta]

Fantastic ! :)

Tex seems to have very success rate even thou most of the wells are small. The more they report the more I am liking this company. :)

Would like shasta and Bermuda's view on these drillings.


disc: TEX holder

The latest presentation values the 5 discoveries as worth up to 39cps to TEX. They arent all online just yet, but increased cashflows/revenue isnt too far away...

Given the fantastic leverage (just 78m shares) & small market cap < $15m, TEX offers great upside especially if they drill Catapult - 3 in Q3.

A commercial find will seriously re-rate the company.

Have had TEX on close watch for a long time (ex- holder)

DR WHO - Have a read of this ann

http://www.stocknessmonster.com/news-item?S=TEX&E=ASX&N=408706

[bermuda]

The latest presentation values the 5 discoveries as worth up to 39cps to TEX. They arent all online just yet, but increased cashflows/revenue isnt too far away...

Given the fantastic leverage (just 78m shares) & small market cap < $15m, TEX offers great upside especially if they drill Catapult - 3 in Q3.

A commercial find will seriously re-rate the company.

Have had TEX on close watch for a long time (ex- holder)

Dr Who. I may have posted this on another site but I had the pleasure of having breakfast with Laurence Roe at the Legend's breakfast. A super guy. Quiet with a very good brain...and experience. He was with Bounty when they got shafted by Electo Silica down in the southern basin. It was very sad...nothing to do with Lawrence. He deserves another chance and I tell you he could have a tiger by the tail.

I wish him and the company all the best.....hey...just remembered I have 300k which I told Lawrence I was going to sell but I would await his presentation.

The story is so good I aint selling. I will await Catapult.

[Dr_Who]

Trading Halt!

I hope it is positive news.

[georgeofthejungle]

Trading Halt...

A microcap with huge potential - hopefully the pending announcement will be a catalyst for a revaluation of this co.

....oh, I see its for another capital raising

disc: holding patiently

[shasta]

Trading Halt!

I hope it is positive news.

Capital raising :rolleyes:

[Dr_Who]

They dont need more capital. TEX has $6.3m in the bank which is 8 cps. The entire market cap is only $12m.

The have not announce any major acquisition, so I dont think they will require additional capital.

[strayda]

Says capital raising on page 2

[Hoags]

Sure does, beggs the question for what.....

http://asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00847925

[shasta]

Says capital raising on page 2

Here's a thought...

VPE are looking to exit there US O&G assets, perhaps TEX want them?

[Serpie]

What do you think Bermuda? Any clues following your chinwag with Laurence last week?

[bermuda]

What do you think Bermuda? Any clues following your chinwag with Laurence last week?


Well it has got me thinking because I did not pick up on anything. Laurence impressed me....but if it is a capital issue I am out and into SXP, Catapult or not.

Dont think it is bad news....but hey, I see the good in everyone. Just like my mother.

[seaosh]

I had a buy order in today that didn't get filled.

So I guess I'm hoping for a capital raising.

[Dr_Who]

I am wondering what they need the additional capital for when they already have over $6m in the bank?

They have advice what they require the capital for before announcing the capital raising. The nice up trend of the sp would have continued if they didnt need the capital raising.

[Serpie]

Thanks Super B,
Their O&G presentation said that they had $4.3M in the bank as of 30/04/08, which I thought would've got them through to Catapult (assisted by $100k per month in existing revenue to pay some overhead).
It's hard to imagine them needing funding for acquisition when their organic growth plan seems so clearly laid out.

I would assume that they're tapping shareholders on the shoulder while they've got Catapult looming. "Dangling the catapult"?

[bermuda]

Thanks Super B,
Their O&G presentation said that they had $4.3M in the bank as of 30/04/08, which I thought would've got them through to Catapult (assisted by $100k per month in existing revenue to pay some overhead).
It's hard to imagine them needing funding for acquisition when their organic growth plan seems so clearly laid out.

I would assume that they're tapping shareholders on the shoulder while they've got Catapult looming. "Dangling the catapult"?

Just back from a 79. 3 birdies but played badly. Anyway, we had a few reds and this Aussie bottle arrived on the table.

It was called Catapult. Makes you think eh. Havent sold TEX yet and because I am doing other things 2 moro they might get one more reprieve.

[Dr_Who]

You cant sell it till Friday. It is on Trading Halt.

[ScrappyO]

http://www.gtp.com.au/targetenergy/inewsfiles/Target%20ASX%20050608%20Rights%20Issue%20announcem ent.pdf

Prospectus

http://www.gtp.com.au/targetenergy/inewsfiles/Target%20ASX%20050608%20Rights%20Issue%20Prospectu s.pdf

[Serpie]

Pretty horrific for option holders.
1 for 3 offer at 13c, with 1 attaching free share.

26M free options getting distributed to shareholders is going to cause massive dilution for existing option holders. And as they're free, whatever you sell them for is a profit. It's going to make the existing options pretty much worthless for trading in the short term. Might be worth a punt for some bottom drawer options tomorrow.

As a heads holder it sounds pretty good though. I'm not holding many so will take the offer to increase my holdings by a third at a discount, and the options are a bonus.

[shasta]

Pretty horrific for option holders.
1 for 3 offer at 13c, with 1 attaching free share.

26M free options getting distributed to shareholders is going to cause massive dilution for existing option holders. And as they're free, whatever you sell them for is a profit. It's going to make the existing options pretty much worthless for trading in the short term. Might be worth a punt for some bottom drawer options tomorrow.

As a heads holder it sounds pretty good though. I'm not holding many so will take the offer to increase my holdings by a third at a discount, and the options are a bonus.

Might be a smart play there Serpie, especially if Catapult does come off?

[Hoags]

Great all I have is options, just my luck.

[Dr_Who]

I am gonna take up my rights. So far TEX seems to have good success rate in drilling. If they continue with this rate and hit catapult, this will be viewed as a serious oil/gas stock.

[bermuda]

I am gonna take up my rights. So far TEX seems to have good success rate in drilling. If they continue with this rate and hit catapult, this will be viewed as a serious oil/gas stock.

This has confused me a bit. I was going to sell yesterday but now I might hang in for Catapult. I have a good feeling about this company but I sure do like Sapex, which I dont hold.

[Crypto Crude]

I just missed picking a few TEX up this morning...
lets see what happens over the next few days..
:cool:
.^sc

[lakeys]

SC.. where were you?, I had a big buy at 12.5 and just missed out
B .. see the interest in SXP today!

[strayda]

I got out of the options on open. Really like the prospects, good success rate, and the upcoming drills. But disappointed at the capital raising, especially its effect on me as solely an options holder. Was particularly worried about the effect on the options with all the free ones over the next few months.

To sum up: good company, interesting upcoming drills, but really didn't like the raising and its timing. Will watch closely over the next few weeks for a possible re-entry.

[Crypto Crude]

lakeys-SC.. where were you?, I had a big buy at 12.5 and just missed out
B .. see the interest in SXP today!

superstar lakeys...
All the action on both stocks today was probably Bermuda selling TEX and buying SXP...
:cool:
.^sc

[Dr_Who]

Whats the TEXO exercise price?

[Serpie]

It's 25c.
I bolted today when I saw the SP drop. Moved more into PRE.

[strayda]

At least I wasn't the only one =)

[Dr_Who]

Interesting to see sp holding up so well. I was hoping to pick up more shares if it goes below 13 cents.

Are the new options issued at the capital raising the same as TEXO or traded under different code?

[shasta]

Interesting to see sp holding up so well. I was hoping to pick up more shares if it goes below 13 cents.

Are the new options issued at the capital raising the same as TEXO or traded under different code?

TEX update

http://www.stocknessmonster.com/news-item?S=TEX&E=ASX&N=410008

[Dr_Who]

Thanks Shasta. The market seems to like what they are reading. The catapult drilling next month will be very exciting.

[Dr_Who]

Thanks Shasta. The market seems to like what they are reading. The catapult drilling next month will be very exciting.

I hope Bermuda is still in TEX.

[bermuda]

This has confused me a bit. I was going to sell yesterday but now I might hang in for Catapult. I have a good feeling about this company but I sure do like Sapex, which I dont hold.

Should have sold TEX and got some sapex a few weeks ago but I hold and hope for Catapult. This is quite a good prospect and perhaps the aussie strike rate mightimprove again.

[Dr_Who]

Looks like TEX is gonna go below 13 cents. How are they gonna raise capital at 13 cents with the sp at these levels?

[Dr_Who]

Hey Bermuda, got any ideas why TEX is trading below rights issue price? I am thinking of picking up more shares.

[bermuda]

Hey Bermuda, got any ideas why TEX is trading below rights issue price? I am thinking of picking up more shares.

Not actually below when you take into consideration the free option or tradeable right.TEXR

Market off the boil as punters shed oilers. But they will be back...and stronger than ever.

Cheers

[ScrappyO]

No update today, could be that bandito has finished. Another discovery will be nice.
Might see something tomorrow or at least early next week.

roll on catapult. :)

[bermuda]

No update today, could be that bandito has finished. Another discovery will be nice.
Might see something tomorrow or at least early next week.

roll on catapult. :)

Got my cheque off just in time. These guys arent making many mistakes. And hardly anyone knows about them. Just another aussie oiler having a stab in the USA.Things could change.

[Serpie]

There was an update Scrappy, but it wasn't posted on the ASX.
Have a look at the TEX website. It's there.