The following message was updated on 9/9/2020 6:48:12 PM.
Todays TXP presentation summary.
There was actually very little news today. He refused twice to say ANYTHING about the Chinook well. Said nothing will be released about it until all the results are in, which is expected to be by the end of the month. Said if this and the next well (Cascadura Deep) show good finds they will hire a good rig that is well suited and already on the island to drill Royston in first or second quarter next year, and use the one now drilling to develop Chinook and Cascadura. Royston is the biggest prospect they have. They are now producing about 1500 bbl of oil a day and that is keeping them cash flow positive. Each well in the current drilling plan is separate from the others, and carries its own drilling risk.They are expecting to be operating in country for the next 20 years. They plan to have the least share dilution possible, so it sounded to me like their next source of capital will be debt.