1072 bopd 1262 boepd, page-5

Update from one of the Brisbane RBS brokers = Will Douglas.
Unedited by me:


Another great result! Another well with initial flows over 1,000 barrels per day. See announcement attached.
Operationally Texon hasn't placed a foot wrong. This result reinforces the value we see in Texon's Eagle Ford Shale holdings and supports our price target.
Good news for shareholders with the oil price back over USD $90 per barrel and Texon receives a premium to this of approximately $5 per barrel. This new well should be hooked up for cash flow by next week.

Trading in Texon has been extremely illiquid over the last few weeks as investors await an outcome to the proposed sale of its Eagle Ford Shale holdings. Last Tuesday for example TXN traded to 54c by the middle of the day (8% up for the day) - at the close of the trading day someone sold 18,000 shares down to 47.5c (its less than $9,000) making a 20% trading range for the day and Texon closed down 8%. There's not a lot of sense to this valuation wise - there is nothing in the company fundamentals that would support such volatile price movements.
So trading in the stock is so thin that small volumes (ie one shareholder) buying or selling can make a large difference.
There is nothing we can do about this in the near term. Its a lethargic market in small oil/gas - its a lethargic market in large oil/gas stocks - even BHP!

The market awaits news on the future of Texon's Eagle Ford Shale assets. We expect news soon. We expect such news will confirm that these assets are far more valuable than the current share price.