TXN 0.00% 58.0¢ texon petroleum ltd

The update on 7th November pushes any IP info on the two wells...

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    The update on 7th November pushes any IP info on the two wells back to early 2013. Here is the relevant statement in that update:
    "The Hoskins EFS #3H and the Quintanilla SM EF #1H are planned to be fracced back to back after both wells are cased. The estimated date for fraccing is planned for late November or early December (pending frac crew availability) with completion operations planned to be completed in early 2013."

    But even without new IP info, I suspect that a few companies are looking over TXN one more time because the EFS asset is priced far too low. clueless101's statement that TXN's EFS is now an "auction" is a good analogy.

    One offsetting factor, though, is SEA's large cash war chest. This might deter counter bids, except those who believe that SEA would walk away if the land gets anywhere close to fair value. Another issue is whether SEA is already involved in TXN EFS activities (e.g. drill funding, production). I don't think SEA is involved yet but if so, TXN's board may be reluctant to entertain other bids.
 
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