imminent or not? at egm, these things have been confirmed...

imminent or not?

at egm, these things have been confirmed officially

Since the AGM –The last 3 months –Scorecard I

1. 5th Eagle Ford Well –1,072 bopd

2. Reserves increased

3. EFS Joint Venture created

4. Some EFS leases –terms improved

5. Funding Facility for EFS wells and leases

6. Several EFS wells planned

7. An EFS transaction not finalized –but progress on a potential transaction is taking place



Since the AGM –The last 3 months –Scorecard II


MR Olmos Well –220 boepd–sets up 1,200 acre oil project

Two MosmanRockingham (MR) Olmos wells planned

East Texas (ET 1, 2, 3) oil projects leasing initiated –1,200 acres so far –TXN 100% WI –target is 20,000 acres

ET 4 Oil Project –50% WI acquired -3,275 acres to TXN WI
i.e. 5,675 TXN WI acres now held in new oil projects

Two ET oil wells scheduled

Demerger of Company planned to facilitate an EFS transaction and to unlock value embedded in emerging oil projects



imho the interesting point that is not being confirmed.. primarily the demerger the EFS debt facility??? john states in the presentation he did that a funding facility has been secured, but no take up has been announced, the silence is deafening..

is it fair to say that if texon is not taking up a debt facility then there may be a specific reason for it?

how do you read that decision not to take up the debt facility? do you see it as positive or negative news?

imho there has to be a reason for not taking up the debt and although the market is beating texon to a pulp sp wise right now, are they missing something here? is the fact texon is not announcing any debt facility take up delivering a very obvious message perhaps.. simply put..
it doesnt need to???

if texon doesnt need to take up debt then what is that telling you? can you then speculate as to whether a efs sale is as he puts it..

"the Company is continuing to progress a potential transaction"

is this a factor???

no permits, no debt facility... hmmmmm

all imho and dyor...