This company has KNOWN oil deposits in the ground which have been independantly valued at $12 million.
Now that oil is increasing in value and a world shortage this valuation must now be worth considerably more. THE SHARE PRICE IS TOTALLY UNDERVALUED and will have to be re-rated upwards. Any views or up dates on this suggestion.

Bruce Rowan's Sunvest Group have a stake of 8.000.000 million shares or 10.8% Bruce Rowan is involved with Share Shop PLC An investment company I beleive.

Texas Oil and Gas are making real money.

Thanks to Sagem for starting the thread.

With the current Bullish outlook on all things energy, I have started to look for other companies that may offer long term good value. On the surface TXO seem to provide just that. The TA is very positive; RSI / MACD amd MA all indicate further strength.



The recent results are also very encouraging and at arriving at an approxmiate value of 30p, the CEO has used an Oil Price of just $30.

Texas Oil and Gas PLC
20 September 2004

Texas Oil and Gas plc ('Texas Oil and Gas' or 'the Company')



Results for the 12 months ended 31 March 2004





Texas Oil and Gas announces that it has today posted its Annual Report and
Accounts and Notice of AGM to its shareholders. The Chairman's statement, review
of operations and summary financial information are set out below.



The Annual General Meeting of the Company will be held in the Beauchamp Room of
Grange City Hotel, 8-10 Coopers Row, London EC3N 2BD on 22 November 2004 at
11.00 a.m.



Copies of the Annual Report and Accounts are available from the Company's head
office.



9th Floor

St Alphage House

2 Fore St, London EC2Y 5DA



Contact: Andrew Glendinning, Finance Director or Bianca Speedie

Tel: 0207 448 9752

Fax : 0207 448 9753



CHAIRMAN'S STATEMENT AND REVIEW OF OPERATIONS



Turnover for the year was 359,438 (2003 286,989) and there was a reduced loss
of 209,964 (2003 380,530).



During the year under review we completed the acquisition of 11 new wells on the
B.C.Christian lease, which were subsequently reworked and are in production
yielding significantly higher volumes than expected.



These accounts, however, do not reflect the significant acquisition of further
wells in the East Texas Oilfield, details of which were contained in the
circular to shareholders dated 29 June 2004, or the recent sharp rise in the oil
price.



The Annual General Meeting will be held on 22 November 2004 and the Notice of
this meeting is sent out with these Accounts.



Our wells



At the beginning of the financial year we had an interest in 86 wells (31 wells
with a 100% working interest and 55 wells with a 50% working interest) with a
further 11 wells being added during the year taking us to a total of 97 wells
(31 wells with a 100% working interest and 66 wells with a 50% working
interest).



Following completion, post year end, of the acquisitions approved by
shareholders on 22 July 2004, the Company owns interests in a total of 201 wells
in the East Texas Oilfield. Of those the company has a 100% working interest in
96 wells and a 50% working interest in 105 wells.



M-C Production and Drilling, our operating partner, owns the remaining 50%
working interest in the 105 wells, and the Company now has an interest in all of
M-C Production and Drilling's operated wells.



Royalties payable are a consistent 20% across the board.



Our production and sales



The successful completion of the BC Christian wells during the year helped to
contribute to a 23% increase in production. Sales for the year to 31 March 2004
were 24,845 barrels, which compares with sales for the year to 31st March 2003
of 20,204 barrels. Of the 201 wells owned at 31 July 2004, 61 wells were in
production, of which 11 were 100% owned and 50 were 50% owned.



We commenced our workover programme in August 2004 to bring the new wells back
into production at a projected rate of 8 wells per month. The recent rise in the
oil price has been well documented and we will benefit from this in the current
financial year even more as our production levels rise. We continue to sell our
oil to Sunoco under the terms of a longstanding agreement and receive a premium
of U.S $2.60 per barrel over the posted prices.



Our reserves



Following completion of the recent acquisitions the independent reserve reports
prepared by Keith Long in June 2004 indicate that the total Proved Reserves
amounted to 8,232,993 barrels with a net present value of $39,813,973 (assuming
an oil price of $30 per barrel). This equates to approximately 30 pence per
share.



At 31 March 2003 the company owned a 50% interest in 55 wells on 15 leases and a
100% interest in 31 wells on 9 leases. At that time these leases were estimated
to contain 2,766,325 barrels of oil and 825,416 mcf of gas with an estimated
future value of $12,622,109.



During the year these wells produced a total of 44,991 barrels of oil (24,845
barrels net to TXO before royalties) and a 50% interest in a further 11 wells
were purchased and reworked.



At 31 March 2004 the company owned a 50% interest in 66 wells on 15 leases and a
100% interest in 31 wells on 9 leases. These leases have been estimated to
contain 3,480,841 barrels of oil and 537,829 mcf of gas with an estimated future
value of $19,042,277.



The reserves were valued by Keith A. Long an independent petroleum consultant in
June 2003 and June 2004.



The valuation in June 2003 used an oil price of $24.50 per barrel and a gas
price of $3.50 per mcf.



The valuation in June 2004 used an oil price of $30.00 per barrel and a gas
price of $5.00 per mcf.



Share capital



At 31st August 2004 our issued shares increased to 73,297,673 ordinary shares of
5 pence. Included in this were 11,420,000 shares issued during the financial
year upon the exercise of warrants (a take up of 98 %) and 14,100,000 new shares
issued in July which have been used for the acquisition of new wells and to
finance the workover programme.



Our workover programme



From the recent placing and ongoing cash flow we believe we have sufficient
funds to complete the workover programme which will bring all the wells in which
we now have an interest into production.



We are expanding our interests in the proven East Texas Oilfield and will
continue to do so as opportunities arise. Our close association with M-C
Production and Drilling ensures that all such opportunities are seen and
evaluated by us at an early stage. Today we are one of the major independent
operators in that field.



I hope this review indicates the strength of our current situation and the
confidence of your Board going forward into 2005.



Since the last Annual General Meeting there have been no changes in the members
of the Board and I thank my colleagues for their continuing support, advice and
wisdom.



Robin Baum

Chairman




GROUP PROFIT AND LOSS ACCOUNT





For the year ended 31 March 2004


2004 2003






Turnover 359,438 286,989


Operating costs (241,957) (206,812)

Gross profit 117,481 80,177


Administrative expenses (281,073) (355,097)

Operating loss (163,592) (274,920)

Interest receivable 2,719 829
Interest payable (49,091) (106,439)

Loss on ordinary activities before taxation (209,964) (380,530)

Taxation on ordinary activities - -

Loss for the financial year (209,964) (380,530)




Loss per share (pence) (0.43) (0.98)




All amounts derive wholly from continuing activities.


GROUP BALANCE SHEET



As at 31 March 2004






2004 2003



Fixed assets
Intangible fixed asset - negative goodwill (3,200,746) (3,713,243)
Tangible fixed assets 6,036,112 6,630,423
2,835,366 2,917,180
Current assets
Debtors 176,350 10,756
Cash and deposits 319,819 33,780
496,169 44,536
Creditors: Amounts falling due within one year (171,042) (277,718)

Net current assets/(liabilities) 325,127 (233,182)

Total assets less current liabilities 3,160,493 2,683,998

Creditors: Amounts falling due after more than one (114,800) (340,089)
year

Net assets 3,045,693 2,343,909

Capital and reserves
Called up share capital 2,957,833 2,079,800
Share premium account 2,022,712 1,613,675
Profit and loss account (1,934,852) (1,349,566)

Total equity shareholders' funds 3,045,693 2,343,909










This information is provided by RNS
The company news service from the London Stock Exchange





This company appears to be undervalued, all IMHO fo course. Any other opinions?

Regards

PTH

nearly 2 monthes no news,how many bopd,any one knows,only have some knowledgeof no.of wells in production.

From my forraging through their web site, it seems that their annual production is circa 24000 Bo ( 65 bpd ) With revamping of older disused wells this will increase. I read on another site that the average production on these sites is 5 bopd. Check www.texasoilandgasplc.com

Thanks solipa,still a TXO holder at 17 slid down since i bought.

Thanks solipa,still a TXO holder at 17 slid down since i bought.

Thinking of buying in for a fairly rapid (6 months) doubling in price. Have emailed FD for news of when March 2005 accounts to be published. Recommended by Tom Bulford in May RHPSG after meeting with Mike Chandler - seems very positive about low risk prospects for making shut in wells economic at $30-50 per barrell. At $60 should start to see some action.

My guess is these shares are below the parapet of most investors currently. Anyone know who holds these in volume?

Looks like we may have hit a bottom, but we could drift further back to the 11-12p suport level of 2003. I'd love an RNS with an update on production/proftability.

sd

Anyone still in TXO ?
I'm thinking of buying some this week.... Finals are due in Aug. should be some potential for the SP to rise ?

Anyone still in TXO ?
I'm thinking of buying some this week.... Finals are due in Aug. should be some potential for the SP to rise ?

Watching them closely since RHPS recommended them - like the proposition, simple easily understood business. Get an old well with 40% of its contents removed under natural pressure, install a submersible pump and pump out another 20-40% into a $60 per barrel oil price. Nothing fancy, just profitable - and he has a couple of hundred or so of them.

sd

BTW - I got a reply to my enquiry whiuch I forgot to post. Here it is.

TXO will be issuing their year end results towards the end of this month, which will be followed by the publication of their annual report.

Kind regards,
Yvonne


Yvonne Bate
Aquila Financial Limited
90 Long Acre
Covent Garden
London
WC2E 9RZ

Big question - buy now on spec - or wait for results and risk missing the first jump in SP??

Any suggestions?

sd

stockdog.... thank you for the information about the results timing - likewise I have been watching them closely as well since RHPS recommended them -
I'm not going to wait..will buy in next couple of days... SP is near the bottom of it's trading range so downside ought to be minimal... however,,, when i go into a share it normally goes down fo a variety of reasons I hadn't reckoned on... so ... in for a penny in for pound as they say !

I got a dummy trade quote of 15.19p this morning - I think that's as good as it will get, although it would be aesthetically pleasing to get under 15p.



Forget all that - just checked the price and bought at 14.7p!

sd

If TXO are posting their end of year results soon, and the share price at this stage is at its lowest, I feel that it may be a fair indication that the results may not be that great. What do you think?

They will not be brilliant for last year, since they have only started to bring their newest acquisitions into commission late in last trading year. But the trading update for the first few months of this year should be highly encouraging.

I am keeping to a tight stop loss on these in case you are right.

sd

Well, I'm in ! had to pay .155p... as always, the offer ticked up as I made my mind up to buy in ... this is normal for me and the stocks I go in for...Also, another warning.!!!!.. the shares i buy that are tipped to double..... usually loose 50% of their value in the first few weeks/months and then do nothing ! don't know why I bother most of the time...
Let's see if it's different with this one ! :)

Thanks Skyhigh for that encouraging commentary - would you mind if I made my profit before you bought in and jinxed them next time please!

This is a bit of a speculative one for me - I like the story and, at $50-60 a barrell, makes good money. But can't read the market in these shares which is very thin most of the time as to timing. If we do fall through the recent 14p support on results then we could go back down to 11.5p, but I set my hopes on a bog standard expected result for last year and healthy forward looking prospects for the current year which may well lift the SP back up through the 200dma to the 17-20p trading range where it may mark time until the half year trading update at end of September before moving higher towards double its current price within 12 months from now. Any intervening good news will accelerate this process.

Anyway, that's my game plan. My actions will be governed by the deviation of reality from it.

BTW don't fret about paying 15.5p - the extra .5p is irrelevant to the broad success or failure of your investment. Enjoy the ride.

sd

What's happening today?

Spread widened to 18%! bid stays the same at 14.5p, offer goes up to 17.5p - don't MMs want to sell whilst we wait for results in next few days (end July I was told by both the company and their PR co - that's today, but I don't see it yet - probably Mon or Tue)?

Any ideas?

sd

Can't be bad... bid has now moved up as well ! looking good since i went in last week.... hoping for big leap in SP on results release... :) also oil socks strong today...

nice end to the week on a strong note, ready fior action next week on results, I hope. Chart looking perky too.

stockdog,

well i think id like to see the downtrend pierced before any purchase!!!

on the watchlist for now

aimtrader - agree these are quite speculative at present. But the downward pointing triangle - bounded on top by the March peak to the recent July peak whilst the lows have fallen less fast - was technically broken upwards in the last couple of days.

I guess you could wait for the SP to break decisively up through the 200dma and the 25dma to break up through the 50dma for a more certain signal.

The forward looking statement(s) in the results will tell all soon enough. I'm optimistic, but impatient that they missed publication in July as promised in their emails to me. Can't be long now, though.

sd

Results finally published today. Solid growth reported to 31/3/05 as expected, with slight disappointment that Trinity South West project proved uncoommercial (9% holding by TXO).

The real interest is the increase in proven reserves to 10,449,756 barrels with an NPV of $52,576,370, assuming an oil price of $46.50 per barrel, which equates to approximately 36p per share. At $55 per barrell, this must be approaching 50p per share.

The capital resources of the company looks solid with not too much dilutive disadvantage to exisitng shareholders, giving them enough capital to develop their remaining acquired wells.

Market seems largely indifferent. A few sells and fewer buys, whilst the bid is marked up .5p.

Any other views?

sd

I was thinking of going in on BLR and will probably do so this week.... operating costs/expenses were higher than forecasted and that's why there is more urgency in getting production / output up.... I still don't think there is too much downside so will go in.....

Well, TXO's results have set the SP off like a damp squib. So what is the company worth? I had a couple of questions which I fired off to FD Andrew Glendinning which he graciously answered within a couple of days, which I have incorporated into a model I've been building for the year to March 2006 and beyond. It goes something like this:-

At end March 2005 they had 18 100% owned wells in production and 58 50% owned, using 2 rigs which I have, on an informed guess, allocated as to 1 wholly working on the 50% owned and 1 split 50/50 between 100% owned and 50% owned - this would fit pretty much with the increase in number of wells of each type in production since March 2004. They are getting a third rig which I have assumed will be allocated fully to 100% owned wells, coming into commission from the start of Q2.

Projecting historical rate per rig of putting wells into production, the number of wells in production will rise over the year to 54 100% owned and 102 50% owned - an effective 100% owned equivalent average of 73 over the year. Taking historical rate of production of 68.5 barrels per well per month, this will yield 60,004 barrels for the year.

Last year the average price can be back-calculated as $43.76 per barrel at an average exchange rate (courtesy of AG) of 1.853 $/, yielding gross income of 766,824 from which must be deducted a 20% royalty (as confirmed by AG) to arrive at turnover for the year of 613,459 (as per recent results). Multiplying the projected 60,004 barrels for 2006 by an estimated oil price of $55 per barrel at an exchange rate estimated at 1.80, less a 20% royalty gives turnover for 2006 of 1,466,768.

The gross margin for 2005 was 35% and the administrative costs were 502,654; net interest payable was 75,002. Let's assume the equivalent figures for 2006 are 37.5% (small improvement in margin), 552,919 (10% increase for more activity + inflation) and 75,000. This gives us a loss for the year of 77,881.

This is a big improvement, being about one fifth of 2005's net loss, but still not making a positive number. However, at 31st March 2006 there will remain (of their current estate) only 3 50% owned wells not in production. So, after the first month of the year, the entire effort of the three rigs can now be turned to commissioning 100% owned wells. By end of March 2007, there will be the full 105 50% owned wells and 139 100% owned wells in production yielding 121,858 barrels worth annual turnover of 2,978,745 with net profits of about 522,000. For year to March 2008 all currently owned wells will be producing, with a net profit of about 1.09million

With 83,413,116 shares in issue (and assuming that the 25.5 million warrants issued to DKWS are only exercised in respect of funding new acquisitions) that's an eps of 0.625p per share giving, at the current SP of 15p a PE of 24 for 2007, and a PE of 11.5 for 2008.

So what price the shares today? According to the NPV of the reserves of $52,576,370, the company is worth about 35p per share - equivalent to a PE for 2008 of 29. Perhaps a 2008 PE of about 20 for this rapidly annual increasing profit profile in a continuing ambience of strong oil prices and growing demand versus restricted supplies (China requiring more and more new sources), suggesting an SP of 26p, a 25% discount to NPV.

To the above must be added the prospects for Trinity South East (25% interest) which are in the above numbers for free and the acquisition of further wells or interests funded by exercise of warrants or new share issue(s).

I will be intrigued to see how the promised quarterly updates compare with my modelled results and how the SP reacts over the next 12 months. On balance I think this is a fairly low risk mid-term hold which should see the price increase by two thirds by Xmas 2005 and double by end of March next year. Any results substantially better than I predict above should see this rise accelerated.

Any comments or counter-views welcome.

sd

Come on, guys. I pour my little heart out a week ago now and not a single response. Is it because:-

a) You are all in agreement with me and are stunned with admiration for my perspicacity?

b) You all totally disagree with me and don't think it's worth a response?

c) You all know something I don't and have sold up and moved on?

This dog wants someone to throw his stick for him. Meanwhile, up we tick.

sd

I'm with option a) above.... just wtg for the SP to rocket ! not much more to say really.

skyhigh - thanks for that. Let's hope I'm right. I feel the downside is very well protected at least on this one.

Stckdog your calcs are in the right direction. I am optomistics about txo. I have been holding on to these, without concern, from my 19p purchase some time ago.

S/DOG,your calcns.sound great, hopeTXO come up to your s.p. projections.

RHPS weekly update says Panmure have published a slightly downbeat note on TXO, but set a value of 27p on their shares - 1p more than my own estimate in post #25 above. Tom B says BUY.

sd

I'll take 25/27p thank you !

good work sd but interest seems low as I'm sitting in FTO waiting for some interest which is a long time coming--I'll watch this one for now.

A very subdued end of week across my portfolio - like everyone's on holiday. Can't wait for September to get started.

Got the full accounts delivered today. Nothing else much in them that I haven't already gleaned from the online RNS, although my thoughts dwell on the obvious questions surrounding Mike Chandler's role as CEO and 50/50 JV partner in a number of wells - not to mention his friend Hayden Stiles providing alot of the operating.

1) In bringing the JV wells into production is there provision for an equitable joint division of the costs involved between MC and TXO?

2) With 3 rigs now in use (owned?) what proportion of 100% owned versus 50% owned wells will be brought into production (hitherto it has been 3 50% to 1 100% ratio!)?

3) What mechanisms are in place by the board to ensure that MC allocates an equitable proportion of his and TXO's effort and resources between 100% and 50% owned wells?

4) There is also a hint that MC is the route via which all revenues from all wells flow. Shouldn't 100% owned wells' revenues, at least, flow direct to TXO to avoid the, however unlikely, possibility of revenues getting stuck in an MC administration?

I would be a lot happier to bring MC's 50% into the fold and put everyone on the same side of the fence after a once for all deal on the price to achieve this. What is his rationale in doing this and the company's in agreeing to it, other than to maintain an advantage that simple deal arithmetic alone cannot provide? I do not believe this current inherent conflict of interest, were it to become material in any form, can be effectively policed by the chairman and non-execs of the parent plc sitting in London.

I hope to attend the AGM in London on 26th September. I hope to be able to put some of these issues to the board then. I'll report back any significant news/attitudes afterwards.

sd

Stockdog,keep an eye out forTXO the next two monthes and also any views on another type mystery namelyGTL , ina reverse t/o and open offer at 1.25 pence. regards MB.

just looking at the chart, we have a support developed at 14p, 15p and 16p at beginning of July, August, September respectively.

This leads to a price of 26p by June 30th 2006, unless good news gets in the way and accelerates this progress!

sd

I'll settle for the 26p by June 2006 thanks.... does this mean 50p by june 2007?

Almost certainly!

If the three troughs at end April, June and mid July can be said to be an inverted head & shoulders with a neckline drawn from the interim peaks of 17p in May to 16p in July - say 16.5p average. Then when we break the neckline upwards (which we just about did today) we should carry on up to about 19p - the same distance above 16.5p as the middle trough at 14p was below it.

Good day for TXO.

sd

RNS Number:3400R
TXO PLC
15 September 2005



PRESS RELEASE

For immediate release: 15 September 2005

TXO plc

2005/06 Q1 PRODUCTION UPDATE

In line with the policy outlined in its Annual Report and Accounts for 2005
published earlier this year, TXO is pleased to announce the first quarterly
update on its oil production activities. This update covers the period 1 April
2005 to 30 June 2005.

Production in the three months to 30 June 2005 was 11,202 barrels, compared to
8,510 barrels in the three months to 31 March 2005.

Production in the three months to 30 June 2005 can be broken down as follows:

*April 2005: 3,419 barrels
*May 2005: 3,647 barrels
*June 2005: 4,136 barrels

At 1 April 2005, TXO had 76 wells in production. This number had risen to 90
wells in production by 30 June 2005, of which 25 were 100% owned by TXO.

Mike Chandler, CEO of TXO plc said: 'I am very pleased to announce this update
on our production activities. The increase in oil production from April to June
illustrates the success of our strategy of significantly increasing the number
of wells worked over.'


I assume the 11,202 barrels is what TXO own after allowing 50% interest on the shared ownership wells - a little ahead of my own forecast, due to equal number (7 each) of wholly owned and shared-ownership wells being brought into produciton over the quarter. I had conservatively allowed for the third rig to come on line next from July 1. Although total numbers are a little slower than I guessed with all three rigs in operation.

31% increase in production is nice - interested to see what reaction in the SP tomorrow. SHows a slight increaase from 68.5 to 71.4 barrels per month per well

btw - why would they sneak this out at 4.32pm after trading today - I would have thought it worthy of a 7.00am slot.

Any comments anyone?

sd

Sounds good I would have thought... not exceptional but steady.... Don't think there's anything neg about the 4.30pm timing... should be blue tomorrow

The markket seems ot like it although a number of sells showoing. I suspect the T traded 200,000 at 16p - showing as a sell - was in fact a buy late yesterday or earlier today before the SP rose, probably casusing the SP to rise.

We need to break the 17p resistance from end of May and earlier this month to be sure of a nice upward climb to our rightful position nearer 26p, IMHO.

sd

I'll settle for 26p+ soon please !

TXO have 90 wells in production as of 30/06/05and should be double the price ,since other so- called oil companies are just paper cos. since they are years from drilling even one well, right on SD.

They will have 104 wells in production by end September and 118 by end December. No hurricanes in Texas and 60m barrels of SPR to replenish after Katrina.

Fingers crossed for good news on the exploration field they ahve 25% of which is nowhere in the price yet.

sd

If the SP stays where it is until i get my hands on some funds i`m going to pick up a few of these.
They look cheap to me.
DB66

Spoke to soon! Me and my big mouth.

Hope our oil pumps are nice and robust.

sd

Any one know whether TXO is affected by Rita? All the productive wells are concentrated in a N-S strip in the east side of Texas.

sd

I took a gamble and bought into these Friday in fact mine was the last trade through i think.
I pressume that they were affected but to what extent who knows.
Probably had to shut down wells in case of any environmental damage,but the positives are the the hurricane was downgraded and the damage in the area less than predicted,also those nodding donkeys are very sturdy structures.
DB66

Also, the modern method is in-well pumping, so no structure except minimal pipes and storage above ground - if yoiu look at pictures on their website.

http://www.txoplc.com/about.html

Thanks for that Stockdog,that has given me even more reassurance that things will be okay.
DB66

Nice release.. i like it... very straight forward and positive.. sp already rising... this will hopefully kick start a gradual but strong increase in the sp...

What does every one else think ?


TXO PLC
26 September 2005



PRESS RELEASE

For immediate release: 26 September 2005

TXO plc

AGM Statement

Our year to 31 March 2005 was one of great progress. We made two major
acquisitions of oil wells, taking the number of wells to 286 and reserves to
10.4 million barrels of oil. We also welcomed Hayden (Scott) Stiles to the
board.

We were delighted to be able to agree terms for the issue of a $3 million bond
with Dresdner Kleinwort Wasserstein.

Since the year end, production has been increasing and for the three months to
June the company produced 11,202 barrels of oil, which compares favourably with
the 8,510 barrels produced in the previous three months. Production in July and
August alone totalled 8915 barrels. The company has also acquired interests in a
further 19 wells together with Maple Leaf Capital.

Our operations contractor, MC production, also introduced a third rig to
accelerate bringing on new wells. During August one of the contractor's rigs was
destroyed in a fire while working on a well at the BC Christian lease. MC moved
quickly, in a tight rig market, to replace the destroyed rig with minimal effect
on cumulative production.

Looking at the company today, the early signs from 2005/06 are that the benefits
of the actions taken last year are bearing fruit. We have oil in the ground,
production is rising, refurbished wells are coming on line at a faster rate than
previously, we now have 101 wells in production of which 30 are 100% wells, and
the oil price has remained very strong.

oops! spoke to soon... sp now marked down...what do I know ? someone didn't like it !

skyhigh - like you I thought it a strong, straightforward notice - 11 new wells on stream in 2 months v. my estimates of 14 a quarter and 80% of last quarter's production already achieved after 67% of the current quarter.

Slightly mystified by reference to acquisition of 19 more wells which seem to be a JV with Maple Leaf Capital - would have thought that was worthy of its own RNS at the time with a little more detail as to prospects and JV sharing arrangements.

Hey - one big factor! No mention of Hurricane Rita - surely they must have mentioned it if it had had any effect at all on operations. So can we assume TXO escaped completely unscathed?

At a guess (but I'm no expert) I'd say the MMs were taking the piss to scare out a few weak holders to accumulate some stock for themselves. Anyone with Level2 and some experience out there to guide us?

Given my holdings in FAO, FOGL, EEN, SEY, I am happy to have a rock solid, low risk little earner in the mix, taking advantage of the oil price and known value in the ground.

As you so wisely say, WDIK!

sd

Here is an exchange of emails with the PR company re the 19 new wells, so I'll guess we'll have to wait for the interims for clarification.


From: Stock Dog
Sent: 26 September 2005 12:59
To: Yvonne Fraser; pressreleases@aquila-financial.com
Subject: Re: Press release: TXO AGM statement

Yvonne

Any more information on the 19 wells JV with Maple Leaf Capital which I have not seen reported elsewhere or did I miss it.

best

Stock Dog


Dear Mr Dog,

This is the first announcement of the news of the 19 JV wells.

More information will be available in the interim results later in the year.

Best regards,
Yvonne

Dear Mr Dog !! what a way to address someone,hows Mrs Dog. LOL

A good AGM statement i thought,nice increase in production and wells and reserves of 10.4 million barrels .This has got to be undervalued in the current climate or i might as well give this investing lark up.

A disappointing mark down in SP today, but some buyers returning in the afternoon session.Hopefully this will move back up again by the end of the week.
DB66

Out hunter-gathering, I hope!

They've just told us that oil production will increase by 83.5% over last year (assuming the same near 20% quarter on quarter increase from bringing new wells into production with the same c. 50/50 split between 100% and 50% owned wells) to just shy of 60,000 barrells at, say, $60 per barrell with an exchange rate of $1.80 = 1.00, less a 20% royalty = turnover of 1,589,192 - an increase of 159% over last year. This should give a net loss (before tax) of about 32,000, compared to a loss of 362,000 last year.

What do they want, blood out of a stone? I'd much rather have oil out of a well.

sd

Peter Reilly of Aquila Financial PR company confirms to me that the 8m shares were placed today at 14.50p - a fair enough price. But it seemed odd the way the RNS suggested a broker just happened to call up and ask if the company would like some cash. I didn't know we needed any!

Maybe this helped pay fpr the 19 JV wells with Maple Leaf Capital announced in the AGM statemtn on 26th September.

sd

Hit by a RHPS sell note yesterday sadly.

Yes another cr*p share tip from RHPS gone sour (one of many this year).... I'm locked in now so have to hope for a recovery next year.

First glance at recent tradingh update did not look bad to me, so I think fundamentals remain on an upward trend. Do agree with RHPS that Mike Hardman treats company as private fiefdom and not v. shareholder friendly, but he certainly has a strong interest in the SP. The dip caused by TB's sell note will not last IMHO. Post final results will tell a better story.

sd

Who is Mike Hardman?

mjr1234,

An experienced trader, and a poster on ADVFN, and here sometimes too!

Cheers Andy,

FYI, I hear Hardman&Co are going to be covering SER soon..

mjr1234,

Ok Thanks, I'll look forward to reading that.

Gone long on these,i here texas is warm this time of year.

bought a few 12.5 hoping to bridge the gap up to my buy in march 05 at 19.5,these are growing eVery month they work oVer more wells, directors seem to be up to something.

Get in there DK you know it makes sence.

You'd think that this would be good for the SP wouldn't you ?

LONDON (AFX) - TXO PLC said chief executive Mike Chandler acquired a further 100,000 shares in the company, acquired in two transactions of 50,000 shares on Feb 2 and Feb 3.

As a result Chandler, via his personal and family holding and those of his 100-pct owned company, M-C Production & Drilling Co Inc, has a 20.17 pct stake in the company.

Finance director Andrew Glendinning also bought a further 50,000 shares on Feb 3, taking his total stake to 100,000 shares or 0.11 pct.

newsdesk@afxnews.com

New update frm oilB.




17.02.2006
TXO Steps Up The Number Of Shallow Wells Producing On Its East Texas Field

You know the saying about a duck. If it looks like a duck and walks like a duck then it is a duck. The expansive Mike Chandler, the head of TXO, formerly known as Texas Oil and Gas, walks like a Texan, talks like a Texan and, sure as hell, is a Texan. His company, which joined the London Stock Exchanges Alternative Investment Market in 2002, making it one of the more established juniors on the board, runs a classic Texan type operation, refurbishing shallow oil wells - lots of them - in an East Texas oilfield in the US.

The giant field in question, the Woodbine field, discovered in the 1930s, is 45 miles long by 18 miles wide, with 11,000 existing wells. It has a long and illustrious production history, underpinning the nations war effort during World War II. During those vital war years, between 1942 and 1945, the field supplied 350 million barrels of crude to the east coast.

Those glory days are long gone and many old wells were shut in during the slump of 1998. With prices slipping down to US$10 a barrel, the wells simply became uneconomic. Lifting costs are around US$10 a barrel.

Getting these wells back into production can cause problems, as Mike Chandler explained. During a visit to the field he saw the re-opening of two wells. This involved the removal of trees and vegetation, the construction of roadways so that rigs and trucks could get to the shut in wells, the laying and connection of electricity supply and the refurbishment of the batteries for oil storage tanks. Each well then either needs a submersible pump or a surface-pumping unit (a nodding donkey.) The costs, however, can easily be overcome. With oil prices over US$60 a barrel, every barrels counts. Each well may only produce a few barrels so the name of the game is really the number of wells.

A recent trading update from TXO said the company has 348 wells on 45 leases. In June 2005 it had 90 wells in production; by year-end it had 114 producing wells, with output at just less than 4,000 barrels of oil per month.

We are looking to expand over the next few months, says Mike Chandler, who also owns M-C Production and Drilling, which operates the wells on TXOs behalf. Our eventual goal is to get close to 20,000 barrels a month he says. The companys working interests in the wells vary from 50 to 100 per cent in partnership with M-C Drilling, which gets a royalty.

In addition to its well work-over and refurbishment programme, TXO has added some exploration spice to the portfolio, with the US$25,000 acquisition of a 25 per cent stake in the Trinity Southeast prospect and 5 per cent of the Trinity Southwest prospect in West Texas.

But refurbishment is the core business and investors should expect that the momentum built up should translate into some profits on the bottom line.

Andy
one of the Trinity fields was reported dry some months ago I seem to remember - no news still on the other . Also the enormous conflict of interest with MC Production and some recent unexplained capital raising and expenditure left me uncertain where this one was going. So I sold out for a 20% loss end of January. I think there are better oilers around to be in.

sd

looking for news on these to explain the rise,anyone got idea about the push north today.

Cellby
I have been looking too, can't find anything
Giggin

now 32% up lots of big buys went in first thing,i haVe some at 19.5 from march 05 hope we get up there.

I'm in at 17p so todays rise is a help.
There must be news out for this rise ?

Paying off well that 12.36 buy,,,GET IN THERE I CAN FEEL THE HEAT FROM HERE,,WELL,,WELL..

An interesting RNS!

Presumably 'misunderstanding' is the new 'error of judgement'?



TXO PLC
03 March 2006


TXO Plc ('TXO' or the 'Company')

3 March 2006

Holding in Company

In accordance with Rule 17 the Company announces the following trades in the
Ordinary 5p Shares by Mr. D. Parlons, a substantial shareholder in the Company.
These transactions were not previously announced due to a misunderstanding
between the Company and Mr. D. Parlons, and are announced today for
clarification.

Date Disposal Resulting Holding % held

18/05/2005 1,150,000 3,694,960 4.43%
03/06/2005 250,000 3,444,960 4.13%
04/07/2005 250,000 3,194,960 3.82%
08/07/2005 250,000 2,944,960 3.52%
12/07/2005 125,000 2,819,960 3.37%
14/07/2005 125,000 2,694,960 3.22%
02/08/2005 250,000 2,444,960 2.92%


Following the disposal on 2 August 2005, Mr. D. Parlons no longer held a
notifiable interest in the Company.

ENDS

For further information, please contact:

TXO PLC
Andrew Glendinning, Finance Director 020 7863 8852

Aquila Financial Limited
Peter Reilly 020 7202 2601




This information is provided by RNS
The company news service from the London Stock Exchange

Buying opportunity???

If, like me, you hold some (or even a lot) of shares in TXO, you will be willing a change in sentiment in the wider market. The spike back at the end of Feb indicates that thre are plenty of people waiting for this change to come - lots of volume and some big buys.

It seems to me that the next couple of months may well ark the beginning of that change.

The recent IFRS compliance changes have totally transformed the company's paper profitability. More 100% owned wells are coming on stream. The exploration side should start to become clear - always the possibility of a find. A continued high oil price is expected (demand will continue to beat supply globally and the US driving season will see oil inventories fall), a shock is increase ever more likely as the nutters around the world get into the silly summer season.

If the company can make strides to get monthly production up - which is what they are trying to do - revenue will dramatically increase and so should the share price if they can just get the market to pay attention. From where we are now, we could be looking at treble or even quadruple gains by the back end of the summer. And of course, there is always the chance that some big fish will want to buyt the whole shooting match....

Good News

LONDON (AFX) - TXO PLC, said production in the three months to 31 December 2005 was 14,009 barrels, an increase of 8 pct compared to 12,889 barrels in the three months to 30 September 2005.

Provisional figures for January indicate aggregate production of approximately 5,500 barrels.

Mike Chandler, chief executive stated: "I am delighted with the resilience shown by the oil industry, and TXO in particular, in bouncing back from the effects of hurricanes Katrina and Rita and getting production back on track. Good progress in January and February gives me encouragement that we will be reporting a continued increase in production in Q4."

The group also revised its end year accounts under IFRS guidance, returning to a pretax profit of 9.7 mln stg from 362,604 stg. newsdesk@afxnews.com ec


Oily

Oily,

Good news it is but it doews't seem to have done the trick!

To anyone out there who owns some of these - most probably like me bought at between 14 and 18p with some averaging down of late - it's time to kick the board into pushing the positive news about this company. If you are in and intersted, could you have a look at the ADVFN free bb on TXO - there's a lot of interesting stuff on their about why the price might have been kept low for so long. If you fancy a bit of board bashing, let us know on here or over ther.

steve

steve,

I think the murky relationship between Mike Chandler's two companies is holding this back.

He holds one private, and TXO, and he clearly could, and possibly does, have a conflict of interest, IMO.

The decision to workover the JOINTLY held wells first, rather than the TXO 100% owned ones, was not answered well at his Oilbarrel presentation IMO.

I can't remember what he said, but I do remember not being impressed with the answer.

He also mentioned an exploration play in Texas, that I think was going to drill in January, yet no news so far.

On the plus side, I think TXO are now approaching the point where the revenue from the existing producing wells will exceed the cost of the 10 workovers they are doing per month, and TXO will move into cashflow positive, if not actual profit.

Clearly if this is true, in six months time the production revenue will exceed costs quite substantially, and should grow exponentially from there.

However, the existing wells only produced 5,500 Barrels of oil in January, so it's still a small producer, with SEEMINGLY no chance of a sudden surge in production, or large discovery, to give the hope of a big move, like the other heavily promoted oilers such as Chaco, MAX, and MRP, IMO.

If TXO carry on with their workover program, it would appear to be more of a solid plodder of an oil stock, and a lot of the punters on BB's are (despite the risks which they are ignoring) only looking for the big rewards, and are giving a solid producer such as TXO the cold shoulder. SEY is another example of this IMO.

Andy,

Agree with the perceived conflict of interest problem - I'm waiting to hear from Andrew Glendinning on this issue as I think more transparency would help. I have also asked for an update on the exploration prog to be made available = it has been a while. (That said if it is a dud I'd rather not know!)

I don't know if you have come across the idea of a disgruntled former employee using a large allocation of shares to drip sell and depress the share price - this seems to have been going on for a while and could now have come to an end - I am waiting for a copy of the register of shreholders to confirm that the individual no longer holds enough to influence things in the future.

The spike in Feb indicates (IMO) that there are people watching and that a change in sentiment (and fortunes) could come quickly. With a potentially stable or increasing oil price, a bit of effort from the board to get some positive news out and a good final report for the year in aug, I think this could be a very different ball game in 4-6 months... On the other hand, maybe I am deluded!

Steve

Apart from owning some jointly, he of course owns the contractor for the extraction from all of them and he is paid as CEO by TXO - two more scope for conflict - not seen full accoounts ever (only RNS prelims) so don't know what his salary/bonus structure is, but is certainly bigger than the profits he is generating for sh/hoders at presetn.

I diucked out of these at 11.88 some time ago - watching from the side lines - probably miss any sugged hike. No regrets as good interests elsewhere.

sd

Steve,

Interesting post, and very proactive to request a shareholder register!

Out of interest, how much did they charge you for that?

I have heard that there is a disgruntled person selling into the market, and not sure why someone doesn't try and place his stock, rather then suffer this low shareprice to be honest.

The spike was interesting in so far as it was not apparent what caused it, and why it retraced so quickly either for that matter.

I am tempted here, but something just doesn't seem right.

Stockdog,

Some good points, and a full set of accounts may help!

Hi all,

The register costs 22.50 - just a few pints less this week! The possibility of a disgruntled person drip selling a large holding is principally what I want to find out about - ie how many shares the suspected seller has left and therefore what scope he or she has for future influence.

According to the accounts for last year on the company website, Chandler got about 86k in salary... There are also lots of good words about how much of an interest they take in communicating with their shareholders, both institutional and private....so...

HOW MANY TXO INVESTORS ARE THERE READING THIS WHO ARE INTERESTED IN GETTING THE BOARD OF THE COMPANY TO BE MORE PROACTIVE IN PUSHING WHAT IS, FUNDAMENTALLY, A GOOD STORY? Just give us a Yes or No for now and we'll work out a plan when the register is in.

Between now and what should be the first profitable end of year results, there is a window of opportunity here to make a push for positive publicity.

Steve

All gone a bit quiet here...the share register should be with me on Thursday after some admin cock ups and easter. Is anyone still watching this one?

Steve

Only me then!

The spread is a bit wide at the moment, maybe if they narrowed it we may be tempted to trade?

12%!

I'm watching and waiting also......

Andy - are you the same Andy that is on the ADVFN TXO board?

Steve

Grim isn't it ! Down again this morning...What a pile of crap this is turning out to be !

How low is this pile of cr%p going to go ?
I should have sold a long while ago, but like an idiot, I didn't

At least sp is now heading back up.... only 7p to go before I'm in breaking even !

only 3p to go before I break even on these, LOL......................!!!

no news use to be good news, but not in the case of txo.oil prices at there highest level for months and yet txo sp going down hill fast. can anyone shed any light on this.

rubbish isn't it!

couldnt of put it better

this just gets worser and worser ! grim isn't it ?
anyone know what's going on ?

and another thing... a yr ago it was 13/14p where I got in.. 6 months ago it was 7p-ish when I was thinking of getting out.. now the bid is down to 3.5p and seen a sell for 3p this morning ? are we shafted or what ?!
had anough of this now but holding value is not worth selling for now... just have to grim and bare it !

i didnt think they would go any lower when they were 4p at 3.75 they are looking like a good buy.

this'll go lower.. always does, particularly when you think it can't get any lower!
sub 2p hear we come!

i think they have reached the bottom ,well i am praying they have

Seems to me these are being artificially depressed with the purpose of buying them out on the cheap.E.G.we could be offered 6p and told this is 50% more than the current prevailing price.

i know a broker who doesn't settle the trades on time...i believe this share is being naked shorted because of this illegal practice...case for the FSA,,..WILL PHONE THEM MONDAY

has anyone got any news on this share

is there anybody there ????????????

i'm here...results this month

just me and you then

anybody shed any light on why sp has gone up this week

is maestro still with us.ide of thought a farmout agreement would be good news but yet again the sp went down?why oh why' theres no light at the end of the tunnel with this share.

Is there light today

Moving .

moving again...

Its grim only up 45%..

lol

NOTICE

06/09/2011 3:20pm

TEMPORARY SUSPENSION OF TRADING ON AIM

TXO PLC

Trading on AIM for the under-mentioned securities has been temporarily suspended from 06/09/2011 3:20pm, pending an announcement.

Ordinary Shares of 0.1p each, fully paid (0926560)(GB0009265603)

If you have any queries relating to the above, please contact the company's nominated adviser on 020 7628 3396.

Wonder what thats about?, wait and see i suppose.
Might buy in if under 1p on return?

RNS!
Acquiring 49% of Empire Energy Tasmania assets.
Potential 668m barrels of oil and TXO are valued at 2.5m sterling.
dyor Empire Energy.
http://www.empireenergy.com/project.php

Although Empire state potential of 1 to 3 billion barrels oil equivalent in the license!
wow.

Should be drilling two wells before year end starting at Bellevue!.
Here's some info on the project with Empire.http://www.youtube.com/watch?v=Hqw9NBSJHIo
http://www.empireenergy.com/video.php

Very small Market Cap of around GBP1.7m. 668m barrels confirmed in the RPS CPR report.

Anyone get to see the presentation?.
Drilling rig and crew on standy for the Bellevue drill.

Alot of buying today...somethings brewin

back in again this morning... lets see where it goes!

should fly soon..licence to print money this oil recycling..no competition within 1000 miles or so...kerching!

Well, I for one, believe this will do good so bought in yesterday..
I was in TXO some while back and lost patience/bit of money but I have to say that now thingss are falling into place nicely (imho).. anyone else still in ?

seems to be a large seller dumping?

no its called transfering shares to friends..probably j boy friends

Seems after a long wait the GBG and Tasmania projects are about to get going. Fully funded for 2013 including drilling starting in the next few weeks.
http://www.proactiveinvestors.co.uk/companies/news/55353/txo-potential-of-near-term-cash-flow-combined-with-significant-blue-sky-55353.html

Market Cap is 2m so plenty of potential you would think with these assets.

TXO now attending tomorrow evening

Mining and Resource Investor Evening- London – 25th April 2013


Following the resounding success of our previous evening events, Mining and Resources Quarterly and Shares Magazine are proud to offer another chance for you to meet, hear from and ask questions of key senior management figures from carefully selected companies in the mining, oil and gas sector.

This event offers an unique opportunity not only to hear about the latest plans from some of the most exciting companies in the sector, but also to put your questions to the people that matter. What is more, there is a free drinks and canapés reception where you can mingle with industry leaders and your fellow investors. Make sure you don't miss this unique opportunity to get the answers you need from the people who make the market.

The evening conference is tailor-made for private investors and professionals who already have exposure to mining and resources stocks, or anyone who is considering putting money to work in these exciting and dynamic industries.

Tickets are completely free but places are strictly limited so register now.

REGISTER NOW FOR LONDON EVENT ON 25th APRIL 2013

Date: Thursday 25th April 2013

Venue: Novotel Tower Bridge, 10 Pepys Street, London EC3N 2NR

Registration: 6.00pm

Presentations: 6.30pm followed by a drinks/canapés reception

Companies Presenting:


FOX MARBLE



Fox Marble Holdings PLC(FOX) is a natural stone extraction company operating in Kosovo and the Balkans region, with headquarters in the United Kingdom. Established in 2011, Fox Marble has access to over 300 million cubic metres of premium quality marble including white breccia and honey yellow onyx.





Speaker: Chris Gilbert, CEO



LEYSHON RESOURCES



Leyshon Resources Limited (AIM & ASX: LRL) has been fully engaged in China since 2003 and has its main operating office located in Beijing.

Leyshon, along with its partner PetroChina, is one of small number of companies exploring and looking to develop unconventional gas production on the Eastern Flank of the Ordos Basin in China.

"We are accelerating the 2013 programme for the Zijinshan Gas Project with plans to drill and test six wells, capture 300 kilometers of seismic data with the aim of delineating resources by the end of the year.”

Speaker: Paul Atherley, Managing Director



MWANA AFRICA


Mwana Africa PLC(MWA) is a pan-African resources company with operations in Zimbabwe and South Africa, and a broad range of exploration projects and interests in the Democratic Republic of Congo (DRC), Angola, Ghana and Bostwana. The group has a diverse asset base, including gold, nickel, copper, cobalt and diamonds.

In October 2005, Mwana Africa became the first African-owned, African-managed resource company to be listed on the London Stock Exchange’s Alternative Investment Market (AIM), through a reverse takeover of African Gold plc by a privately held mining company, Mwana Africa Holdings (Pty) Limited. Mwana Africa Holdings (Pty) Limited was itself formed in 2003.

The company intends to pursue further mining opportunities across the African continent, both independently and, where appropriate, in partnership with other stakeholders

Speaker: Donald McAlister, Finance Director


TXO


TXO Plc is an investing company under the AIM Rules. TXO's proposed strategy is to establish a new policy to acquire mainly significant minority interests in both listed and unlisted companies and/or assets which the Directors believe represent opportunities to create Shareholder value, specifically within the hydrocarbon resource sector, with a focus on North and South America, although such companies may operate worldwide. The focus will be on oil and gas resource situations which are either established resources with the ability to be: be increased through additional exploration; and/or be brought into production, or associated related service companies in this sector. TXO will be an active investor.



Speaker: Tim Baldwin, Chairman

REGISTER NOW FOR LONDON EVENT ON 25th APRIL 2013




Dress code: business attire

WATCH: Tim Baldwin, CEO, TXO plc present at 62nd Oilbarrel

Click here