there are a lot buyers imho purely buying for the dual...

there are a lot buyers imho purely buying for the dual value.

imho at this point you would buy txn if you had some belief in the talon projects.

cliff foss has been touring all the capitals for a fair while here in australia. and he has a compelling story to tell imho on the 2 projects that need exploration, roundhouse and rosetta

although the market has marked down the roundhouse acreages based nfr failure at their first horizontal at roundhouse, the jvp with devon still means 3 more horizontals, 2 of these are devon completions which have been drilled, and wil be completed before talon and tanos have a go at their first horizontal completion. devon has a significant investment in roundhouse and has just gone from buying leases (the whole field is totally leased) to commencing exploration drilling with nfr. the investment devon has in that field is significant, with exploration capital of $24+ million easily about to be spent on the first wells by devon on top of the $6 mill already spent by nfr..

the things to consider on the nfr roundhouse well is that they freely admit the well performance is purely their fault.

i am not convinced the first texon roundhouse well will not be a commercial success, i think the location is correct, its absolutely in the oil zone (the nfr well actually ends at a well location which is a dry hole vertical - no oil))

the txn roundhouse leases in the oil section only and there are absolutely no wells that region purely due that reservoir being built in the 40's, it makes sense to drill under it from both directions..

as for rosetta, the thinking there is very clever, i understand cliffs idea a lot more now, and if he is right about it, that will be amazing for the holders, imho its very possible that cliff can deliver there.. so for those whom dont see the value of cliff foss, imho he may finally do what a he is good at, and not be involved in the efs saga any further and deliver on two projects which would add significant value to the share imho

the down side is the glaringly obvious cash position, the company has little cash and needs to offload commercial fields asap.. or raise capital, but for 12months is has sufficient to perhaps demonstrate some commercial success

imho, i may be on my own on this,, but the cliff foss addition is a major reason why texon is actually merging, the huge work done in mcmullen to on the efs leases imho is a major factor in why sea was able to merge those acres. cliff has been a valuable president of texoz imho

i do agree and understand the sentiment levelled at the current directors is fairly fair.. they have been lacking and imho if they remain with the talon entity post the merger it would be a major blow for talon and reason for many to withdraw support...

all imho