The last update to reserves was 25/8/2011 ("Reserves - Mid Year 2011")
Texon runs a Dec year end which means that the 2011 financials will be release some time late in march.
For the last couple of years just prior to the financials TXN has updated its reserves for the AGM/Annual report.
eg 29/3/11 Reserves - Year End 2010 30/3/11 Financial Report - 31 December 2011 & 22/3/10 Texons Proved and Probable Reserves Increase to 3.0mmboe 31/3/10 Financial Report - 31 December 2009
So I'd have thought it was a fair to assume that they'll do the same again this year.
The chart on page 2 of the 25/8/2011 announcement shows the Proved & Probable jumping from 2.2mmoe in 2009 to 3.9 in 2010 to 5 in mid 2011.
Given the fact that TXN has had the #s 3 & 4 EFS wells come on line since the last update in August, my guesstimate is that TXN will at least double its Proved & Probable reserves to 10mmboe. On last years increase the SP jumped from 71c to 92c in the 3 days that followed. MAD's recent reserves upgrade helped something similar for their SP.
So march is looking like it could be a bit of fun: 1) (am I too optimistic to hope for..) an olmos sale conclusion 2) the formal release of EFS sale docs (which will give an indication of possible price) 3) inclusion in the S&P 300 4) reserve upgrades 5) Dec financials
Nice set of shorter term catalysts lining up!
TXN Price at posting:
67.5¢ Sentiment: Buy Disclosure: Held
