From Stockwatch Energy summary Further afield, Paul Baay's Trinidad-focused Touchstone Exploration Inc. (TXP) lost 13 cents to $2.47 on 575,100 shares. Investors had the weekend to mull the reserve report and operational update that Touchstone released Friday morning. The stock closed unchanged on Friday, as investors toggled between the good news and the bad news, but today they gave their verdict, siding with the negatives. These included test delays at Touchstone's Chinook and Cascadura Deep wells, as well as yet another delay in achieving production from the Coho well.
All of these wells are gas wells on Touchstone's Ortoire block in Trinidad. Touchstone has been exploring Ortoire since the summer of 2019, and all four wells that it has drilled so far have been a success. The company was originally hoping to start production from this block (from the Coho well) in the first half of 2020. Unfortunately, delays associated with infrastructure, a sales contract and the general global pandemic pushed this schedule back several times. When a 2020 timeline became impossible, Touchstone set its sights on the first quarter of 2021 instead. Now, unfortunately, it has postponed the schedule again, into the second quarter (likely late April to early May). The company also announced "unavoidable delays associated with third party equipment" that have hindered its test schedules at the above-noted Chinook and Cascadura Deep wells.