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Touchstone Exploration Inc T.TXP

Alternate Symbol(s):  PBEGF

Touchstone Exploration Inc. is a Canada-based company, which is engaged in the business of petroleum and natural gas exploration, development, acquisition and production. The Company is active in onshore properties located in the Republic of Trinidad and Tobago. It operates Trinidad-based upstream petroleum and natural gas activities under state exploration and production licenses with the Trinidad and Tobago Ministry of Energy and Energy Industries (MEEI), Lease Operatorship Agreements (LOAs) with Heritage Petroleum Company Limited and private subsurface and surface leases with individual landowners. It is focused on onshore oil and natural gas properties located in southern Trinidad. With interests in approximately 145,000 net working interest acres of core exploration and development rights. Its core focus is on exploration and development on the Ortoire block and development production on its five onshore lease operatorship properties (CO-1, WD-4, WD-8, Fyzabad, and Balata East).


TSX:TXP - Post by User

Post by stanleyon Nov 06, 2024 6:58am
116 Views
Post# 36298240

CSW Energy Summary for Nov. 5, 2024

CSW Energy Summary for Nov. 5, 2024
Lurk & Learns:

Some of the "now for now" types totally oblivious to Trikidad's pace of play in all sectors might want to espouse/adopt an investment/speculation strategy summarised by the old saying "it is a marathon.. not a sprint".

Meaning; while some (second guessing North's intention(s) ad nauseum) might want to play the long game, while others might want to wait for the long term inflection point as manifested by the quarterly earnings per share. 

For those who understand what a "morocoy" is (Trini speak for a snail's pace), might want to wait for the "Gootie" (Trini speak for Agouti), to translate the on-going "direct ship" of the current trest program into the NGC pipeline and Touchstone's bottom line.

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2024-11-05 19:26 ET - Market Summary

by Stockwatch Business Reporter

<snip>

Paul Baay's Touchstone Exploration Corp. (TXP), stayed unchanged at 59 cents on 343,500 shares, as it expanded its holdings in Trinidad.

It has secured a licence on the Rio Claro block, immediately next <in mergers & acquisitions speak...contiguous> to its existing Ortoire gas block.

Seismic surveys suggest that a "substantial portion" of the Ortoire block's Cascadura structure extends into <the> Rio Claro <block>.

The company is even planning to drill its first Rio Claro commitment well from a Cascadura pad, according to Mr. Baay, Touchstone's president and chief executive officer.

He implied that a drill program could begin shortly upon receipt of regulatory approval and could target "several promising prospects."

Investors remained aloof. Two or so years ago -- which is in fact when Touchstone first began sniffing around Rio Claro, as past preliminary announcements reveal -- the thought of a potential Cascadura look-alike would have kicked up much more excitement.

The Cascadura field was discovered in 2019 and immediately became a promotional sensation, forecast to increase Touchstone's production tenfold.

The first two Cascadura wells came on production in September, 2023, and at first appeared to live up to the hype, with Touchstone forecasting that they would contribute the lion's share of its 2024 production guidance of 9,100 to 9,700 barrels a day.

Last May, however, the promotion began to wobble, as decline rates proved much steeper than expected. Touchstone ended up trimming its guidance by about 10 per cent in August.

The new range of 7,100 to 8,300 barrels a day depends greatly on the performance of two new Cascadura wells drilled late in the summer.

As it happens, those two wells were the subject of a separate press release yesterday.

The wells are officially on production, although rates will remain under wraps until the end of a two-week test period.

Mr. Baay dubbed himself "excited" about the "significant milestone" of bringing more Cascadura wells on-line.

Despite his best efforts both yesterday and today, the cachet of Cascadura is simply not what it used to be, and the stock has barely moved.

© 2024 Canjex Publishing Ltd. All rights reserved. 

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GLTAL GLAP Caveat Emptor

Cheers

Stanley
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