A ROTH Capital Partners report relayed this latest news.
In an Oct. 31, 2018, research note, analyst John White with ROTH Capital Partners reported that Torchlight Energy Resources Inc. (TRCH:NASDAQ) spudded the first well of the next three planned for its acreage in the Orogrande Basin: University Rich A11 #2.
This well "will be a twin to" the company's Rich A11 #1 well that was already drilled, in 2015, Reagor noted. From results of Rich A11 #1, Torchlight identified five distinct Wolfcamp unconventional targets that range in thickness from 86 to 160 feet. As such, the company will "drill, log, core and test this geologic concept to produce evidence that these zones spread out over a significant portion of its acreage block," he explained.
ROTH Capital has a Buy rating and a $1.75 per share 12-month target price on Torchlight, whose stock is currently trading at around $0.81 per share.