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    TXP   CA89156L1085


Delayed Toronto Stock Exchange  -  04:00 2022-08-17 pm EDT
1.630 CAD   +10.14%
08/17Touchstone Exploration Gains 9% in Canada Trading as Secures Environmental Clearance For Cascadura Development
08/17Touchstone Exploration Up 10% in UK Trading as Secures Environmental Clearance For Cascadura Development
08/17TOUCHSTONE EXPLORATION BRIEF : Announced Earliier Wednesday Approval of Cascadura Certificate of Environmental Clearance
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Touchstone Exploration Inc. Provides Operational Update

06/27/2022 | 02:00am EDT

Touchstone Exploration Inc. provided an update on the operational progress across the Ortoire block, onshore Trinidad. Touchstone has an 80% operating working interest in Ortoire block, withHeritage Petroleum Company Limited holding the remaining 20% working interest. Coho: The pipeline from Coho facility to the Central block has been completed, and hydrotesting is scheduled to commence this week upon which the pipeline will be ready for first gas. The surface facility is 98 percent complete with all infrastructure in place, including instrumentation, tanks and the communication tower, which will enable the transmission of gas meter data to offices in Calgary and Trinidad. Construction is underway on the 63-foot above ground pipeline to the Central block tie-in point, which is the final requirement of the project. Upon completion of the tie-in, commissioning and handover of the pipeline, Coho natural gas production will commence with the expectation that production will increase over time to 10 MMcf/d (1,667 boe/d) gross, 8 MMcf/d (1,333 boe/d) net. Coho will be the first onshore natural gas project to come onstream in 20 years, representing an important milestone for both Touchstone and the Republic of Trinidad and Tobago. Based on the current contractor schedule and expected pipeline commissioning and handover process, The company is targeting full production in August 2022. Cascadura: Workstreams across the Cascadura area are progressing with several important deliveries, including the separators and vapour recovery units, scheduled to arrive in Trinidad in the coming weeks. Surveying of the lease expansion, pipelines, roads, and future drilling locations has commenced, along with the treatment of drilling pits for reclamation. Three major construction contracts for the Cascadura facility have been procured to date with local contractors and are consistent with pre-design budget. The company continues to wait for the approval of the Environmental Impact Assessment ("EIA"), with all the relevant reports and information submitted for regulatory review. Following the anticipated approval and submission of the required notice periods, The company intends to proceed with construction of the surface facility, access roads, liquids pipeline and future development drilling locations. The onstream date of the Cascadura facility will be determined by the timing of receipt of the EIA approval. Initial gross aggregate natural gas and associated liquids production from Cascadura-1ST1 and Cascadura Deep-1 wells has been budgeted at 11,500 boe/d (9,200 boe/d net), and the Cascadura natural gas processing facility has been designed for a maximum gross capacity of approximately 200 MMcf/d of natural gas and 5,000 bbls/d of associated liquids (38,333 boe/d). Drilling: The Royston surface equipment has been repositioned to accommodate the future sidetrack of Royston-1 to test the intermediate and subthrust sheets of the Herrera Formation. Upon approval of the Cascadura EIA, an additional drilling pad at Cascadura will be constructed to accommodate the first two future budgeted development wells. The timing of future Ortoire drilling program will be evaluated once Coho is on optimal production and the company has received approval of the Cascadura EIA. Environmental Incident: On June 22, 2022, an oil transfer line on Fyzabad block was cut. The company determined that the cut line was an act of vandalism, and the local police and all relevant in-country authorities have been notified. Based on current information, The company estimates that approximately 250 barrels of oil was released. No personal injuries were reported, and reclamation efforts are underway. All impacted residents are being assisted while cleanup activities are conducted. Touchstone has engaged a contractor to monitor air quality across the affected area, and the return of residents to their homes will be guided by the ongoing test results. The company will continue to support those affected during the duration of the cleanup and reclamation and do not expect a material impact to base production expectations as a result of this matter.

© S&P Capital IQ 2022
08/17Touchstone Exploration Gains 9% in Canada Trading as Secures Environmental Clearance Fo..
08/17Touchstone Exploration Up 10% in UK Trading as Secures Environmental Clearance For Casc..
08/17TOUCHSTONE EXPLORATION BRIEF : Announced Earliier Wednesday Approval of Cascadura Certific..
08/17Approval of cascadura certificate of environmental clearance
08/17Touchstone Exploration Up 14% With Development Approval For Project In Trinidad and Tob..
08/17TOUCHSTONE EXPLORATION : Announces Approval of Cascadura Certificate of Environmental Clea..
08/17Touchstone Exploration Receives Trinidad Certificate of Environmental Clearance
08/17Touchstone Exploration Inc. Receives Approval to Conduct Development Operations Within ..
08/11TOUCHSTONE EXPLORATION : Announces Second Quarter 2022 Financial and Operating Results
08/11Touchstone Exploration Down 1% In Afternoon UK Trade After Announcing Q2 Loss; Transiti..
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Sales 2022 63,0 M 48,8 M 48,8 M
Net income 2022 3,88 M 3,00 M 3,00 M
Net Debt 2022 36,8 M 28,5 M 28,5 M
P/E ratio 2022 79,4x
Yield 2022 -
Capitalization 346 M 268 M 268 M
EV / Sales 2022 6,07x
EV / Sales 2023 2,26x
Nbr of Employees 95
Free-Float 86,8%
Duration : Period :
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Mean consensus BUY
Number of Analysts 5
Last Close Price 1,63 CAD
Average target price 2,82 CAD
Spread / Average Target 73,0%
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Managers and Directors
Paul Raymond Baay President, Chief Executive Officer & Director
Scott Budau Chief Financial Officer
John David Wright Chairman
James Shipka Chief Operating Officer
Kenneth R. McKinnon Independent Director
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