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    TXP   CA89156L1085

TOUCHSTONE EXPLORATION INC.

(TXP)
  Report
Delayed Toronto Stock Exchange  -  03:59:02 2023-03-24 pm EDT
1.040 CAD   +2.97%
03/24Touchstone Exploration Recognized Q4 Net Loss of US$1.921 Million ($0.01 Per Basic Share)
MT
03/24Touchstone annual profit down after swing to impairment; production up
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03/24Earnings Flash (TXP.L) TOUCHSTONE EXPLORATION Posts FY22 Revenue $28.3M
MT
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SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Touchstone begins Royston-1X operations in Trinidad & Tobago

02/06/2023 | 05:38am EDT

(Alliance News) - Touchstone Exploration Inc announced on Monday that it has begun operations at its Royston-1X sidetrack well at the onshore Ortoire block in Trinidad & Tobago.

Touchstone holds an 80% operating working interest in the well, with Heritage Petroleum Co Ltd holding the remaining 20%.

Royston-1X is a sidetrack well reentering the previously drilled Royston-1 well. It is expected to be drilled to a measured depth of 11,300 feet, targeting hydrocarbon accumulations in the Middle Miocene Herrera overthrust and subthrust sheets.

The Royston-1 exploration well was drilled in 2021 to a total depth of 10,700 feet and identified over 1,000 feet of Herrera section in the overthrust and intermediate sheets. It encountered light, sweet crude oil in both sheets.

President & Chief Executive Paul Baay said: "The Royston-1 well drilled in 2021 showed tremendous potential, flowing significant volumes of 33-degree API oil from both the overthrust and intermediate sheets; however, mechanical challenges prevented meaningful production from the well.

"The challenges encountered at Royston-1 and the lessons learnt have helped us to design a drilling plan to optimally evaluate the Herrera Formation. As we target the deeper level, our enhanced understanding of the structure will allow us to assess the full potential of the intermediate sheet, which was not fully penetrated or completed in Royston-1, as well as the subthrust sheet which is a prolific target in offsetting oil pools."

Shares in Touchstone Exploration were up 3.0% at 73.62 pence on Monday morning in London.

By Heather Rydings, Alliance News senior economics reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

Stocks mentioned in the article
ChangeLast1st jan.
BRENT OIL -1.29% 74.49 Delayed Quote.-12.14%
S&P GSCI CRUDE OIL INDEX -0.37% 379.59 Real-time Quote.-13.71%
TOUCHSTONE EXPLORATION INC. 2.97% 1.04 Delayed Quote.13.04%
WTI 0.00% 69.21 Delayed Quote.-13.60%
All news about TOUCHSTONE EXPLORATION INC.
03/24Touchstone Exploration Recognized Q4 Net Loss of US$1.921 Million ($0.01 Per Basic Shar..
MT
03/24Touchstone annual profit down after swing to impairment; production up
AN
03/24Earnings Flash (TXP.L) TOUCHSTONE EXPLORATION Posts FY22 Revenue $28.3M
MT
03/24Earnings Flash (TXP.L) TOUCHSTONE EXPLORATION Posts FY22 Loss $-0.01
MT
03/24Touchstone Exploration Inc. Reports Audited Consolidated Operating Results for the Four..
CI
03/23Touchstone Exploration Inc. Announces AIM Rule 17 Schedule 2(g) Update
AQ
03/07Touchstone announces 2022 year-end reserves
AQ
03/06Touchstone Exploration year-end reserves increase by 33%
AN
03/06Touchstone Exploration Announces 2022 Year-End Reserves
MT
03/06Touchstone Exploration Brief: Earlier Announced 2022 Year-E..
MT
More news
Financials
Sales 2023 122 M 88,8 M 88,8 M
Net income 2023 16,0 M 11,6 M 11,6 M
Net Debt 2023 32,0 M 23,3 M 23,3 M
P/E ratio 2023 16,2x
Yield 2023 -
Capitalization 242 M 176 M 176 M
EV / Sales 2023 2,25x
EV / Sales 2024 0,88x
Nbr of Employees 95
Free-Float 79,2%
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Number of Analysts 4
Last Close Price 1,04 CAD
Average target price 2,91 CAD
Spread / Average Target 180%
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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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