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Touchstone Exploration on a drilling roll at Ortoire project

Last updated: 10:52 05 Mar 2024 GMT, First published: 09:40 18 Dec 2020 GMT

Snapshot

  • Touchstone Exploration expands borrowing as 2024 well drilling advances
  • Touchstone Exploration’s term sheet ‘a very encouraging development’ - analyst
  • Touchstone Exploration moving into new "drill to fill" phase
Touchstone

About the company

Touchstone Exploration Inc is a Calgary, Alberta based company engaged in the business of acquiring interests in petroleum and natural gas rights and the exploration, development, production and sale of petroleum and natural gas.

The company is currently active in onshore properties located in the Republic of Trinidad and Tobago. 

How it is doing

04 Mar 2024

Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF) has significantly expanded its borrowing as it kicks off the next phase of well drilling at the productive Cascadura field in Trinidad.

The company, in a statement, told investors that it has increased its borrowing capacity by some $13 million – with a new $10 million five-year bank loan and a $3 million increase in its revolving credit facility, which increases from $7 million to $10 million.

It noted that the expanded capacity will support the 2024 capital programme which includes the drilling of new wells to further grow production.

On Monday, Touchstone also confirmed the start of drilling at the Cascadura and the CO-1 fields, with operations now underway for the Cascadura-3 and CO-374 wells.

01 Mar 2024

Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF) has published its annual year-end reserves report for 2023, with the firm’s PDP reserves increasing 180% from the end of 2022 to 13.5 million barrels oil equivalent.

Reflecting the delivery of the Cascadura field into production, the firm’s PDP reserves replaced 2023 annual production by 699%.

08 Feb 2024

Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF) told investors it has made a "great start" to the year, as it reported the successful drilling of the Cascadura-2 well, which promises to significantly increase production volumes at the field in Trinidad.

Drilled to a depth of 7,132 feet, Cascadura-2 was cut short of its intended 8,300 feet target depth as the company opted to preserve a significant pay section after encountering a high-pressure gas zone.

What the brokers say

05 Mar 2024

Shore Capital Markets analysts labelled Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF)’s expanded debt facility with an existing Trinidad-based lender “a very encouraging development”.

Touchstone confirmed a binding term sheet with the lender to provide a US$13m increase in debt capacity as it kicks off the next phase of well drilling at the productive Cascadura field in Trinidad.

“Our last detailed note highlighted this as a key near-term catalyst for investors to look forward to, with our 2024 cash flow forecasts indicating more than adequate headroom if debt facilities were increased as hoped,” wrote house broker Shore Cap.

What management says

07 Sep 2023

Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF) CEO Paul Baay speaks to Thomas Warner from Proactive after the Trinidad and Tobago-focused energy exploration and development company announced the start of production at the Cascadura field in Trinidad.

Baay says that the development marks a major production leap, with an increase from 2,000 to over 10,000 barrels oil equivalent per day (boepd) anticipated in the coming weeks. The news positions Touchstone as the leading onshore independent producer in Trinidad. He explains that the added cash flow is set to fully support future drilling endeavours.

While Baay acknowledges that the Cascadura Project has experienced some delays, he emphasises the transformative impact it will have.

Touchstone Exploration says drilling results at Cascadura-2 well represent a...

Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF) CEO Paul Baay shared an optimistic update about the company's recent activities, particularly highlighting the positive results from the drilling at the Cascadura-2 well and broader operational advancements. The well, initially aimed to...

on 8/2/24