Proactiveinvestors USA & Canada Touchstone Exploration Inc https://ca.proactiveinvestors.com Proactiveinvestors USA & Canada Touchstone Exploration Inc RSS feed en Sat, 20 Jul 2019 07:20:22 -0400 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - SHARE PURCHASE PLAN AND DIRECTOR / PDMR PURCHASES ]]> https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190705070004_14137685/ Fri, 05 Jul 2019 02:00:04 -0400 https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190705070004_14137685/ <![CDATA[RNS press release - Lifting of Stock Restriction ]]> https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190627070015_14126221/ Thu, 27 Jun 2019 02:00:15 -0400 https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190627070015_14126221/ <![CDATA[Media files - Touchstone Exploration ready to spud first well on Ortoire block ]]> https://ca.proactiveinvestors.com/companies/stocktube/13784/touchstone-exploration-ready-to-spud-first-well-on-ortoire-block-13784.html Tue, 18 Jun 2019 16:01:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/13784/touchstone-exploration-ready-to-spud-first-well-on-ortoire-block-13784.html <![CDATA[RNS press release - APPROVAL OF RESOLUTIONS AT AGM ]]> https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190613070011_14109025/ Thu, 13 Jun 2019 02:00:11 -0400 https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190613070011_14109025/ <![CDATA[RNS press release - Holdings in Company ]]> https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190612160521_14108725/ Wed, 12 Jun 2019 11:05:21 -0400 https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190612160521_14108725/ <![CDATA[RNS press release - EMPLOYEE SHARE PURCHASE PLAN & DIRECTOR PURCHASES ]]> https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190605070014_14098791/ Wed, 05 Jun 2019 02:00:14 -0400 https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190605070014_14098791/ <![CDATA[News - Touchstone Exploration reveals higher production and revenue for first quarter ]]> https://ca.proactiveinvestors.com/companies/news/220194/touchstone-exploration-reveals-higher-production-and-revenue-for-first-quarter-220194.html Touchstone Exploration Inc (LON:TXP) told investors that production in the first quarter averaged 2,121 barrels per day.

That represents a 37% improvement on the comparative period of 2018, and, a 15% rise on the preceding quarter.

The Trinidad focused company, in its quarterly results, reported US$11.01mln of realised petroleum sales marking a 34% increase from 2018’s first quarter. It generated US$29.35 per barrel, an 11% increase in the operating netback.

WATCH: Touchstone Exploration gearing up to spud first Ortoire well in June

It brought in US$2.43mln of funds from operations, while in its financial results it recognized a net loss of US$185,000 reflecting increases in supplemental petroleum tax expenses.

In April, production averaged 1,789 bopd with the decline due partially to natural decline and downtime for two higher productive wells.

The company is also presently preparing for an exploration programme, at the Ortoire project.

It is expected that a well will be spudded in June, subject to rig availability, and, another well is planned to follow using the same rig.

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Tue, 14 May 2019 08:57:00 -0400 https://ca.proactiveinvestors.com/companies/news/220194/touchstone-exploration-reveals-higher-production-and-revenue-for-first-quarter-220194.html
<![CDATA[RNS press release - FIRST QUARTER 2019 RESULTS ]]> https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190514072222_14072864/ Tue, 14 May 2019 02:22:22 -0400 https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190514072222_14072864/ <![CDATA[RNS press release - Online Investor Presentation and Q&A session ]]> https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190513070008_14070725/ Mon, 13 May 2019 02:00:08 -0400 https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190513070008_14070725/ <![CDATA[RNS press release - EMPLOYEE SHARE PURCHASE PLAN & DIRECTOR PURCHASES ]]> https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190503155929_14063116/ Fri, 03 May 2019 10:59:29 -0400 https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190503155929_14063116/ <![CDATA[Media files - Touchstone Exploration - Oil Capital Conference March 2019 ]]> https://ca.proactiveinvestors.com/companies/stocktube/12945/touchstone-exploration---oil-capital-conference-march-2019-12945.html Wed, 10 Apr 2019 08:07:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/12945/touchstone-exploration---oil-capital-conference-march-2019-12945.html <![CDATA[RNS press release - GRANT OF SHARE OPTIONS ]]> https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190408070007_14031666/ Mon, 08 Apr 2019 02:00:07 -0400 https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190408070007_14031666/ <![CDATA[RNS press release - EMPLOYEE SHARE PURCHASE PLAN & DIRECTOR PURCHASES ]]> https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190402174748_14026231/ Tue, 02 Apr 2019 12:47:48 -0400 https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190402174748_14026231/ <![CDATA[RNS press release - TERM CREDIT FACILITY EXTENSION ]]> https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190402170143_14026166/ Tue, 02 Apr 2019 12:01:43 -0400 https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190402170143_14026166/ <![CDATA[Media files - Touchstone Exploration gearing up to spud first Ortoire well in June ]]> https://ca.proactiveinvestors.com/companies/stocktube/12752/touchstone-exploration-gearing-up-to-spud-first-ortoire-well-in-june-12752.html Wed, 27 Mar 2019 16:08:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/12752/touchstone-exploration-gearing-up-to-spud-first-ortoire-well-in-june-12752.html <![CDATA[News - Touchstone Exploration shows substantial improvement in Trinidad performance ]]> https://ca.proactiveinvestors.com/companies/news/217303/touchstone-exploration-shows-substantial-improvement-in-trinidad-performance-217303.html Touchstone Exploration Inc (LON:TXP, TSE:TXP) chief executive Paul Baay, in 2018’s financial results statement, highlighted a substantial improvement in all key performance indicators during a year in which his company cemented its place as the most active onshore upstream group in Trinidad.

Production for the 12-month period averaged a rate of 1,718 barrels of oil per day, up 25% from 1,375 bopd in 2017.

Petroleum sales generated some US$48.9mln, up 53% from US$32mln a year before, as operating net-back similarly rose by 53% to US$34.58 per barrel, from US$22.56 in 2017, meanwhile, Touchstone’s operating costs reduced by 4% and admin costs reduced $3.

It generated some US$10.79mln of funds flow from operations, versus US$3.1mln in the prior year.

READ: Touchstone Exploration seeing production from all 11 wells drilled last year

Earnings before income taxes amounted to US$11.86mln, representing a 113% improvement on the US$5.5mln reported in 2017, and net earnings (after income and deferred taxes) were marked at US$480,000 compared to a US$947,000 loss in 2017.

Touchstone ended the year with some US$4.84mln of cash. At that time it also had a working capital deficit of US$4.52mln and a US$15mln principal term loan balance.

The company noted that this reflected the capital-intensive nature of its development activities.

During 2018, Touchstone green-lighted a US$19mln development programme which included the plan to drill eleven new wells, complete nine wells and perform 28 recompletions of existing well stock.

Measured approach to 2019 capital drilling program

Looking now into the current financial year, the company is looking at growth through exploration.

“Touchstone became the most active onshore upstream company in Trinidad, as we expanded our original drilling program and hit our initial production milestone of 2,000 barrels per day,” Paul Baay said.

“We also displayed financial and operational discipline during 2018, allowing us to achieve a 53% annual increase in operating netback."

WATCH: Touchstone Exploration at Oil Capital Conference March 2019

Baay added: “Following the £3.8mln private placement post-year-end, Touchstone is funded to commence drilling the first exploration well on our Ortoire block where there is a significant opportunity to achieve a step-change in future reserves and production.

“We will take a measured approach to our 2019 capital drilling program as we focus on our exploration opportunities."

In a note to clients, analysts at ‘house’ broker Shore Capital said: “Following today’s results, we will now revisit our forecasts and models but, in the meantime, our last published Risked NAV estimate stands at 35p/share and, at the prevailing share price, we continue to see an excellent opportunity for investors to gain exposure to this leading Trinidadian operator.”

In afternoon trading, shares in Touchstone Exploration held steady at 12.25p.  

 -- Adds analyst comment, share price --

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Wed, 27 Mar 2019 08:13:00 -0400 https://ca.proactiveinvestors.com/companies/news/217303/touchstone-exploration-shows-substantial-improvement-in-trinidad-performance-217303.html
<![CDATA[RNS press release - YEAR-END 2018 RESULTS ]]> https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190327070003_14016884/ Wed, 27 Mar 2019 03:00:03 -0400 https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190327070003_14016884/ <![CDATA[RNS press release - Standard form for notification of major holdings ]]> https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190325161616_14014858/ Mon, 25 Mar 2019 12:16:16 -0400 https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190325161616_14014858/ <![CDATA[RNS press release - Online Investor Presentation and Q&A session ]]> https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190325070013_14013455/ Mon, 25 Mar 2019 03:00:13 -0400 https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190325070013_14013455/ <![CDATA[Media files - Touchstone Exploration seeing production from all 11 wells drilled last year ]]> https://ca.proactiveinvestors.com/companies/stocktube/12602/touchstone-exploration-seeing-production-from-all-11-wells-drilled-last-year-12602.html Fri, 15 Mar 2019 06:17:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/12602/touchstone-exploration-seeing-production-from-all-11-wells-drilled-last-year-12602.html <![CDATA[News - Touchstone Exploration boosted by continued optimisation of new production wells ]]> https://ca.proactiveinvestors.com/companies/news/216444/touchstone-exploration-boosted-by-continued-optimisation-of-new-production-wells-216444.html Touchstone Exploration Inc (LON:TXP, TSE:TXP) highlighted a degree of strength in terms of production as new wells drilled during 2019 continue to boost oil sales.

Ahead of 2018 results, due to be released on 27 March, the company has updated on its performance during the first two months of the current financial year. It reported oil sales of 1,994 barrels of oil per day in January, and, an increase to 2,179 bopd in February.

WATCH: Touchstone Exploration seeing production from all 11 wells drilled last year

Production presently (based on seven preceding days in March) stands at approximately 2,358 bopd.

Touchstone highlighted that the eleven wells drilled in 2018 have accounted for some 993 bopd of current production.

“The team continues to optimize the wells drilled in the 2018 program which has resulted in significant changes to our stabilized base production rates,” said Paul Baay, Touchstone chief executive.

“Several of the wells are pool extensions and as such have shown much higher pressures than we have encountered in the past, which has also resulted in higher initial production rates.

“These wells have also verified a number of new geological concepts that will further expand our development drilling inventory.”

The company also looked ahead to new drilling plans, noting that seven new drilling locations within the Ortoire exploration property have received environmental certification.

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Thu, 14 Mar 2019 07:21:00 -0400 https://ca.proactiveinvestors.com/companies/news/216444/touchstone-exploration-boosted-by-continued-optimisation-of-new-production-wells-216444.html
<![CDATA[RNS press release - OPERATIONAL UPDATE AND NOTICE OF RESULTS ]]> https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190314070014_14001539/ Thu, 14 Mar 2019 03:00:14 -0400 https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190314070014_14001539/ <![CDATA[News - Touchstone Exploration annual review reveals 2018 reserves growth ]]> https://ca.proactiveinvestors.com/companies/news/215979/touchstone-exploration-annual-review-reveals-2018-reserves-growth-215979.html Touchstone Exploration Inc (LON:TXP) has released its annual reserves assessment, showing a 5% increase in proved reserves.

Proven (1P) reserves amounted to 11.2mln barrels while proven and probable (2P) increased by 4% to 19.2mln barrels. The company confirmed that it replaced the reserves produced during the year by 178% for 1P reserves, and at 218% for 2P reserves.

WATCH: Touchstone to target world class oil and gas reserves after fundraise

"The updated reserves evaluation validated our strong base production and reflected the results of our successful 2018 development drilling campaign,” said James Shipka, Touchstone chief executive.

“Solid 2018 reserves growth was achieved from our low decline production base and drilling success. Capital efficiencies seen in our low finding and development costs and strong recycle ratios support our belief in organic growth through the drill bit complemented by low-cost recompletions."

Touchstone highlighted that the reserves report refers only to reserves associated with development properties and don’t include estimated resources associated to the Ortoire exploration block prospects.

In a note to clients, analysts at ‘house’ broker Shore Capital commented: “Touchstone’s solid reserves performance reflects the success of its 2018 development drilling campaign and we also highlight the significant unrisked potential provided by the high impact Ortoire block.”

They added: “Our last published Risked NAV estimate for Touchstone stands at 35p/share and, at the prevailing share price, we continue to see an excellent opportunity for investors to gain exposure to this leading Trinidadian operator.”

In late morning trading, Touchstone shares were 2.1% higher at 12.10p.

 -- Adds analyst comment, share price --

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Thu, 07 Mar 2019 07:57:00 -0500 https://ca.proactiveinvestors.com/companies/news/215979/touchstone-exploration-annual-review-reveals-2018-reserves-growth-215979.html
<![CDATA[RNS press release - EMPLOYEE SHARE PURCHASE PLAN & DIRECTOR PURCHASES ]]> https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190307070026_13993183/ Thu, 07 Mar 2019 02:00:26 -0500 https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190307070026_13993183/ <![CDATA[RNS press release - 2018 YEAR-END RESERVES ]]> https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190307070023_13993158/ Thu, 07 Mar 2019 02:00:23 -0500 https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190307070023_13993158/ <![CDATA[News - Touchstone Exploration raises £3.8mln for Trinidad exploration well ]]> https://ca.proactiveinvestors.com/companies/news/214855/touchstone-exploration-raises-38mln-for-trinidad-exploration-well-214855.html Touchstone Exploration Inc (LON:TXP) has raised £3.8mln through a share placing to fund a new exploration well in Trinidad.

The capital injection will support the proposed drilling of an exploration well in the Corosan west region of its Ortoire exploration property.

It is planned that drilling will kick off in the second quarter.

READ: Touchstone kicks off 2019 with a bang as it confirms Ortoire potential

“The Ortoire block has been the primary focus of our exploration team over the past three years, and the recent independent prospect evaluation prepared by our independent reserve and resource evaluators has supported our belief in its potential,” said Paul Baay, Touchstone chief executive.

“Today's funding allows us to make a firm commitment for the drilling of the first exploration well on the property.

Baay added: “Success at this well could deliver a new core area and may enable us to de-risk multiple follow-up locations on the property.

“The opportunity at the Ortoire block represents a potential step change for Touchstone in terms of reserves, production and net asset value, and I look forward to updating the market post drilling."

Touchstone noted that it held back from its development drilling plans for new production wells during the fourth quarter of last year, due to crude oil price volatility, and, it continues to actively review the market.

The company noted that it expects to use cash flows from operations to finance future development drilling based on the prevailing commodity market.

New development wells would be funded out of cash flow, it added.

Today’s placing sees Touchstone issuing 31.66mln new shares priced at 12.5p each, a 4% discount to Monday’s closing price.

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Tue, 19 Feb 2019 07:23:00 -0500 https://ca.proactiveinvestors.com/companies/news/214855/touchstone-exploration-raises-38mln-for-trinidad-exploration-well-214855.html
<![CDATA[Media files - Touchstone to target world class oil and gas reserves after fundraise ]]> https://ca.proactiveinvestors.com/companies/stocktube/12279/touchstone-to-target-world-class-oil-and-gas-reserves-after-fundraise-12279.html Tue, 19 Feb 2019 06:30:00 -0500 https://ca.proactiveinvestors.com/companies/stocktube/12279/touchstone-to-target-world-class-oil-and-gas-reserves-after-fundraise-12279.html <![CDATA[RNS press release - £3.8m (C$6.5m) PRIVATE PLACEMENT ]]> https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190219070005_13973504/ Tue, 19 Feb 2019 02:00:05 -0500 https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190219070005_13973504/ <![CDATA[RNS press release - EMPLOYEE SHARE PURCHASE PLAN ]]> https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190208070002_13962592/ Fri, 08 Feb 2019 02:00:02 -0500 https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190208070002_13962592/ <![CDATA[News - Touchstone Exploration is setting up future growth broker says ]]> https://ca.proactiveinvestors.com/companies/news/212783/touchstone-exploration-is-setting-up-future-growth-broker-says-212783.html Touchstone Exploration Inc (LON:TXP) is laying the foundations for its future growth as it turns attention to exploration, that’s according to analysts at SP Angel.

The Trinidad focused oil and gas firm this morning provided details of the Ortoire exploration block where there’s potential for a multi-year exploration campaign.

The statement includes the findings of a prospect evaluation process undertaken by GLJ Petroleum Consultants Ltd, which reviewed each of the prospects previously identified by Touchstone within the Ortoire block.

"This independent prospect evaluation provides confirmation that the prospects that have been identified by the Touchstone team are of significant size and provide an excellent opportunity for a step change in reserves, production and net asset value of the company,” said Paul Baay, Touchstone chief executive.

READ: Touchstone Exploration reveals positive start to 2019

“Proving this geological model could be monumental for Touchstone and Trinidad as it will set up a multi-year exploration and development program."  

GLJ estimates the block’s prospective resources in a range of 5.49mln to 66.50mln barrels oil equivalent, in the low to high case respectively. At present, the contingent resources (or ‘development pending’ resources) at Ortoire are estimated at 1.87mln to 5.29mln boe.

Touchstone owns an 80% stake in the block, so it’s share amounts to 4.39mln to 53.2mln barrels of prospective resources and 1.49mln to 5.29mln barrels of contingent resources.

The consultant also provided an estimate of the block’s net present value which, including a 10% discount, amounted to US$10.5mln to US$86.86mln.

Analysts at SP Angel, in a note, said: “We believe that this is a significant milestone, as quite correctly, the management team has been focusing on establishing a solid cash producing foundation.

“While we don’t doubt that the company will maintain significant resources on maintaining and growing its production portfolio, by increasing the focus to longer-term projects, the management is ensuring that the company has future beyond managing its decline curve.”

SP Angel noted that Touchstone is re-establishing balance to its portfolio, and, it is taking steps to secure its continued growth.

“With the last run of announcements, the pattern that is being established, outlining management’s approach, should be one that the company’s owners appreciate,” the broker added.

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Thu, 17 Jan 2019 11:12:00 -0500 https://ca.proactiveinvestors.com/companies/news/212783/touchstone-exploration-is-setting-up-future-growth-broker-says-212783.html
<![CDATA[News - Touchstone Exploration prepares to spud at Ortoire block, production jumps in first quarter ]]> https://ca.proactiveinvestors.com/companies/news/212816/touchstone-exploration-prepares-to-spud-at-ortoire-block-production-jumps-in-first-quarter-212816.html Touchstone Exploration Inc (LON:TXP) is a Canadian-based oil and gas company focused on the exploration, development and production of onshore assets in Trinidad.

The group has been producing oil in Trinidad since 2010 and is now one of the largest onshore independent oil producers in the country.

The firm started off 2019 producing about 1,900 barrels of oil per day and is ramping up as it heads into the first quarter.

Last year was an active year for the company, having successfully drilled 11 wells and completed 28 well recompletions, and expects to maintain a similar pace in 2019.

 

What it owns:

Touchstone has production assets across 10 licence blocks in Trinidad, including 208 well locations over some 7,910 acres.

Across its portfolio, the company also has areas with exploration upside, through which it has earmarked potential growth projects.

Specifically, the Ortoire block covers a large area (about 55,000 acres). To date, the company has only scratched the surface and it has identified four 'high grade' exploration opportunities that could host some prospective resources in a range of 5.49mln to 66.50mln barrels of oil equivalent (boe), according to recent estimates provided by GLJ Petroleum Consultants Ltd.

 

Inflection points

• In June, Touchstone CEO chief executive Paul Baay said the company was ready to spud their first well on the Ortoire block project, which according to a prospect evaluation process undertaken by GLJ has an estimated net present value between US$10.5mln and US$86.86mln

• In its results for the first quarter of 2019, Touchstone said its production in the period had averaged 2,121 barrels per day, a 37% improvement on the comparative period of 2018

• Over 2018, the company reported sales of US$48.9mln, up 53% from US$32mln a year before, as operating net-back similarly rose by 53% to US$34.58 per barrel, from US$22.56 in 2017

 

CEO interview – Paul Baay

 

Blue Sky

Looking across 2019, Touchstone is looking at growth through exploration, with Baay saying that following a £3.8mln private placement in February the company was funded to commence drilling at the Ortoire block, where there was a “significant opportunity to achieve a step-change in future reserves and production”.

“We will take a measured approach to our 2019 capital drilling program as we focus on our exploration opportunities", the CEO added.

 

What the broker says

Commenting on the company’s first quarter results in May, analysts at Touchstone’s ‘house’ broker Shroe Capital said the firm was “tracking very nicely” against their production forecasts for the full year and that they continued to see an “excellent opportunity” for investors to gain exposure to the Trinidadian operator.

With the shares trading at around 16.5p in London as of 21 June 2019, Touchstone carries a market cap of £26.5mln.

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Thu, 17 Jan 2019 07:39:00 -0500 https://ca.proactiveinvestors.com/companies/news/212816/touchstone-exploration-prepares-to-spud-at-ortoire-block-production-jumps-in-first-quarter-212816.html
<![CDATA[News - Touchstone Exploration details Ortoire block’s resource potential ]]> https://ca.proactiveinvestors.com/companies/news/212751/touchstone-exploration-details-ortoire-blocks-resource-potential-212751.html Touchstone Exploration Inc (LON:TXP) has provided details of the Ortoire exploration block where there’s potential for a multi-year exploration campaign.

The statement includes the findings of a prospect evaluation process undertaken by GLJ Petroleum Consultants Ltd, which reviewed each of the prospects previously identified by Touchstone within the  Ortoire block.

READ: Touchstone Exploration reveals positive start to 2019

GLJ estimates the block’s prospective resources in a range of 5.49mln to 66.50mln barrels oil equivalent, in the low to high case respectively. At present, the contingent resources (or ‘development pending’ resources) at Ortoire are estimated at 1.87mln to 5.29mln boe.

Touchstone owns an 80% stake in the block, so it’s share amounts to 4.39mln to 53.2mln barrels of prospective resources and 1.49mln to 5.29mln barrels of contingent resources.

The consultant also provided an estimate of the block’s net present value which, including a 10% discount, amounted to US$10.5mln to US$86.86mln.

"This independent prospect evaluation provides confirmation that the prospects that have been identified by the Touchstone team are of significant size and provide an excellent opportunity for a step change in reserves, production and net asset value of the company,” said Paul Baay, Touchstone chief executive.

“Proving this geological model could be monumental for Touchstone and Trinidad as it will set up a multi-year exploration and development program."   

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Thu, 17 Jan 2019 07:38:00 -0500 https://ca.proactiveinvestors.com/companies/news/212751/touchstone-exploration-details-ortoire-blocks-resource-potential-212751.html
<![CDATA[RNS press release - ORTOIRE INDEPENDENT PROSPECT EVALUATION ]]> https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190117070005_13937364/ Thu, 17 Jan 2019 02:00:05 -0500 https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190117070005_13937364/ <![CDATA[Media files - Touchstone Exploration looking forward to 'true exploration drilling' in Trinidad ]]> https://ca.proactiveinvestors.com/companies/stocktube/11847/touchstone-exploration-looking-forward-to--true-exploration-drilling--in-trinidad-11847.html Tue, 15 Jan 2019 12:41:00 -0500 https://ca.proactiveinvestors.com/companies/stocktube/11847/touchstone-exploration-looking-forward-to--true-exploration-drilling--in-trinidad-11847.html <![CDATA[News - Touchstone Exploration reveals positive start to 2019 ]]> https://ca.proactiveinvestors.com/companies/news/212575/touchstone-exploration-reveals-positive-start-to-2019-212575.html Touchstone Exploration Inc (LON:TXP, CVE:TXP) confirmed a positive start to 2019, in terms of production and highlighted plans for further well drilling operations.

The company, which describes itself as the ‘most active onshore upstream company in Trinidad’, highlighted that it delivered an average of 1,900 barrels of oil per day through the first 13 days of this year.

WATCH: Touchstone Exploration looking forward to 'true exploration drilling' in Trinidad

Production in the fourth quarter of 2018 averaged 1,851 bopd, marking a 28% improvement on the comparative period of the preceding year. At the same time, Touchstone noted that 2018’s crude sales averaged 1,851, up 25% from 2017.

It drilled three wells in the fourth quarter of 2018, taking its tally for the year to 11, and it also performed 28 well re-completions during the 12 months.

Touchstone added that it is presently considering its capital allocation plans for development and exploration in 2019, and, it noted that it has only minor work obligations and that it has received significant interest from third parties that wish to participate in the Ortoire exploration project.

In Tuesday’s statement, Touchstone chief executive Paul Baay said: "We are very pleased to continue to deliver positive production results, as evidenced by our 25% year over year oil sales growth.

“As we move into 2019, we are seeking to prioritize the exciting exploration opportunities we have identified at Ortoire together with the predictable development drilling inventory we have amassed to date."

READ: Touchstone Exploration looks ahead to 'game-changing' 2019 plans

In a note to clients, analysts at ‘house’ broker Shore Capital commented: “Overall, we are very encouraged by today’s update and our Risked NAV estimate is maintained at 35p/share; at the prevailing share price, we continue to see an excellent opportunity for investors to gain exposure to this leading Trinidadian operator.”

In early afternoon trading, Touchstone Exploration shares held steady at 13p.

 -- Adds analyst comment, share price --

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Tue, 15 Jan 2019 08:13:00 -0500 https://ca.proactiveinvestors.com/companies/news/212575/touchstone-exploration-reveals-positive-start-to-2019-212575.html
<![CDATA[RNS press release - OPERATIONAL UPDATE ]]> https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190115070005_13934349/ Tue, 15 Jan 2019 02:00:05 -0500 https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190115070005_13934349/ <![CDATA[RNS press release - Online Investors Presentation and Q&A ]]> https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190111070004_13931247/ Fri, 11 Jan 2019 02:00:04 -0500 https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190111070004_13931247/ <![CDATA[RNS press release - Employee Share Purchase Plan & PDMR Purchases ]]> https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190109162107_13929401/ Wed, 09 Jan 2019 11:21:07 -0500 https://ca.proactiveinvestors.com/companies/rns/6220/LSE20190109162107_13929401/ <![CDATA[RNS press release - Share Purchase Plan ]]> https://ca.proactiveinvestors.com/companies/rns/6220/LSE20181207173104_13896549/ Fri, 07 Dec 2018 12:31:04 -0500 https://ca.proactiveinvestors.com/companies/rns/6220/LSE20181207173104_13896549/ <![CDATA[RNS press release - Director Purchase ]]> https://ca.proactiveinvestors.com/companies/rns/6220/LSE20181119070006_13871036/ Mon, 19 Nov 2018 02:00:06 -0500 https://ca.proactiveinvestors.com/companies/rns/6220/LSE20181119070006_13871036/ <![CDATA[Media files - Touchstone declare 'solid quarter production' in Q3 results. ]]> https://ca.proactiveinvestors.com/companies/stocktube/11200/touchstone-declare-solid-quarter-production-in-q3-results-11200.html Wed, 14 Nov 2018 16:07:00 -0500 https://ca.proactiveinvestors.com/companies/stocktube/11200/touchstone-declare-solid-quarter-production-in-q3-results-11200.html <![CDATA[News - Touchstone Exploration production rises thanks to successful well programme ]]> https://ca.proactiveinvestors.com/companies/news/209159/touchstone-exploration-production-rises-thanks-to-successful-well-programme-209159.html Trinidad-focused Touchstone Exploration Inc (LON:TXP, TSE:TXP) told investors that crude oil production averaged 1,758 barrels per day in the third quarter as the group's successful well programmes continued to deliver.

The third quarter production measure represented a 22% improvement from the comparative period the previous year.

READ: Touchstone Exploration looks ahead to 'game-changing' 2019 plans

Touchstone drilled three new wells and ‘recompleted’ 12 others, spending some US$4.54mln on the development operations.

In the three month period, Touchstone realised some US$12.89mln in petroleum sales, up 63% versus last year, and, netback per barrel was up 52% from last year at US$37.13.

Earnings of US$267,000 were recognized for the period, from a loss of US$1.2mln in the third quarter of 2017.

Touchstone ended the period with net debt of US$12.97mln.

In a note to clients, analysts at 'house' broker Shore Capital said: “With Touchstone continuing its very active drilling programme and production growth coming through successfully, we continue to see considerable running room for the shares.”

The analysts said their last published Risked NAV estimate for Touchstone stands at 35p per share, with the stock trading at 15.00p in late morning trading, down 9% on Tuesday’s close.

 -- Adds analyst comment, share price --

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Wed, 14 Nov 2018 07:56:00 -0500 https://ca.proactiveinvestors.com/companies/news/209159/touchstone-exploration-production-rises-thanks-to-successful-well-programme-209159.html
<![CDATA[RNS press release - THIRD QUARTER 2018 RESULTS ]]> https://ca.proactiveinvestors.com/companies/rns/6220/LSE20181114070003_13865857/ Wed, 14 Nov 2018 02:00:03 -0500 https://ca.proactiveinvestors.com/companies/rns/6220/LSE20181114070003_13865857/ <![CDATA[RNS press release - Employee Share Purchase Plan & PDMR Purchases ]]> https://ca.proactiveinvestors.com/companies/rns/6220/LSE20181107070005_13857601/ Wed, 07 Nov 2018 02:00:05 -0500 https://ca.proactiveinvestors.com/companies/rns/6220/LSE20181107070005_13857601/ <![CDATA[Media files - Touchstone Exploration looks ahead to 'game-changing' 2019 plans ]]> https://ca.proactiveinvestors.com/companies/stocktube/11019/touchstone-exploration-looks-ahead-to-game-changing-2019-plans-11019.html Mon, 29 Oct 2018 11:29:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/11019/touchstone-exploration-looks-ahead-to-game-changing-2019-plans-11019.html <![CDATA[RNS press release - Online Investor Presentation and Q&A session ]]> https://ca.proactiveinvestors.com/companies/rns/6220/LSE20181029070008_13845122/ Mon, 29 Oct 2018 03:00:08 -0400 https://ca.proactiveinvestors.com/companies/rns/6220/LSE20181029070008_13845122/ <![CDATA[RNS press release - TR-1: Notification of major holdings ]]> https://ca.proactiveinvestors.com/companies/rns/6220/LSE20181019164434_13836293/ Fri, 19 Oct 2018 11:44:34 -0400 https://ca.proactiveinvestors.com/companies/rns/6220/LSE20181019164434_13836293/ <![CDATA[Media files - Touchstone Exploration hits major milestone as the company ramps up production ]]> https://ca.proactiveinvestors.com/companies/stocktube/10826/touchstone-exploration-hits-major-milestone-as-the-company-ramps-up-production-10826.html Thu, 11 Oct 2018 14:22:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/10826/touchstone-exploration-hits-major-milestone-as-the-company-ramps-up-production-10826.html <![CDATA[News - Touchstone Exploration hits production target rate as new wells boost output ]]> https://ca.proactiveinvestors.com/companies/news/206868/touchstone-exploration-hits-production-target-rate-as-new-wells-boost-output-206868.html Touchstone Exploration Inc (LON:TXP, CVE:TXP) has achieved a key production milestone, with its Trinidad assets breaching a targeted rate of 2,000 barrels per day.

The company told investors that production for the first nine days of October amounted to 2,015 bopd.

READ: Touchstone Exploration expands 2018 drill plans

"I am pleased to report that we have exceeded our near-term production target of 2,000 barrels per day.

“The team has established a solid production base with our focus now on the six additional wells that we expect to drill prior to year-end.

“With the majority of our drilling obligations satisfied, the advantage of having our large diversified asset base allows us to focus on the assets that provide the greatest shareholder returns.”

Touchstone noted that the average rate over the third quarter was 1,758 bopd, up 22% versus the comparative period of last year.

Production growth follows a successful 2018 drilling campaign which brought on eight new wells, and, the company highlighted that preparations have begun to add four more new wells.

The new wells put online today contributed 454 bopd to the rate seen in early October, meanwhile, Touchstone is still optimising four of the eight.

Touchstone’s ninth new well is due to spud by mid-October. Subsequently, two further wells will be drilled from nearby locations.

Exploration on the agenda

The company, meanwhile, also updated investors on its exploration plans including the Ortoire block where seven potential prospects have been identified, along with four follow-up opportunities.

It has received the environmental green light for four of the eleven locations, and continue to pursue its applications for the others.

Baay added: “We continue to refine exploration prospects on our Ortoire property and are very excited about its future developmental potential."  

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Thu, 11 Oct 2018 08:14:00 -0400 https://ca.proactiveinvestors.com/companies/news/206868/touchstone-exploration-hits-production-target-rate-as-new-wells-boost-output-206868.html
<![CDATA[RNS press release - OPERATIONAL UPDATE ]]> https://ca.proactiveinvestors.com/companies/rns/6220/LSE20181011070007_13824310/ Thu, 11 Oct 2018 02:00:07 -0400 https://ca.proactiveinvestors.com/companies/rns/6220/LSE20181011070007_13824310/