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    TXP   CA89156L1085

TOUCHSTONE EXPLORATION INC.

(TXP)
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Touchstone Exploration Inc. Announces Royston-1 Drilling Results

09/24/2021 | 02:00am EDT

Touchstone Exploration Inc. reported that the Company has completed drilling the Royston-1 exploration well and announced that the well encountered substantial hydrocarbon accumulations based on drilling and wireline log data. Touchstone has an 80% operating working interest in the well, which is located on the Ortoire block onshore in the Republic of Trinidad and Tobago. Heritage Petroleum Company Limited holds the remaining 20%working interest. Royston-1 was drilled to a total depth of 10,700 feet and is the deepest exploration well drilled by Touchstone to date. Mud logging and wireline logs indicate hydrocarbon accumulations in the Lower Cruse, Karamat and Herrera sections. The well encountered a total Herrera turbidite thickness of 1,014 feet (609 feet net sand) in two stacked thrust sheets. An aggregate 393 gross feet of hydrocarbon pay was identified in two unique thrust sheets in the Herrera sands from 9,700 feet to total depth, with wireline logs indicating that the well was in hydrocarbon pay at total depth. The well is currently being cased and prepared for production testing of the Herrera Formation. The Royston-1 exploration well was spud on August 12, 2021 using Well Services Petroleum Ltd. Rig #60. The well was designed to explore the potential of a thick sequence of Herrera sandstones contained in an overthrust sheet which was observed in the offsetting OL-4 well drilled by Shell Trinidad Limited in 1965. The primary targets of the Royston-1 well were the Gr7a and Gr7bc Herrera sands in an upper thrust sheet at an approximate measured depth of 9,700 feet. The Royston-1 well was designed to penetrate the Herrera section that was observed but not tested in OL-4 at a structurally optimized position based on legacy and new seismic data and was drilled approximately 300 feet deeper to investigate a lower thrust sheet identified by Touchstone's subsurface team. Drilling samples and open hole wireline logs indicate that the well encountered a significant Herrera turbidite package with a total observed thickness of more than 1,000 feet. The overall Herrera section drilled in Royston-1 contains approximately 609 feet of clean sand, of which 393 gross feet in two unique thrust sheets appear to be hydrocarbon pay based on mud gas logging and open hole logs. Approximately 30 feet of hydrocarbon pay was detected in the shallow Lower Cruse Formation, and 30 feet of pay was noted in the Karamat Gr7a sands. Based on wireline logs, the Royston-1 well was hydrocarbon charged at the well's total depth of 10,700 feet.


ę S&P Capital IQ 2021
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Financials
Sales 2021 33,1 M 26,7 M 26,7 M
Net income 2021 -1,96 M -1,58 M -1,58 M
Net Debt 2021 16,9 M 13,7 M 13,7 M
P/E ratio 2021 -107x
Yield 2021 -
Capitalization 415 M 336 M 335 M
EV / Sales 2021 13,1x
EV / Sales 2022 3,48x
Nbr of Employees 92
Free-Float 84,9%
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Mean consensus BUY
Number of Analysts 5
Last Close Price 1,97 CAD
Average target price 3,15 CAD
Spread / Average Target 59,9%
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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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