Last night, Touchstone Exploration (LSE:TXP), President and CEO Paul Baay gave a comprehensive update to investors in an exclusive online presentation with ValueTheMarkets. Baay highlighted the successes of 2018, which included the company hitting its 2000bopd target and a significant increase in cashflow.
Touchstone is aiming to drill four more wells by the year-end and Baay outlines the company’s focus moving into 2019 and beyond. The four wells are costing around $1m each to drill, matching expected cashflow of $4m for the final quarter of 2018.
Also in the presentation, Baay gave further details on how changes in the structure of the oil industry in Trinidad & Tobago will affect the company.
The presentation was followed by a Q&A session in which Baay took questions from the audience as well as questions submitted to ValueTheMarkets in advance. Many of the questions related to the forthcoming exploration of the Ortoire block. This area of the company’s operations offers significant upside potential based on existing data and could prove to be game-changing for Touchstone.