You can spend a lot of time analysing things…
But sometimes, you just get a feeling: a gut instinct that tells you you’re on to something.
Indeed, in many ways, that’s how Paul Baay, the President and CEO of Touchstone Exploration (TSX:TXP | LSE:TXP) felt about the development of the Ortoire Block in Trinidad.
Before drilling even began, Baay and the whole team at Touchstone sensed that Ortoire was an exceptional play.
Its years of research had established “turbidite deposits” across the mammoth block, the likes of which underpin some of the hottest hydrocarbon projects around the world.
This was overlooked by the firms that last drilled Ortoire in the 60s and 70s due to knowledge and technology limitations of the time.
So, it was with a certain degree of confidence that Touchstone approached Ortoire in August 2019. The company had a drilling rig and a plan to explore the play’s massive potential in full for the first-ever time.
And sure enough, things have kicked off with a bang. In fact, even Baay couldn’t have predicted this kind of success.
You see, Touchstone has hit hydrocarbons with every single one of its Ortoire wells to date. It’s an incredible strike rate and highlights Touchstone itself as an extremely exciting investment opportunity.
On the road to 20,000 barrels a day production
Today, the firm expects these major discoveries to take its production past 20,000 barrels of oil equivalent a day (“boe/d”).
This milestone is significant enough…
But in reality, it is looking more and more likely that this will only be the first chapter in the story of what is quickly becoming one of London’s most exciting oil and gas plays.
With Royston, its largest exploration well on the way, more than twenty prospects on the horizon, and many development wells in the wings, the sky is very much the limit for Touchstone at Ortoire.
In this report, we’ll look at the groundwork Touchstone has already put in place and how it intends to exploit the huge number of exploration opportunities it has ahead.
As you’ll see, even despite an enormous rise in its valuation since the beginning of 2020. The truth is, things are really only just getting started where Touchstone is concerned.
