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Touchstone Exploration ( (TSE:TXP) ) just unveiled an announcement.
Touchstone Exploration Inc. has provided an operational update on its Ortoire block activities, revealing that the Cascadura-4ST2X well encountered gas-charged sands, leading to early termination of drilling operations. Despite challenges, the company plans to complete the well for production and has initiated completion operations on the Cascadura-5 well. Additionally, Touchstone has entered into a strategic divestiture agreement to sell its non-core Fyzabad oil property, with plans to utilize the proceeds for drilling three new wells in its WD-8 and WD-4 blocks, indicating a strategic shift to focus on scalable assets.
More about Touchstone Exploration
Touchstone Exploration Inc. is a Calgary, Alberta-based company engaged in acquiring interests in petroleum and natural gas rights, and the exploration, development, production, and sale of petroleum and natural gas. The company operates primarily in onshore properties located in the Republic of Trinidad and Tobago, with its shares traded on the Toronto Stock Exchange and the AIM market of the London Stock Exchange under the symbol ‘TXP’.
See more insights into TXP stock on TipRanks’ Stock Analysis page.