Level 2 5 v 1 .... last stock @ 54p SING mm with just 10,000 ./.. zero stock available.. the only stock coming was from a few old stale bulls who are now departing and there loss is everyone's gains.
Touchstone Exploration (TXP) announced an operational update, highlighted by the drilling results of the Cascadura-2 delineation well. TXP said the encouraging Cascadura-2 delineation well drilling results represent a great start to 2024. Cascadura-2 has proved up the concept of highly productive sands extending significantly to the east of our initial Cascadura discovery. It estimates that the well was drilled for under $6 million on a gross basis, which further enhances the economics of this prolific hydrocarbon fairway. With this new data point it can design a multi year drilling program to fully develop the structure. This well has not defined the eastern most edge of the structure, which warrants further delineation through future drilling.
Comment: TXP has been one of the more frustrating plays in its space, especially after recently breaking the floor of its 50p – 90p trading range. At least today’s news gives the bulls a reason to return to the stock at the low levels on renewed prospects for Cascadura-2.
8th today, so Cas 3 spud by 22nd Feb. No more than 30 days maybe so results week 3 of March, tying nicely with full year results which will include more data from ongoing perfs. By that time the debt facility complete. If T&T can get their act together on new blocks by then we have serious newsflow in next 6 weeks or so.