Touchstone is getting close to finally benefiting from its successful exploration program in Trinidad. It brought on its COHO-1 discovery during Q4/22 which added 4.2 Mmcf/d or over 670 boe/d of natural gas to their base heavy oil production of 1,124 b/d for total Q2/23 production of 1,827 boe/d (62% liquids). The big production takeoff should occur shortly when the significant Cascadura discovery starts production adding >9,000 boe/d of natural gas and condensate. Revenues in Q2/23 were US$7.2M down from US$12.6M in Q2/22 when commodity prices were higher. Capex was US$5.1M as they undertook the Royston testing and worked to complete the Cascadura natural gas facility. Under our SER Quality Scoring system, we rate TXP a ‘B’, a Survivor entity, as they have significant growth ahead. During 2024, TXP could be producing over 20,000 boe/d if the delays faced to date don’t reoccur and they bring on additional wells at Cascadura and at Royston. Then TXP will be generating cash flow in excess of capex needs. The company has made significant progress on the exploration and development front despite the frustrating delays.