Touchstone Exploration INC (TXP:AIM) delivered a comprehensive investor update covering VAT recovery, debt covenant expectations, capital discipline and operational progress across its portfolio, highlighting confidence in ultimately collecting an estimated $8.5–$10 million VAT receivable from late 2023–2025, with timing remaining the key liquidity constraint and driver of going-concern considerations. Management clarified that the 2025 covenant waivers are linked to trailing EBITDA mechanics following the Central Block acquisition, with full compliance anticipated in 2026 once a complete year of revenue is incorporated. Executives outlined robust cost-reduction measures—spanning staff optimisation, executive compensation review, office consolidation, travel control and project prioritisation—and provided detailed operational commentary on key wells: CAS4 remains under evaluation for the most cost-effective completion strategy; CAS3 requires pump troubleshooting after mechanical issues; and CAS5 is producing stabilised but lower-than-forecast rates while revealing a promising new oil interval. The upcoming CR3 drilling programme, budgeted at ~$5.5 million plus ~$1 million for tie-in, was reaffirmed as a central 2025 value catalyst, with spud targeted imminently and first revenue expected in Q1. Management also addressed exploration licence commitments, frack stimulation options in Central Block and Cascadura (estimated at $0.5–1 million per well), and confirmed full funding for the $5.4 million Cascadura compressor project. Acknowledging historical forecasting challenges, leadership emphasised enhanced visibility derived from extensive Central Block datasets, strengthened financial discipline and a phased capital strategy aligned to cash generation, VAT timing and operational performance.