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View From The City: Exciting times ahead as Touchstone Exploration ‘shifts focus towards higher impact exploration’ (TXP)

Since joining AIM in summer 2017, Touchstone Exploration (LSE:TXP) has significantly increased oil production across its portfolio of assets in Trinidad & Tobago. During this time, the company has focussed on building a strong, cash-generative foundation through drilling lower risk wells. The strategy has paid off and in the first half of 2019 Touchstone created free cash flow of $3.7m.

To build on this success, the firm’s directors have turned their attention to the business’s larger exploration projects and have initiated a drill campaign targeting three separate high impact wells. The first of these, Coho-1, is already underway and the second, Cascadura-1, is scheduled to spud in mid-September.

In anticipation of this, Touchstone’s broker, Shore Capital, has recently released a broker note, in which it says it sees “considerable value in this full-cycle operator, in addition to a compelling risk/reward profile on the exploration side.”

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