Touchstone Exploration (LSE:TXP) has had an outstanding few months.
Initial results from Coho-1 and Cascadura-1 have far surpassed expectations and early indications are that the firm is on the cusp of confirming world-class gas and oil discoveries. Meanwhile. the market finally seems to have woken up to this potential, with Touchstone’s stock surging to 21p on the Cascadura discovery.
However, this could prove to be only the beginning.
After all, Touchstone is fully funded.
The company could not be clearer on the issue.
Speaking exclusively to ValueTheMarkets.com, Touchstone CEO Paul Baay confirmed this, saying:
‘We do not need to raise money. Our operations continue to add to our cash position from our existing production of 1,800 barrels of oil a day. We are due a US$5 million VAT refund from the government in Trinidad and Tobago and have recently extended our credit facility to US$20 million. On top of this, not only was Coho-1 drilled within budget, but we are also fully funded to pay for its commercialisation.’
Alongside Baay, we have taken a detailed look at Touchstone’s stellar funding situation and the opportunity this affords the company at Ortoire – its potentially game-changing asset in Trinidad.