Company Reports

REPORT: Touchstone Exploration- Fully funded to execute its strategy at Ortoire (TXP)

10 Jan 2020 | by: Patricia Miller

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.

To download and read our report in full, please click here.

Valuethemarkets.com, Digitonic Ltd (and our owners, directors, officers, managers, employees, affiliates, agents and assigns) are not responsible for the content or accuracy of this article. The information included in this article is based solely on information provided by the company or companies mentioned above.

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

  • Digitonic Ltd, the owner of ValueTheMarkets.com, has been paid for the production this piece by the company or companies mentioned above.

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