Not much of note in Touchstone’s Q1 results, although the oil price recovery has spurred increased workover activity on its mature base oil business, stabilising production. Cash resources remain strong and Touchstone has significant remaining headroom on its credit facility, which alongside existing cash flows should cover this year’s work programme. Our risked-NAV and price target fall slightly, by 4% to 157p/sh, due primarily to lower net cash balances, but the impending Royston exploration w ....
14 May 2021
Touchstone Exploration - Q1 2021 results
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Touchstone Exploration - Q1 2021 results
Touchstone Exploration Inc (TXP:LON) | 43.5 0 0.0% | Mkt Cap: 101.9m
- Published:
14 May 2021 -
Author:
Jonathan Wright -
Pages:
4
Not much of note in Touchstone’s Q1 results, although the oil price recovery has spurred increased workover activity on its mature base oil business, stabilising production. Cash resources remain strong and Touchstone has significant remaining headroom on its credit facility, which alongside existing cash flows should cover this year’s work programme. Our risked-NAV and price target fall slightly, by 4% to 157p/sh, due primarily to lower net cash balances, but the impending Royston exploration w ....