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16 Dec 2019
Touchstone Exploration - Cascadura discovery exceeds expectations
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Touchstone Exploration - Cascadura discovery exceeds expectations
Touchstone Exploration Inc (TXP:LON) | 39.2 0.2 1.3% | Mkt Cap: 91.9m
- Published:
16 Dec 2019 -
Author:
Jonathan Wright -
Pages:
4
Touchstone has announced a second discovery on its Ortoire block with its Cascadura well, encountering over 1,000 ft of net pay across several zones, materially exceeding expectations. The well will be flow tested in Q1 2020 and until then we are partially de-risking Cascadura, which conservatively raises our NAV and price target from 39p to 45p/sh. Given the extent of net pay encountered, we expect our estimates to be biased higher. The company is now two-for-two with its four-well exploration programme on the Ortoire block, which de-risks the future targets at Chinook and Royston.