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18 Nov 2019
Touchstone Exploration - Coho flow test beats expectations
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Touchstone Exploration - Coho flow test beats expectations
Touchstone Exploration Inc (TXP:LON) | 44.0 0.2 1.1% | Mkt Cap: 103.1m
- Published:
18 Nov 2019 -
Author:
Jonathan Wright -
Pages:
4
Positive news for Touchstone with the initial results from the Coho gas discovery flow test materially beating expectations. This discovery can be rapidly and cheaply tied into existing infrastructure in H1 2020, boosting production and cash flow. We are raising our risked-NAV and price target from 36p to 37p/sh as a result. The Cascadura exploration well is still drilling, with results expected in the next couple of weeks. This is a more material oil target, which we value at ~15p/sh on an unrisked basis.