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10 Sep 2019
Touchstone Exploration - Coho discovery
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Touchstone Exploration - Coho discovery
Touchstone Exploration Inc (TXP:LON) | 51.0 0 0.0% | Mkt Cap: 119.4m
- Published:
10 Sep 2019 -
Author:
Jonathan Wright -
Pages:
4
TXP yesterday announced a discovery at Coho-1, the first of its four-well exploration programme on the Ortoire block (TXP 80%), onshore Trinidad. The well still needs to be tested, but this is a very encouraging start. It confirms TXP’s geological model and raises our risked-NAV from 34.6p to 35.9p/sh. We are raising our price target from 35p to 36p as a result. Next up is the more material Cascadura prospect, which has net contingent and prospective resources of 7.1mmbbls and an unrisked valuation of 14.7p/sh.