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Touchstone to target world class oil and gas reserves after fundraise

Paul Baay, CEO of Touchstone Exploration (LON:TXP) tells Proactive London that its £3.8mln fundraise had the backing of the company's two biggest institutional shareholders. 

The capital injection will fund exploration at the Ortoire Block in Trinidad.  Baay explains the programme is a potential step change and the company is targeting "very large gas reserves and very large oil reserves."

He added, “If we have a great deal of success, we could have a multi-year drilling programme and that’s a problem I’m happy to deal with down the road.”

Quick facts: Touchstone Exploration Inc

Price: 108 GBX

AIM:TXP
Market: AIM
Market Cap: £225.4 m
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Touchstone Exploration raises US$30m for production at Ortoire project

Touchstone Exploration's (LON:TXP) Paul Baay explains why the company has decided to raise US$30m via a share placing. Baay talks through the reason for the funding, which is to advance ongoing and successful programmes within the Ortoire project. The Trinidad oil and gas firm is issuing...

3 weeks, 4 days ago

2 min read