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Morning Report: Touchstone Exploration reports significant discovery at Cascadura

Headlines from the Proactive UK newsroom.

Touchstone Exploration (LON:TXP) has made what it says is a significant crude oil discovery on the Ortoire exploration block, onshore Trinidad. Logs from the Cascadura-1 well indicate 1,037 feet of oil pay, which far exceeds pre-drill expectations said the company.

Oracle Power (LON:ORCP) has entered into a Joint Development Agreement with two new partners for its thermal power station at Thar in Pakistan. The JDA will see 73% owned by China Coal and 15 percent by Sheik Al Maktoum’s private office.

Shanta Gold’s (LON:SHG) latest exploration drilling at its New Luika mine in Tanzania has hit a new area of high-grade mineralisation at decent widths. Best of the results graded gold between 8.55 and 10.9 grammes per tonne.

Bus and train operator FirstGroup (LON:FGP) has put its North American contract businesses First Student and First Transit under review with a sale being one of the options. A cost cutting programme is also underway in UK buses.

Sports Direct (LON:SPD) has noted green shoots of recovery at House of Fraser as acquisitions boosted first half revenues by 14%. Profits jumped thanks to the sale and leaseback of the Shirebrook warehouse.

Cineworld (LON:CINE) is to become the largest cinema operator in North America following the  purchase of Cineplex for US$2.1bn. The deal adds 165 cinemas to its chain.

Quick facts: Touchstone Exploration Inc

Price: 106.5 GBX

Market: AIM
Market Cap: £196.13 m

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Touchstone Exploration presents at the One2One Proactive virtual conference

Touchstone Exploration's (LON:TXP) Paul Baay pitches to investors at the Proactive One2One virtual conference. Touchstone Exploration Inc. is a Canadian-based, international upstream oil and gas company currently active in the Republic of Trinidad and Tobago. It is one of the largest...

2 days, 15 hours ago

2 min read