Touchstone Exploration (TXP), the AIM and TSX listed Trinidad oil and gas explorer and producer, shared their 5 year plan for the business at a Capital Markets Day in London yesterday (26.09.2023).
Paul Baay, President & CEO was interviewed by focusIR, and said that their Cascadura gas field and processing plant is now producing 60 million cubic feet of gas per day and an additional 1,400 BOE, ‘an inflection point for the business’. This amounts to $4M net revenues per month, when last year they earned $4m in total Paul explained.
Using the Cascadura revenues Touchstone want to increase production from 10,000 BOE (Barrels of Oil Equivalent) to 30,000 BOE over 5 years, which is already fully funded.
This will make Cascadura and Touchstone’s other gas field Coho, the largest independent oil and gas producer in Trinidad.
5 Year Plan
The Touchstone 5 Year Plan is relatively simple. Over the next two years they have an aggressive drilling programme and plan to drill 2 development wells at Cascadura and two more at Coho to ramp up production and increase cash flow.
Having done that they will turn to the two new exploration licences which they have won, and are excited to explore what they believe are highly prospective opportunities.
And they want to ramp up smaller add-on acquisitions from privately held companies.
The ambition is to make it to the London Main Market’s FTSE 250.
So why is now a good time to add Touchstone Exploration to your Watchlist?
- Stable production base and predictable cash flow
- Some of the most exciting exploration activities Trinidad
- Managed downside risk as the Company moves from pure exploration company into volume production
Touchstone Exploration (TXP)