ValueTheMarkets catches up with Touchstone Exploration’s President & CEO, Paul Baay to discuss the forthcoming drilling campaign of the Ortoire block which Paul describes as a ‘potential game-changer’.
Touchstone is now gearing up to explore a number of exciting prospects on the Ortoire block with an initial three-well programme. Exploration activity, largely undertaken several decades ago has shown oil and gas finds, but in typical prudent fashion, Touchstone has shown caution and not labelled the planned new wells as appraisal wells. So, these targets have considerable supporting evidence behind them already, and if successful, the prizes on offer are very substantial. As Paul explains, ‘Where we sit today, at north of 2000 barrels of oil per day, any one of the individual prospects we are targeting on Ortoire, is about the same size’.
Touchstone recently raised £3.8m in a placing which in addition to existing cash and cashflow from operations means the firm is fully funded to carry out the drilling campaign.
Author: Stuart Langelaan
Disclosure: The author owns shares in the company mentioned above
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