Touchstone Exploration, the Toronto-listed oil and gas firm made its debut on London’s Alternative Investment Market (AIM) raising £1.45 million by placing 20 million new shares priced at £7.25 per share. In a company press release, President and Chief Executive Officer Paul Baay said access to London’s capital markets will be a boon to the firm’s future success. A dual listing on AIM will provide further support to achieve ambitious developmental plans in Trinidad, and marks a very exciting time for the business. He indicated that they firmly believe the AIM listing will expedite their onshore developmental and exploration plans and provide long-term value creation to their shareholders.
The company aims to become the largest onshore oil producer in the region by 2018, but doubling the company’s size on that timeline will be dependent on the price of oil. Brent crude prices have hovered around US$46 a barrel in recent weeks. Baay said Touchstone has planned for a range between US$50-55 a barrel. According to the company, Touchstone plans to ramp up the number of wells to spur organic growth – eight new wells are set to be drilled by the end of 2017. The company also plans to work more closely with Petrotrin. With seven joint ventures already established together, Baay said it is natural to expand the relationship.