Analysts at 'house' broker finnCap have reiterated a 137p share price target on Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF) after the explorer recently successfully completed a fundraise.
The analysts noted that the monies raised shores up Touchstone's balance sheet and provides the funds to resume drilling activity on the Ortoire block while continuing with the construction of the Cascadura production facilities.
"This tees Touchstone up for an exciting H1 2023, with first gas expected from its transformational Cascadura field alongside additional development drilling and a return to exploration/appraisal drilling at Royston," they said.
The finnCap analysts added: "The shares have been beset by delays, but Touchstone finally looks set to start delivering on its growth ambitions in the coming months."
Touchstone shares currently change hands at 53p each.