House broker Shore Capital Markets responded positively to Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF)’s “brief but very encouraging” production update on its recently commissioned Cascadura facility today.
Touchstone revealed that it achieved its forecasted Cascadura gross natural gas production rate of 60 million cubic feet per day (MMcf/d) on 15 September, which Shore Cap analysts said was “very consistent with our existing modelling assumptions”.
Both timing and flow rates matched Shore Cap’s projections, causing analysts to reiterate its 140p price target against a publication price of 68p.