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Morning Report: Touchstone Exploration confirms potential of its Cacadura-1 well

Headlines from the Proactive UK newsroom.

Touchstone Exploration (LON:TXP) has confirmed the early promise of its Cacadura-1 well in Trinidad. Average production was 5,180 barrels of oil equivalent per day at the end of its extended flow test or three times more than Touchstone’s daily output in the three months to September.

Immupharma (LON:IMM) and new partner Avion want to start a second international phase III trial for lupus treatment Lupuzor as early as possible this year. The companies will meet the FDA this quarter to thrash out the protocols for the trial.

Faron Pharma (LON:FARN), meanwhile, has submitted an amended trial protocol for its acute respiratory disease treatment Traumakine. The World Health Organisation has also suggested drugs such as Traumakine might be of benefit in the treatment of viral infections such as the coronavirus.

Royal Mail says it is disappointed it is facing more potential industrial action despite using the courts to stop a strike over Christmas. Parcels revenue rose 3.7% while letters fell 1.5% in the nine months to end December.

Tesla shares crashed 17% overnight as it warned the impact of the coronavirus will delay deliveries of its Model 3 electric car. Tesla’s ‘gigafactory’ is located in Shanghai.

Catering firm Compass’ sales rose by 5.3% in its latest quarter with North America offsetting a sluggish performance in Europe. It says cost cuts are offsetting the lower European business and industry volumes.

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