Shifting its spending from development activities into exploration appears to have paid off for Trinidad-focused oil and gas producer Touchstone Exploration Inc (LON: TXP). Production test results from the Coho-1 exploration well are better than expected, although the test was for a limited time, and the share price rose 1.75p to 13.25p.
The downside of the spending on exploration has been a decline in production and cash flow from production assets. However, the Coho-1 well in the Ortoire exploration block could eventually provide a significant boost to gas production.
The onshore well ...
