Trinidad and Tobago oil firm Touchstone Exploration announces plans to float on London Stock Exchange

by

The Trinidad and Tobago-focused oil firm produces around 1,300 barrels a day currently (Source: Getty)

Trinidad and Tobago-focused oil firm Touchstone Exploration has announced plans to float on the London Stock Exchange.

The firm today said that it will seek to raise £1.45m from the listing, with shares placed to 7.25p.

Touchstone is already on the Toronto Stock Exchange and is seeking a dual listing by joining London’s Alternative Investment Market (Aim).

Read more: Eve Sleep launches first retail IPO of the year

The company is one of the largest onshore oil producers in Trinidad, currently producing around 1,300 barrels a day.

“I am delighted to announce our intention to dual list on Aim,” said chief executive Paul Baay.

“We have a low risk, cash-generative production company in a proven petroleum region.

“Our growth strategy involves an initial program for the drilling of four new wells and 24 well recompletions in 2017, of which we are pleased to announce the first well has reached target depth.

“I look forward to welcoming our new investors when Touchstone lists on Aim.”

Read more: Global ports operator sets sail on to the London Stock Exchange

Behind the deal

Shore Capital is acting as nominated adviser to Touchstone and is joint broker alongside GMP FirstEnergy.

Edward Mansfield is leading the Shore Capital advisory team, with Jerry Keen heading up the corporate broking team.

Mansfield has been at Shore Capital for eight years and worked on the floats of Ultimate Products, Yu Group and Amryt Pharma.

The Shore Capital assistant director is an avid Harlequins rugby fan, and also enjoys cricket and gardening.

Hugh Sanderson and Jonathan Wright led for GMP FirstEnergy on the deal.

Tags: IPOs