Touchstone Exploration is making headway on its aim to become the largest onshore oil producer in Trinidad and Tobago.
The Toronto-listed oil and gas firm made its debut on London's Alternative Investment Market (Aim) yesterday, raising £1.45m by placing 20m new shares priced at 7.25p a share.
Shares closed up at 7.88p yesterday after reaching a high of 8p.
President and chief executive Paul Baay said access to London's capital markets will be a boon to the firm's future success. It is also set to benefit from comparisons to similar Aim-listed oil and gas producers like Trinity Exploration, Columbus Energy Resources and Range Resources, Baay said.
"We believe that a dual listing on Aim will provide further support to help us achieve our ambitious developmental plans in Trinidad, and today marks a very exciting time for our business," Baay said.
"We firmly believe the Aim listing will expedite our onshore developmental and exploration plans and provide long-term value creation to our shareholders."
Baay told City A.M. the company aims to become the largest onshore oil producer in the region by 2018, but doubling the company's size on that timeline will be dependent on the price of oil.
Brent crude prices have hovered around $46 a barrel in recent weeks. Baay said Touchstone has planned for a range between $50-55 a barrel.
Founded in 2010, Touchstone uses innovative technology and new equipment to bring mature oil pools back to life, and it plans to ramp up the number of wells it drills to spur organic growth. Eight new wells are set to be drilled by the end of 2017.
Touchstone also plans to work more closely with Petrotrin, the state-owned oil company that is currently the largest onshore producer. With seven joint ventures already established together, Baay said it is natural to expand the relationship.