Oil and Gas Explorer Gushes on Test Results

Touchstone Exploration Inc. (TSX:TXP), a Canadian oil and gas explorer, powered up after announcing production test results for the Coho-1 well

Sean Mason | November 18, 2019 | SmallCapPower

Production test results pumped up shares of a Canadian oil and gas explorer Monday. Here’s some small stocks making big moves on Monday, November 18, 2019 (as of 4 pm EST):

Touchstone Exploration Inc. (TSX:TXP) shares jumped 15% to $0.23 on Monday after the Canadian oil and gas explorer announced production test results for the Coho-1 well on the Ortoire exploration block, onshore in the Republic of Trinidad and Tobago. The average natural gas rate associated with the final flowback period was 17.5 MMCFD (2,917 BOEPD) with an estimated 23% draw down.

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As well, shares of GSP Resource Corp. (TSXV:GSPR) shot up 28% to $0.34 as the junior explorer said it has intersected mineralization on the first two holes of the initial diamond drilling program at its Olivine Mountain Project in British Columbia.

Cordoba Minerals Corp. (TSXV:CDB), meanwhile, reported that JCHX Mining Management Co., Ltd. has agreed to acquire a 19.9% stake in Cordoba to advance the San Matias Copper-Gold-Silver Project in Colombia. Cordoba Minerals stock moved up 67% to $0.075 following the announcement.

Finally, Pure Global Cannabis Inc. (TSXV:PURE) shares rose as much as 13% after the Canadian cannabis company announced that it has received approvals from Health Canada to amend its existing license to add manufacturing capabilities via Phase 2 of its already licensed facility in Brampton, adding 12 rooms that will be used for cultivation, processing, and extraction.

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Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.

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