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Touchstone Exploration Inc on Tuesday said it has launched a private placement in Canada, as well as a further proposed placing in the UK, in order to accelerate exploration and development at its Ortoire asset in Trinidad and Tobago.
Touchstone is a Calgary, Alberta-based company concerned with the exploration, development, production and sale of petroleum and natural gas.
In recent years, the company has been focusing on its successful exploration and development program on the Ortoire block, in which it holds an 80% working interest.
The private placement in Canada aims to raise a minimum of C$7.5 million, around £4.5 million, and a maximum of C$10 million.
The proposed placing in the UK is to raise approximately £4.5 million through the issue of shares at 54.5 pence. The price is a 13% discount to the Monday’s closing price of 63p.
Touchstone shares were trading 9.5% lower at 57.00p each in London on Tuesday morning.
Net proceeds, in addition to strengthening the company’s balance sheet, will go towards construction efforts at the Cascadura facility on the Ortoire block.
In August, Touchstone received a Certificate of Environmental Clearance to conduct development operations within the Cascadura area of the Ortoire block from the Trinidad and Tobago Environmental Management Authority.
Construction of the Cascadura surface facility and associated infrastructure required to bring production online from the two existing Cascadura wells is in progress.
Touchstone said that both placings would be used to side track Royston-1ST1, in order to drill and test the intermediate and subthrust sheets of the Herrera Formation.
By Holly Beveridge; Alliance News reporter
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