IN BRIEF: Touchstone Exploration raises funds for capital programme

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Touchstone Exploration Inc - onshore oil and gas producer in Trinidad - Conditionally raises £6.3 million through a private placement of 57.5 million shares at 11 pence. Notes this was to certain new and existing investors. Proposes additional raise of up to £680,000 by way of a retail offer to existing shareholders of up to 6.1 million shares at 11p. Net proceeds of placing and retail offer are earmarked to advance its revised 2025 capital programme, says the company.

‘This financing fully satisfies our outstanding obligations under our loan agreement, positioning us to advance our 2025 capital investment program focused on high-return projects, including drilling on the recently acquired Central block and the installation of the Cascadura compressor,’ says President & Chief Executive Paul Baay.

Current share price: 11.54p, up 2.6% on Friday afternoon in London

12-month change: down 63%

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