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(Alliance News) - Trinidad-focused oil & gas firm Touchstone Exploration Inc said Friday it increased its term credit facility by CAD5 million to CAD20 million in order to fund its drilling operations.
The terms of the new amended credit facility remain "materially unchanged" from the initial facility established in November 2016. The additional CAD5 million - about USD3.8 million - will bear a fixed annual interest rate of 8%, payable quarterly.
No payments are due from the Calgary, Canada-based firm until the start of 2021.
"The expanded facility will primarily be used to fund the company's Cascadura-1 exploration well, which is currently drilling and is anticipated to reach total depth in mid-November," Touchstone said in a statement. "In addition, Touchstone has moved in a service rig to Coho-1 to commence production testing. Test results are expected to be available in mid-November."
Shares in Touchstone were 3.5% lower at 13.36 pence in London on Friday.
By Ahren Lester; ahrenlester@alliancenews.com
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